Why Is Demand for Pharmaceuticals Driving Reefer Container Market Growth?

The reefer container market is growing on account of the increasing demand for pharmaceutical products, rising number of trade routes, expanding e-commerce industry, and surging penetration of the real-time tracking technology. The size of the market in 2019 was 3,169.2 thousand twenty-foot equivalent units (TEU), which is predicted to reach 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR during 2020–2030 (forecast period). Reefer containers are essentially temperature-controlled containers used to ferry perishable cargo over long distances, via ships, trains, and trucks.

On the basis of size, the categories of the reefer container market are 20 feet, 40 feet, and more than 40 feet. Among these, the 40 feet category held the largest share in the market in 2019, and it will also grow the fastest during the forecast period. This is because 40-foot reefer containers are used for carrying high-volume cargo, and they are also similar to 20-foot variants in cost. Thus, the high loading capacity, combined with the reasonable price of these containers, offers logistics companies operational cost advantages.

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During 2014–2019, Asia-Pacific (APAC) dominated the reefer container market, and it will continue doing so till 2030. This is attributed to the growing population in the region, which is driving trade volumes. Currently, Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen are the busiest ports in the world, and all are located in APAC. Asa result, trade routes have increasing become directed toward Asian countries to make the most of the demand for various products.

Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.

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Market Segmentation by Size

• 20 Feet
• 40 Feet
• More than 40 Feet

Market Segmentation by Transportation Mode

• Seaways
• Roadways
• Railways

Market Segmentation by Industry

• Food
  • Fruits
  • Meat/poultry
  • Fish/seafood
  • Vegetables
  • Dairy products
  • Others
• Pharmaceutical
  • Liquid medicines
  • Pills
  • Vaccines
  • Biologicals
  • Others
• Chemical

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Reefer Container Market Analysis With the Best Scope, Trends, Benefits, Opportunities to 2030

According to P&S Intelligence, the increase in the number of trade routes would help the global reefer container market grow. In April 2019, the Chongqing municipality in south-western China was linked to Indonesia via a new trade route, which, in September 2019, was connecting 190 ports across 90 nations. Moreover, with Asian countries increasing their influence on worldwide trade, trade routes are expected to get increasingly directed toward this region.          

 In addition, much of the long-distance trade is conducted via ships, which makes the sea the most important trade mode. All these factors are predicted to propel the reefer container market to a volume of 5,981.6 thousand twenty-foot equivalent units (TEU) in 2030, from 2,915.6 thousand TEUs in 2019, at a 7.3% CAGR between 2020 and 2030.

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In the coming years, the highest CAGR in the reefer container market would be witnessed by the Latin America, Middle East, and Africa (LAMEA) region. Within LAMEA, the highest adoption of reefer containers is expected in Brazil, due to the increasing trade of frozen and chilled goods between Brazil and China and India. Moreover, Brazil, which is the most-productive market for logistics in LAMEA, contributed $145 billion to the regional logistics market in 2019.

Due to the COVID-19 outbreak, the reefer container market has been affected in a negative way. Contract, liquidity, labor, and several other issues have caused much economic stress to logistics and shipping companies. Moreover, global trade has declined by around 15%, and employee payments have also ceased or are delayed. With a complete or partial ceasing of trade operations and port closures, the supply chain has been severely hampered, which has further led to a reduced demand for reefer containers.

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The most prominent companies in the global reefer container market are Singamas Container Holdings Ltd., SeaCube Container Leasing Ltd., A.P. Moller - Maersk A/S,China International Marine Containers (Group) Co. Ltd., Triton International Ltd., Seaco Srl,MSC Mediterranean Shipping Company S.A., Ocean Network Express Pte. Ltd., Hapag-Lloyd AG, and ZIM Integrated Shipping Services Ltd.

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