Reefer Container Market Size, Share, and COVID-19 Impact Analysis, By Size (Up to 40 feet and More than 40 feet), By Mode of Transportation (Road, Rail, and Sea), By Application (Food, Pharmaceutical, Chemical, and Others), and Regional Forecast, 2024-2032

Refrigerated Containers, also known as Reefer, are a specialized type of containers used by various industries for transporting such goods that must be temperature controlled during shipping. Reefer containers are installed with a refrigeration unit which helps keep the perishable good primarily unaffected during Transportation across the globe. They are undoubtedly one of the important containers when it comes to shipping.

Reefer containers made it possible to ship important cargo, such as medicines, foods, and vaccines, throughout the globe. Reefer containers played a vital role during COVID, helping ship the Vaccines to every corner of the world. Reefer containers are widely used across modes, including Roadways, Seaways, and Railways, to ship goods. Seaways hold the largest pie because world trade in refrigerated perishable goods at sea is expanding at a remarkable pace.

Reefer's demand has grown substantially due to increased demand for frozen foods and the overall pharmaceutical industry. Reefer containers are extensively used to cater to the rising demand for biologics, blood products, and cellular therapies requiring a temperature-controlled environment. The increased urbanization has led officegoers to shift towards a quicker alternative of food, i.e., packaged frozen foods, which creates a significant requirement for refrigerated containers. 

Impact of COVID-19 on the Reefer Container Market 

The pandemic introduced a temporary worldwide shutdown in many industry sectors. This temporary shutdown impacted various industries negatively, leading to revenue decline, loss of product sales, slowed production rate, unemployment, and many other severe impacts. This led to an economic downturn as the majority of the industries were suspended or working at half capacity.

COVID-19 negatively impacted the market because the pandemic has severely impacted the likes of the food and beverage industry. As millions of people are now homebound because of the lockdown, they started boycotting packaged frozen foods and preferred self-cooked foods. The elimination of office rush has migrated people from frozen foods to self-cooked foods, negatively influencing the market growth. Additionally, the pandemic has severely disrupted supply chain activities which are responsible for the slowdown in manufacturing activities, delayed production, and hindered market growth.

Stricter government norms, lockdowns, and social distancing significantly reduced the global trade volume. Containers shipped to ports were either stranded, off-loaded at alternate ports, or sitting idle at various ports or terminals, resulting in delayed delivery and wastage of goods. Additionally, the pandemic has led to a downfall in the transportation and logistics industry due to labor shortages, fewer contracts, and decreased demand, resulting in a severe decline in global trade volume.

The market witnessed positive growth in the pharma sector owing to the increased demand for vaccines and various other temperature-sensitive spirits and tinctures that were demanded heavily throughout the globe to fight the pandemic.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on the Reefer Container Market.

Regional Analysis

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Asia Pacific Region (APAC) is predicted to dominate the market owing to the growing population in the region, which is driving the trade volume of related products. As more and more people in these regions are moving towards urbanization, E-Commerce has increased penetration, including the delivery of frozen goods and products. The proliferation of this segment will continuously create demand for Reefer containers for global trade. Additionally, India and China is the largest producer of generic drugs, and we know Transportation of medicines and drugs are majorly done via Reefer containers. This gives APAC a whip hand to cater to the rest of the world by leveraging the reefer container market. Currently, Shanghai, Singapore, Busan, Hong Kong, and Shenzen are the busiest ports in the world, all located in APAC. Hence trade routes are increasingly directed towards Asian countries to cater to most of the demand.

Key Players Covered

The report includes the profiles of key players such as Seacube Container Leasing Ltd., Singamas Container Holdings Ltd., ZIM Integrated shipping services, W&K Containers Inc, Triton International Ltd, Ocean Network Express, Hapag-Lloyd AG, CMA CGM, MSC Mediterranean Shipping Company, China International Marine Containers Co. Ltd, Maersk Container Industry and Hoover Container Solutions.

Segmentation

Key Industry Developments

• February 2022: CMA CGM introduced its smart Reefer. With the help of smart reefer containers, the company could track refrigerated goods' status.


• March 2022: ORBCOMM Inc. announced the launch of its CT 3500 IoT Telematics device, which helps in the smart management of refrigerated containers.


• December 2020: SeaCube Containers LLC acquired 200 carrier pods monitored by Sensitech Inc. to cater to the rising demand for refrigerated storage capacity and cargo visibility to meet the COVID-19 vaccine distribution.