NEW YORK, March 24, 2021 /PRNewswire/ -- With the increasing burden of diseases around the world, the demand for various pharmaceutical products, including vaccines, liquid medicines, biologics, pills, and raw materials and active ingredients, has risen. This factor is expected to help increase the global reefer container market size from 3,169.2 thousand twenty-foot equivalent units (TEU) in 2019 to 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence.
This is because pharmaceuticals are extremely sensitive to temperature, which is why they need to be transported in refrigerated, or reefer, containers. In this regard, the improvements in the reefer technology and decrease in the cost of shipping are acting as key reefer container market drivers, by encouraging companies to send higher volumes of products via the sea. For instance, compared to just 5% in 2012, AstraZeneca plc was transporting almost 70% of its products via the sea in 2017.
Key Findings of Global Reefer Container Market
- Logistics companies prefer more-than-40-foot reefer containers
- Food products transported in highest volumes in reefer containers
- APAC is largest user of reefer containers, with trade routes redirecting toward it
- Growing pharmaceutical demand to propel market growth in future
- Presence of large established players making market consolidated
- LATAM to offer lucrative growth opportunities to containers manufacturers and lessors
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During the COVID-19 pandemic, though the global demand for drugs has increased, the reefer container market has been negatively affected. Due to a reduction in the workforce as an infection prevention measure, port operations were severely hampered. Additionally, the demand for a large number of non-essential products declined massively, which led to significant losses for logistics companies. This is why they spent considerably lesser on buying and leasing reefer containers in 2020.
In the past, the food category dominated the reefer container market, under segmentation by industry. With the growing population pushing up the demand for food, the use of reefer containers to transport them over long distances is rising. This is because most of the food products, including fruits, vegetables, dairy, meats, seafood, and poultry, need to be shipped at sub-zero temperatures to prevent spoilage.
Browse detailed report with COVID-19 impact analysis on Reefer Container Market Research Report: By Size (20 Feet, 40 Feet, More than 40 Feet), Transportation Mode (Seaways, Roadways, Railways), Industry (Food, Pharmaceutical, Chemical) - Global Industry Analysis and Growth Forecast to 2030 @https://www.psmarketresearch.com/market-analysis/reefer-container-market-report
Asia-Pacific (APAC) has dominated the reefer container market till now, and it will continue doing so in the years to come. Being home to the largest population in the world, the region generates the highest demand for various types of products, including food, chemicals, and pharmaceuticals. Moreover, most of the trade routes now connect regional ports, including the largest ones on earth, viz. Shanghai and Singapore.
During this decade, the highest CAGR in the reefer container market, of 9.1%, is predicted to be witnessed in the Latin American (LATAM) region. Almost all the major regional countries are home to riverine and seaports, therefore offer easy access to ships and other marine vessels. In addition, the booming population in the region is driving the demand for food and pharmaceuticals, which is expected to propel the requirement for reefer containers.
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The most-prominent players in the global reefer container market are A.P. Moller - Maersk A/S, China International Marine Containers (Group) Co. Ltd., Singamas Container Holdings Ltd., BSL Containers Ltd., Seaco Srl, MSC Mediterranean Shipping Company S.A., Triton International Ltd., Hapag-Lloyd AG, ZIM Integrated Shipping Services Ltd., Ocean Network Express Pte. Ltd., SeaCube Container Leasing Ltd., W&K Containers Inc., Klinge Corporation, and Almar Container Group.
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