CMA CGM, Maersk, Hapag-Lloyd and the growing cold chain drive the reefer container market

According to market research, the reefer container industry generated $9.7 billion in 2022 and is projected to reach $19.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2023 to 2032, as per Allied Analytics LLP.

Refrigerated containers are utilised in various industries, including the food and beverage sector. In the food and beverages sector, the fish and seafood industries are genuinely global. Its popularity has grown even more globally, with customers opting for a pescatarian diet for health reasons. Therefore, preparing for an increase in demand is critical. However, fragmented participants in the handling and selling of fish and seafood reduce efficiencies across the supply chain. Weather disrupts consignments at sea four to five times each year, causing additional unforeseen delays. The delays may result in the decline of the fish and seafood, but with the help of reefer containers, such situations can be avoided, and the integrity of the food is secured. Many companies rely on reefer containers to transport their fresh seafood products from their processing facilities to international markets. By utilising reefer containers, they can maintain the required temperature and humidity levels, ensuring that the seafood arrives at its destination with its quality and taste preserved.

For instance, many Asian countries, such as China, India, and Indonesia, engage in both the import and export of seafood. Countries globally use reefer containers for the export and import of seafood and other food and beverage items. The containers are available in various sizes to transport a wide range of seafood items, including fish, shellfish, and crustaceans. These containers provide the temperature-controlled environment required to keep the seafood fresh and prevent it from rotting during transit. The most used reefer container has a length of either 20 feet or 40 feet. However, the containers are available in sizes exceeding 40 feet in length, less than 20 feet in length, and 30 feet in length.

Key findings of the study:

By size, the 20-40 feet segment dominated the reefer container market in 2022 in terms of revenue.

Based on industry, the food & beverage segment is expected to exhibit remarkable growth during the forecast period.

By region, Asia-Pacific is anticipated to exhibit remarkable growth during the forecast period.

Growth by segment:

By size, the 20-40 feet segment held the highest market share in 2022, accounting for more than two-fifths of the global reefer container market revenue and is estimated to maintain its leadership status during the forecast period. This segment is projected to attain the highest CAGR of 8.1% from 2023 to 2032, owing to its ability to carry greater volumes of packages without losing integrity. It is expected to increase the demand for 20-40-foot containers in the market.

The growing demand for fresh and frozen food, as well as the expansion of international trade, supplements the growth of the reefer container market. However, high capital investment and operational complexities are expected to hinder the market's growth. Additionally, advancements in cold chain technologies and the integration of other technologies are expected to create numerous opportunities for key players operating in the market.

By industry, the food and beverage segment held the largest market share in 2022, accounting for nearly one-third of the global reefer container market revenue and is expected to maintain its leadership position throughout the forecast period. This segment is projected to attain the highest CAGR of 7.8% from 2023 to 2032, owing to a rise in international trade, and an increase in global consumption of food and beverages is expected to increase the demand for reefer containers globally.

Based on the mode of transportation, the sea segment held the highest market share in 2022, accounting for nearly two-thirds of the global reefer container market revenue. The need to travel long distances by sea with temperature-sensitive cargo is expected to increase demand for reefer transportation. However, the roadways segment is expected to witness the fastest CAGR of 8.8% from 2023 to 2032, driven by an increase in the need to transport goods over long distances. The demand for temperature-sensitive cargo is expected to increase, driving the demand for reefer transportation on roadways.

Region-wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fourth of the global reefer container market revenue and is estimated to maintain its leadership status during the forecast period. This segment is projected to exhibit the highest CAGR of 9.1% from 2023 to 2032, owing to its high volume of agricultural and food exports, which require reefer containers for transportation, thereby increasing the demand for containers in the region.

Leading market players: -

A.P. Moller – Maersk

Daikin Industries

China International Marine Containers Co. Ltd

Singamas Container Holdings Ltd.

Ocean Network Express Pte. Ltd.

ZIM Integrated shipping services

Hapag-Lloyd AG

MSC Mediterranean Shipping Company S.A.

CMA CGM Group

SeaCube Containers LLC.