Refrigerated Sea Transportation Market Share & Growth [2031]

Report Description

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.

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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.

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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.

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.

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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.

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