Refrigerated Transport Market witnessed USD 101.3 billion in 2021, and Expected to Reach USD 171.5 billion in 2029 | Size, Share & Industry Forecast

Refrigerated Transport Market

The Refrigerated Transport Market was valued USD 101.3 billion in 2021, and Projected to Reach USD 171.5 billion in 2029 | Expanding at a CAGR of 6.8% from 2022-2029

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The factors driving the growth of Refrigerated Transport Market includes growing demand for frozen food products, expansion of the cold chain industry, rising prevalence of foodborne diseases and disorders such as abdominal pain, vomiting and increase in the number of quick service restaurants around the world. According to the report published by Bloomberg, the Global Frozen Food Market is estimated to reach USD 278.47 billion by the end of 2030, exhibiting a CAGR of 5.2% over the forecast period (2022-2030), which will accelerate the Refrigerated Transport Market size in the approaching years. Moreover, easy availability of ready-to-eat and precooked meals at supermarkets and hypermarkets and increasing focus by manufacturers on developing technologies to reduce the impact of carbon emissions, are some of the additional factors supplementing the market growth. In addition, rise in the launch of innovative products, strategic partnerships between industry players, increasing investments by leading companies on research and development and rapid urbanization, are further contributing towards the market growth.

However, growth of the Refrigerated Transport Market is hindered attributed to high energy and maintenance costs.

The major players operating in the market are Smithfield Foods, Kellogg Company, Conagra Brands, Nestle, Tyson Foods, The Kraft Heinz Company, Kerry, Del Monte Pacific, General Mills, and Aryzta, among others.

Based on Application, the Frozen Food segment is predicted to capture the largest market share during the forecast period

Growing demand for ready-to-eat and convenience food products across the globe, is pushing growth of the segment.

Based on Mode of Transportation, the Road segment is projected to hold the highest market share over the forecast period

Growing demand for home delivery services and expansion of the food service industry, are propelling growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Refrigerated Transport Market Outlook, growing popularity of frozen food products, rising focus by Governments on reducing the cost of logistics, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, Nestle introduced YES! snack bars, which supports recyclable paper packaging used in the confectionery industry.
In 2019, The Kraft Heinz Company partnered with Indo Nissin Foods, to increase the presence of its products in modern trade, retail, government channels, and online stores.
In 2019, The Kraft Heinz Company partnered with the Oprah Winfrey to extend its product line i.e., O, That's Good! Frozen Skillet meals.
In 2018, Conagra Brands completed the acquisition of Pinnacle Foods to extend its portfolio in the frozen food and snacks categories.

Market Segmentation

Segmentation by Application

Chilled food
Milk
Dairy Products
Beverages
Others
Frozen food
Frozen Dairy Products
Fish & Seafood
Processed Meat
Others

Segmentation by Technology

Vapor Compression Systems
Cryogenic Systems

Segmentation by Temperature

Single-temperature
Multi-temperature

Segmentation by Mode of Transportation

Road
Sea
Rail
Air

Segmentation by Vehicle Type

LCV
MHCV
HCV

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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