Market Overview
"Reefer Container," short for "Refrigerator Container," is for moving temperature-sensitive goods, such as ice cream, meat, vegetables, etc. These containers maintain a stable temperature, control humidity, and promote adequate airflow inside during the entire transit duration.
According to the MarkNtel Advisors' research report, "Global Reefer Container Market Analysis, 2021," the market is likely to grow at a CAGR of around 8% during 2021-26 due to the rising trade of perishable commodities at a global level and the increasing number of trade routes. The expansion of the e-commerce industry and the emergence of real-time tracking technology are prime factors boosting the market growth. Reefer containers help maintain the required temperature of goods regardless of outside temperature, thus, eliminate the chances of spoilage or decay. Also, the surging demand for temperature-sensitive pharmaceutical products further aids the demand for reefer containers.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 8% |
| Regions Covered | North America: USA, Canada |
| Europe: Germany, UK, France, Italy, Spain, The Netherland | |
| Asia-Pacific: China, India, Japan, Australia | |
| South America: Brazil, Argentina, Mexico | |
| Middle East & Africa: Saudi Arabia, South Africa, Rest of the Middle East & Africa | |
| Key Companies Profiled | Klinge Corporation, Hapag-Llyod, Singamas Container Holdings Ltd., Triton International Ltd., BSL Refrigerated Containers, Pioneer Refrigeration & Air Conditioning, Almar Container Group, W&K Containers Inc., Seaco Srl, A.P. Moller - Maersk A/S |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The outbreak of the COVID-19 pandemic has adversely affected the functionalities of the majority of industries. The Covid-19 pandemic has negatively impacted the reefer container market due to lockdown imposition and social distancing norms & regulations laid down by the governments globally. The lockdown has resulted causing a massive financial setback for all the transportation industries due to disruption in the supply chain, shortage of employees, and partial or complete closure of ports.
Market Segmentation
40 Feet Reefer Container Accounted for the Largest Market Share
Based on Size, the market segments are 20 feet, 40 feet, and above 40 feet containers. The 40 feet reefer container dominated the global reefer container market in the previous few years as they can carry voluminous cargo. Additionally, the price of 40 feet cargo is almost like that of a 20 feet cargo. Hence, the large capacity and the negligible price difference between 20 feet & 40 feet containers are prime factors likely to increase the use of 40 feet reefer containers. Therefore, these factors propel the overall market growth, reveals MarkNtel Advisors in their research report, “Global Reefer Container Market Analysis, 2021."
Pharmaceutical Category is Expected to Grow at a Highest CAGR
Based on Industry, the Pharmaceutical Industry registers the fastest growth in the global reefer container market due to the increasing demand for carefully transporting temperature-sensitive pharmaceuticals to avoid damage & loss. Further, the demand for reefer containers is also high due to the rising need for pharmaceutical transport containers. These containers meet the temperature requirement of all types of pharma products like biological materials, vaccines, blood, and plasma, thereby helping shippers maintain a stable temperature throughout the transportation time regardless of the outside atmosphere.
