Refrigerated Sea Transportation Market

Refrigerated Sea Transportation Market

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akash

Author:

Akash Vedpathak

Amulya

Fact-checked by:

Amulya Agarwal

Shreyas

Editor:

Shreyas Tandon

The refrigerated sea transportation market size was valued at nearly USD 8.9 Bn in 2022 and is projected to reach USD 13.7 Bn by 2031, expanding at a CAGR of 6.2% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increase in international trade and dynamic changes in the pharmaceutical industries and food & beverage.

Refrigerated sea transportation is an essential link in the cold chain transfer, perishable from producer to consumer. Refrigerated transport is related to temperature-controlled and conditioned consignment shipment of decomposable food items.

Global Refrigerated Sea Transportation Market Outlook

The market requires transporting cargo from one place to another between distributors, retailers, manufacturers, and end-users through sea routes. It plays an important part in the cold chain system.

It surrounds the transport of finished products, raw materials, goods, and other such products that need certain temperature control throughout the route, without allowing the quality of the product to collapse.

The market is well-designed with a fixed cooling system that maintains the needed temperature throughout the transportation process. Refrigerator transport services are used for supplying goods such as vegetables, frozen food, fruits, seafood, and other chemicals that are sensitive to temperature.

According to the World Health Organization (WHO), foodborne diseases rising due to contaminated food can cause over 200 diseases differing from diarrhea to cancer. Furthermore, the updated WHO global strategy for food safety is a step towards a safer and healthier world, including new technologies and innovative approaches for strengthening food safety systems, which adds demand for refrigerated sea transportation.

The market report finds that the COVID-19 pandemic has negatively impacted the market. The transportation operation was slowed down or halted owing to lockdown and social distancing measures.

Resume on the economies globally, the government has taken numerous decisions to relax COVID-19 restrictions which have given a positive result on refrigerated transport services and are expected to witness a specific increment. 

Refrigerated Sea Transportation Market Dynamics

The global refrigerated sea transportation market report has up-to-date insights about market scenarios that can shape the overall market performance and condition during the forecast period, 2023 to 2031.

Global Refrigerated Sea Transportation Market Dynamics

Market Trends, Drivers, Restraints, and Opportunities

Introducing effective modes of cold chain management and continuous improvements in refrigeration technologies are the key factors driving the market. Cold chain management includes storage, packaging, customs clearance, transportation, tracking, product management, and delivering products safely and securely.

International trade plays an important role as changes in dynamics in the food & beverages, pharmaceutical industries, and urbanization are the main factors propelling the market during the forecast period.  Frozen foods have a long shelf life.

Food & beverage manufacturers are contributing to the market, as increase in ready-to-make snacks, energy drinks, processed foods, and fruits & vegetables to different consumers. Frozen food techniques provide the perfect solution to transfer food from farmers to supermarkets and avert loss.

High costs and strict government regulations related to food transportation may restrict the market during the projected period. A major target for manufacturers, consumers, and retailers in the food industry is to confirm food quality and safety by avoiding decay, expiry, and spoilage.

Increasing adoption of navigation systems, GPS systems, and telematics is expected to raise the logistics industry, further anticipated to drive the market. Furthermore, location-based and temperature-tracking sensors are projected to propel the market expansion.

Refrigerated systems come in many sizes and have different loading capacities so that the actual portion can be selected according to the number of items being transported. The refrigerated units use sensors and IT system capable of offering a time-to-time temperature recording while transporting.

Scope of the Refrigerated Sea Transportation Market Report

The report on the global refrigerated sea transportation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Refrigerated Sea Transportation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2020 – 2021

Forecast Period

2023–2031

Segmentation

Product (Chilled food products and Frozen Food Products), Technology (Vapor Compression Systems, Air-blown Evaporators, Cryogenic Systems, and Eutectic Devices), Mode of Transportation (Sea, Air, Road, and Railway), and End-user (Food & Beverages, Pharmaceutical, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

CEVA Logistics; DHL International GmbH; Mediterranean Shipping Company S.A; Hapag-Lloyd AG; Hamburg Süd; DSV Panalpina A/S; Kuehne + Nagel International AG; Maersk Line; Limited; and NYK Line.

Refrigerated Sea Transportation Market Segment Insights

Based on product, the market is divided into chilled food products and frozen food products. The chilled food products segment is expected to expand at a significant growth rate during the projection period, due to an increase in demand for tropical decomposable foods globally. Fresh fruits, vegetables, dairy products, eggs, sweets, seafood, flowers, and live plants are examples of chilled products, as they require low temperatures near freezing points.

The frozen food products segment is anticipated to hold a key share of the market in the coming years. The method of freezing food products delays spoilage, keeps food safe, and maintains the quality of food. According to FDA, Freezers should be kept at 0ᵒ F(-18ᵒC). This is the maximum temperature for food to be stored at.

On the basis of technology, the market is divided into vapor compression systems, air-blown evaporators, cryogenic systems, and eutectic devices. Vapor compression systems are estimated to witness continuous growth during the forecast period, owing to the wide adoption and application of these systems across the globe. Vehicle alternator units, direct belt drives, auxiliary diesel units, and auxiliary alternator units are some common refrigerated transport vapor compression drive systems used in refrigerated food transport.

The air-blown evaporators segment is anticipated to account for a major market share in the coming years. Air-blown evaporators remove heat from the area that is to be cooled, and during the change in the procedure of the container’s state, the evaporator’s surface turns cold while the blown air flows across it, and can be administered into the vehicle cabin.

Global Refrigerated Sea Transportation Market Technology

On the basis of the mode of transportation, the market is segmented into sea, air, road, and railway. The sea transportation segment is expected to register a robust growth rate during the forecast period. Sea transportation is the fastest mode of transportation for refrigerated transport, due to less cost similar to marine shipments.

The air transportation segment is projected to hold a large market share in the coming years. Refrigerated MHCVs (medium and heavy commercial vehicles) are used for small or medium-distance transportation from one city to another. Semi-trucks are used for the delivery of decomposable goods is time sensitive. The trucks help with transportation, and decomposable goods such as fish, meat, and dairy products.

Based on the end-user, the market is segmented into food & beverages, pharmaceutical, and others. The food & beverages section is beneficent to the refrigerated sea transportation advance market owing to the rising need for ready-to-make snacks, perishable foods, and others. Furthermore, growing health consciousness among consumers, that increases demand for frozen food and other fresh products.

The pharmaceutical industry is anticipated to drive the market, owing to temperature-controlled transportation of numerous medicines and medical supplies. As per the need for safety, efficacy, and storage, pharmaceutical drugs are transported under control atmosphere.

In terms of region, the global refrigerated sea transportation market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period. The regional market growth is due to an increase in population with a busy lifestyle bend towards convenience food products with an enlarged shelf life, the constant progress in the meat, and seafood industry has hold up product development. 

The retail food chain is anticipated to propel the market for cold chain management solutions. Increase in temperature-sensitive medicines and other food products, which require special arrangements, aids the market to expand in this region. Fast-moving urbanization led to increasing demand for packed food & beverages, boosting market demand, particularly in developing nations like India and China.

Global Refrigerated Sea Transportation Market Region

Segments

The global refrigerated sea transportation market has been segmented on the basis of

Product

  • Chilled food products
  • Frozen food products

Technology

  • Vapor compression systems
  • Air-blown evaporators
  • Cryogenic Systems
  • Eutectic Devices

Mode of Transportation

  • Sea
  • Air
  • Road
  • Railways

End-user

  • Food & Beverages
  • Pharmaceutical
  • Others

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • CEVA Logistics
  • DHL International GmbH
  • Mediterranean Shipping Company S.A
  • Hapag-Lloyd AG
  • Hamburg Süd
  • DSV Panalpina A/S
  • Kuehne + Nagel International AG
  • Maersk Line, Limited
  • NYK Line

Competitive Landscape

Key players in the global refrigerated sea transportation market are CEVA Logistics, DHL International GmbH, Mediterranean Shipping Company S.A, Hapag-Lloyd AG, Hamburg Süd, DSV Panalpina A/S, Kuhne + Nagel International AG, Maersk Line, Limited, and NYK Line. The market report provides in-depth insights into growth strategies and development initiatives implemented by the key players in the market.

These major companies adopt various business development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

Global Refrigerated Sea Transportation Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Refrigerated Sea Transportation Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Refrigerated Sea Transportation Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Refrigerated Sea Transportation Market - Supply Chain
  4.5. Global Refrigerated Sea Transportation Market Forecast
     4.5.1. Refrigerated Sea Transportation Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Refrigerated Sea Transportation Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Refrigerated Sea Transportation Market Absolute $ Opportunity
5. Global Refrigerated Sea Transportation Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     5.3.1. Food & Beverages
     5.3.2. Pharmaceutical
     5.3.3. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Refrigerated Sea Transportation Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Refrigerated Sea Transportation Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
7. North America Refrigerated Sea Transportation Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Refrigerated Sea Transportation Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     7.4.1. Food & Beverages
     7.4.2. Pharmaceutical
     7.4.3. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
8. Latin America Refrigerated Sea Transportation Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Refrigerated Sea Transportation Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     8.4.1. Food & Beverages
     8.4.2. Pharmaceutical
     8.4.3. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
9. Europe Refrigerated Sea Transportation Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Refrigerated Sea Transportation Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     9.4.1. Food & Beverages
     9.4.2. Pharmaceutical
     9.4.3. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
10. Asia Pacific Refrigerated Sea Transportation Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Refrigerated Sea Transportation Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     10.4.1. Food & Beverages
     10.4.2. Pharmaceutical
     10.4.3. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
11. Middle East & Africa Refrigerated Sea Transportation Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Refrigerated Sea Transportation Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Refrigerated Sea Transportation Market Size and Volume Forecast by End Users
     11.4.1. Food & Beverages
     11.4.2. Pharmaceutical
     11.4.3. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Refrigerated Sea Transportation Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Refrigerated Sea Transportation Market: Market Share Analysis
  12.2. Refrigerated Sea Transportation Distributors and Customers
  12.3. Refrigerated Sea Transportation Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. CEVA Logistics
     12.4.2. DHL International GmbH
     12.4.3. Mediterranean Shipping Company S.A
     12.4.4. Hapag-Lloyd AG
     12.4.5. Hamburg Süd
     12.4.6. DSV Panalpina A/S
     12.4.7. Kuehne + Nagel International AG
     12.4.8. Maersk Line, Limited
     12.4.9. NYK Line
     12.4.10.  

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FAQ Section

Some frequently asked questions about this report!

Refrigerated sea transportation market is expected to register a compound annual growth rate of 6.2% during the forecast period.

The refrigerated sea transportation key market players are CEVA Logistics, DHL International GmbH, Mediterranean Shipping Company S., Hapag-Lloyd AG, Hamburg Sud, DSV Panalpina A/S, Kuehne + Nagel International AG, Maersk Line, Limited, and NYK Line.

For regional analysis, Asia Pacific is expected to dominate the market during the projection period.

The market growth is attributed to rising international trade owing to trade liberalization and rising transportation of the pharmaceutical industry driving the need for a refrigerated sea transportation market.

The global refrigerated sea transportation market size was USD 8.9 Bn in 2022 and is likely to reach USD 13.7 Bn by 2031.