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Perishable Goods Sea Transportation Market Growth & Trends 2024-2033
Perishable Goods Sea Transportation Market
According to The Business Research Company's, The perishable goods sea transportation market size has grown strongly in recent years. It will grow from $1.93 billion in 2023 to $2.09 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to globalization of supply chains, increased demand for fresh and frozen foods, stringent quality and safety standards, rise in consumption of exotic foods, government initiatives supporting export, growing importance of cold chain logistics..
The perishable goods sea transportation market size is expected to see strong growth in the next few years. It will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to evolving consumer preferences for freshness, expansion of emerging markets, introduction of advanced packaging solutions, global efforts to reduce food waste, rising demand for organic and locally sourced products.. Major trends in the forecast period include technology integration, direct-to-consumer trends, digital platforms for booking and tracking, risk mitigation strategies, adoption of smart technologies in cold chain management, integration of real-time monitoring systems..
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Market Drivers and Trends:
The rising demand for processed food across the globe is expected to propel the growth of the perishable goods sea transportation market forward. Processed foods refer to any foods that have been altered in some way during preparation from their natural states, such as being washed, heated, pasteurized, canned, cooked, frozen, dried, dehydrated, mixed, baked, or packaged. Perishable goods sea transportation is used to transport processed food in refrigerated ships that are fully equipped with air circulation systems to ensure the freshness of the food. For instance, in 2022, according to an article shared by Soocial, a US-based branding firm specializing in slogans, premium domain names, and brand naming, one in every five people in the UK consumes prepared meals every week. The market share for ready-to-eat food in North America was 41.4% last year. Therefore, the rising demand for processed food across the globe is driving the growth of the perishable goods sea transportation market forward.
Technological advancements in freight management have emerged as a key trend gaining popularity in the perishable goods sea transportation market. Major industry players are integrating new technologies into freight management systems, allowing for faster and more intelligent transportation of perishable goods. The Internet of Things (IoT), radio frequency identification for effective shipment tracking, advanced machine learning, and cloud-based and advanced security solutions are among the cutting-edge technologies incorporated. For instance, in January 2022, Kuehne + Nagel International AG, a Switzerland-based transport and logistics company operating in the perishable goods sea transportation market, launched the Seaexplorer disruption indicator that offers insights on sea freight disruptions in addition to advanced analytics and trends on the current situation affecting global trade. The indicator with data analytics provides trend line information that improves customers' ability to predict and plan for probable future supply chain impacts and determine the best course of action.
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Major Key Players of the Market:
A.P. Moller - Maersk A/S; C.H. Robinson Worldwide Inc.; CMA CGM Group; Deutsche Post DHL Group; DSV Panalpina A/S; Kuehne + Nagel International AG; Mediterranean Shipping Co SA; Mitsui O.S.K. Lines Ltd.; Orient Overseas Container Line; Schenker AG; Nippon Yusen Kabushiki Kaisha; Swift Transportation; CRST International; Africa Express Line Ltd.; Bay & Bay Transfer Co. Inc.; COSCO Shipping Co. Ltd.; FST Logistics; Hanson Logistics Ltd.; Hapag-Lloyd AG; Swift Cargo Pvt. Ltd.; Amigo Logistics; Shoolin Shipping Services (I) Pvt Ltd.; All India Frozen Food Carrier; Ashwini Transport Company; Hellmann Worldwide Logistics SE and Co KG; MSC Mediterranean Shipping Company S.A.; Seatrade Reefer Chartering NV; Seaboard Marine Ltd.; Swire Pacific Cold Storage Ltd.; Interocean Management Corporation; United Arab Shipping Company; ZIM Integrated Shipping Services Ltd.; Crowley Maritime Corporation; Hamburg Sud; Mediterranean Shipping Company
Perishable Goods Sea Transportation Market 2024 Key Insights:
• The perishable goods sea transportation market will grow to $2.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Perishable Goods Sea Transportation Market Surges With Global Demand For Processed Foods
• Perishable Goods Sea Transportation Market Transformed By Technological Innovations In Freight Management
• North America was the largest region in the perishable goods sea transportation market in 2023
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