Refrigerated Trailer Market is forecast to reach $8.4 billion by 2024, after growing at a CAGR of 4.5% during 2019-2024. Increased government initiatives to control food wastage, enhance the efficiency of refrigerated trailers and higher reliability requirements of food consumers are the major factors that will further elevate the overall growth for Refrigerated Trailer Market during the forecast period 2019-2025. The report covers Refrigerated Trailer market size by type and application, Refrigerated Trailer market share by top 5 companies and also the market share by start-ups during the forecast period.
Asia-Pacific dominates the Refrigerated Trailer market owing to the high demand for sea food for packaged and frozen meat and sea food in this region.
Large scale demand for packaged food and transformed lifestyle and eating patterns worldwide have significantly contributed towards fuelling the growth of refrigerated trailer market.
Industry verticals such as medical and healthcare are further driving the demand for refrigerated trailers owing to the need to carry medicines and other products to various places. Moreover, refrigerated trailers aid in shipping perishable flora commodities including flowers, crop produce and others.
Refrigeration intricacies might pose a major challenge for the Refrigerated Trailer Market. Temperature control, ventilation, humidity, packaging are crucial and different at the same time for different items being transported, hence need to be monitored carefully.
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Type of Product – Segment Analysis
Chilled food segment held the largest share in the Refrigerated Trailer market in 2018. As per the stats of Chilled Foods Association, the sales of chilled vegetables have increased up to 19.5% in 2017. Other chilled food items such as chilled fruits witnessed an increase of 8.6%, thereby elevating the demand for refrigerated trailers.
Application – Segment Analysis
Meat and Sea Food sector has been the primary market for Refrigerated Trailer for many years. The demand for frozen seafood and meat has increased significantly during the last few years. The sales of frozen seafood in UK has increased from 847,715 units in 2016 to 909,998 in 2018 according to the stats of Seafood Organization. This increased demand has consequently propelled the growth of Refrigerated trailers market during the forecast period 2019 – 2025. There has been an increase in application of refrigerated trailers in cold chain space globally. Furthermore, high food wastage has grabbed the attention of governments of different countries towards the use of cold chain capacity. This, in turn has contributed significantly towards boosting the refrigerated trailer market growth.
Geography – Segment Analysis
APAC dominated the Refrigerated Trailer market with a share of more than 40%, followed by Europe. High demand in this region is attributed to the increasing investments in cold chains to drive the frozen food market. According to the New Food Magazine the frozen food market is poised to reach $282 billion in 2023, which will subsequently drive the demand for refrigerated trailers. Packaging and shelf-life enhancement have presented further growth opportunities for frozen food market. As a result, companies in the APAC region are investing in technologies such as refrigerated trailers to store refrigerated food stuffs for longer durations.
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Drivers & Opportunities– Refrigerated Trailer Market
Increasing Investments by Companies in cold chain technologies
Emerging economies such as China and India are offering several opportunities for market expansion. Market growth is accredited to investments in cold chain technologies and shift in preference of consumers towards packaged and frozen food.
Emergence of online grocery shopping apps
Online grocery shopping apps in the retail sector are propelling the growth of refrigerated trailer market. In the wake of technological advancements, internet and smartphone usage consumers prefer online grocery shopping which is favouring the growth of market for refrigerated trailers.
Challenges – Refrigerated Trailer Market
The need for maintaining a constant temperature for the sustainability of frozen foods act as a major restraining factor for the market. Temperature – controlled freight carriers working in a rapidly changing work environment due to new Food Safety Modernization Act and increasing complexity of reefer units are some of the other hindrances for the refrigerated trailer market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Refrigerated Trailer market. In 2018, the market of Refrigerated Trailer has been consolidated by the top five players accounting for xx% of the share. Major players in the Refrigerated Trailer Market are General Mills Inc. (US), Nestle SA (Switzerland), Conagra Brands Inc. (US), Unilever (Netherlands), Kellogg Company (US), Ajinomoto (Japan), Grupo Bimbo S.A.B. DE C.V. (Mexico), The Kraft Heinz Company (US), Lantmannen Unibake International (Denmark) and McCain Foods Limited (Canada), among others.
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