Reefer Container Market Size, Share, Growth & Industry Analysis, By Size (More than 40 Feet, 40 Feet, 20 Feet), By Transportation (Roadways, Railways, Marine), By End Use (Food and Beverage, Healthcare, Chemicals, Others), and Regional Analysis, 2024-2031

Reefer Container Market Size

The global Reefer Container Market size was valued at USD 9.30 billion in 2023 and is projected to grow from USD 9.99 billion in 2024 to USD 18.19 billion by 2031, exhibiting a CAGR of 8.94% during the forecast period. The market is experiencing strong growth, driven by rising global trade of perishable goods and innovations in refrigeration technology.

As demand for fresh produce, seafood, and pharmaceuticals increases, businesses are investing in advanced cold chain solutions to maintain product quality during transportation. Additionally, the shift toward eco-friendly practices is prompting companies to adopt energy-efficient reefer containers, aligning with sustainability goals and regulatory standards, and boosting market expansion.

In the scope of work, the report includes solutions offered by companies such as A.P. Moller – Maersk, DAIKIN INDUSTRIES, Ltd, Carrier, Thermo King, Singamas Container Holdings Limited, yangzhou tonglee reefer container co., ltd., Hyundai Translead, Klinge Corporation, MSC Mediterranean Shipping Company SA, Triton Container International Limited, and others.

The growing global goods trade of temperature-sensitive products such as fresh produce, pharmaceuticals, and seafood, is expected to influence the reefer container market. As international trade expands, the demand for reliable and efficient cold chain logistics solutions increases to ensure perishable goods arrive in optimal condition.

• According to the United Nations Conference on Trade and Development (UNCTAD), global trade improved in the first quarter of 2024, with goods trade increasing by around 1% and services trade by about 1.5% quarter-over-quarter. This surge, primarily driven by positive trade dynamics in the United States and major developing Asian countries, contributed approximately USD 250 billion to goods trade and USD 100 billion to services trade in the first half of 2024 compared to the second half of 2023.

This surge in cross-border commerce is prompting logistics providers to invest in advanced reefer containers capable of maintaining precise temperature controls.

In addition, the increasing use of IoT-enabled reefer containers with real-time monitoring systems is stimulating market growth. These systems offer businesses precise control over temperature-sensitive shipments, reducing the risk of spoilage and ensuring product quality. Real-time monitoring allows for immediate corrective actions, minimizing losses and enhancing supply chain efficiency, which fuels market expansion.

A reefer container is a refrigerated shipping container designed to transport temperature-sensitive goods. It is equipped with an integrated refrigeration system that maintains a controlled environment, making it ideal for perishable products such as fresh produce, pharmaceuticals, seafood, and dairy.

These containers can be set to specific temperature ranges, from chilled to frozen, ensuring product quality during long-distance transport. Commonly used in global trade, reefer containers are crucial for cold chain logistics, allowing businesses to safely and efficiently move goods across regions while preserving their freshness, potency, and safety standards throughout the supply chain.

Analyst’s Review

Key players are bolstering the market growth by developing and deploying advanced reefer container vessels with increased capacities and innovative features. These advancements, including enhanced design for greater reefer plug counts and improved efficiency, address the rising demand for robust cold chain solutions.

• In March 2024, Seatrade introduced its cutting-edge 'Country Class' reefer container vessels, beginning with the M.v. 'Seatrade Chile.' This vessel features 640 reefer plugs and an advanced hydrodynamic design, addressing the rising demand for increased reefer capacity.

As key players invest in these technological improvements, they are establishing new benchmarks for reliability and performance in the reefer container industry.

Reefer Container Market Growth Factors

The rising demand for temperature-sensitive goods, such as fresh produce, seafood, and pharmaceuticals, is propelling the growth of the market. As consumers in emerging economies, seek fresh and organic products, the need for efficient cold chain solutions increases. This demand is prompting logistics providers to invest in advanced reefer containers that ensure the safe and timely delivery of perishable items.

• In February 2023, the Port of Savannah announced a plan to construct seven container racks at the Garden City Terminal, expanding refrigerated and frozen warehouse space by 11% to over 2.2 million square feet by the end of 2023. The USD 6.2 million project, approved in late January, aim to increase the terminal’s capacity by adding 3,506 berths.

The expansion of international trade, coupled with stricter food safety regulations, is prompting companies to adopt these containers, thereby fueling market growth and expanding the global cold chain infrastructure.

The reefer container market faces challenges such as high operational costs and stringent environmental regulations. Rising energy expenses and compliance with evolving emissions standards increase the cost of refrigerated transport. Additionally, integrating advanced technologies while managing these costs poses challenges for many companies. To address these issues, key players are investing in energy-efficient technologies and eco-friendly refrigerants.

• In December 2023, BLR Logistiks expanded its fleet to include advanced reefer containers, enhancing temperature-controlled transport solutions across various industries. These units, equipped with cutting-edge technology, maintain the integrity of sensitive cargo and support sustainability goals.

Innovations in container design and alternative fuels are further being explored to improve efficiency and reduce energy consumption, which is expected to foster market expansion over the forecast period.

Reefer Container Industry Trends

Rising environmental concerns are prompting manufacturers to prioritize the development of energy-efficient and eco-friendly reefer containers. These containers incorporate advanced cooling technologies and low-energy refrigeration systems, enabling companies to reduce operational costs while complying with increasingly stringent environmental regulations.

The focus on lowering carbon emissions and meeting sustainability targets is compelling businesses to invest in greener reefer solutions. This shift aligns with corporate ESG (Environmental, Social, and Governance) objectives, enhances brand reputation, and attracts eco-conscious consumers, thereby spurring demand for energy-efficient containers and fueling market expansion.

The increasing use of IoT-enabled reefer containers with real-time monitoring systems is propelling the reefer container market growth. These systems offer businesses precise control over temperature-sensitive shipments, thereby reducing the risk of spoilage and ensuring product quality.

• In March 2023, Maersk launched an API-enabled reefer system featuring a shareable datalog. This innovation addresses the challenges of transporting perishable goods globally, including fruits, meat, and medication, amid fluctuating transit conditions. Maersk's extensive fleet of refrigerated containers is integrated with the Remote Container Management system. This technology monitors and tracks the conditions inside the reefers, ensuring optimal environments for sensitive cargo during transport.

Real-time condition monitoring allows for immediate corrective actions, minimizing losses and enhancing supply chain efficiency. With companies prioritizing reducing wastage and improving operational transparency, the demand for IoT-integrated reefer containers is growing.

This technological advancement meets industry needs for enhanced logistics management and boosts the adoption of smarter, more reliable cold chain solutions, thereby fueling market expansion.

Segmentation Analysis

The global market has been segmented based on size, transportation, end use, and geography.

By Size

Based on size, the market has been categorized into more than 40 feet, 40 feet, and 20 feet. The more than 40 feet segment led the reefer container market in 2023, reaching a valuation of USD 5.55 billion.

This rise is due to the need for efficiently transporting high volumes of perishable goods such as fresh produce, pharmaceuticals, and seafood. Larger reefer containers provide enhanced storage capabilities and lower operational costs per unit, making them attractive to major logistics and shipping companies.

Technological advancements in insulation and refrigeration systems further increase the appeal of these extended-length containers. The expanding international trade and the demand for more cost-effective cold chain solutions are expected to fuel the expansion of the segment.

By Transportation

Based on transportation, the market has been categorized into roadways, railways, and marine. The marine segment captured the largest market share of 70.44% in 2023. Driven by advancements in maritime logistics and container technology, this segment is expanding to meet the rising demand for reliable and efficient cold chain solutions.

Innovations in marine reefer containers, such as improved insulation, energy-efficient refrigeration systems, and higher capacity, are enhancing their performance and operational efficiency. The expansion of major shipping routes and the growing need for transporting large quantities of temperature-sensitive cargo, including fresh produce and pharmaceuticals, are further propelling segmental growth.

By End Use

Based on end use, the market has been categorized into food and beverage, healthcare, chemicals, and others. The food and beverage segment is expected to garner the highest revenue of USD 12.66 billion by 2031.

This growth is fueled by rising consumer preferences for high-quality, perishable goods and the expansion of international food trade. Innovations in reefer container technology, including advanced temperature control systems and enhanced insulation, are improving the storage and transportation of food and beverages.

The segment benefits from the need for efficient and reliable cold chain solutions to preserve the quality and safety of perishable items during transit. The expansion of the food and beverage industry, coupled with increasing global trade, is expected to augment segmental growth.

Reefer Container Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Asia-Pacific reefer container market accounted for the largest share of 39.76% in 2023, with a valuation of USD 3.70 billion. This expansion is largely attributed to the region's rapidly expanding economies and increasing trade in perishable goods.

Major economies such as China, India, and Japan are experiencing significant growth in both domestic consumption and international trade, generating a strong demand for efficient cold chain solutions. The region's extensive port infrastructure and strategic maritime routes facilitate large volumes of refrigerated cargo, including fresh produce, seafood, and pharmaceuticals.

Additionally, rising consumer preferences for high-quality and fresh food products are boosting the need for advanced reefer containers. Investments in port facilities and technological advancements in refrigeration further support regional market expansion.

Europe is anticipated to witness significant growth at a robust CAGR of 8.49% over the forecast period. This growth is primarily bolstered by the region's advanced logistics infrastructure and rising demand for temperature-sensitive goods. The region’s extensive port facilities and well-established transportation networks support substantial volumes of perishable exports and imports.

Consumer preferences for fresh produce, pharmaceuticals, and organic products are highlighting the need for sophisticated cold chain solutions.

• Notably, in September 2024, Carrier Transicold’s commercial launch of the Vector HE 19 units at IAA Transportation 2024 in Hanover, Germany, highlights Europe’s commitment to innovation. This new unit, featuring a refrigerant with low global warming potential (GWP) and compatibility with HVO biofuel or B100 biofuel, significantly reduces CO2 emissions while ensuring high performance.

Such advancements, along with stringent regulations on food safety and emissions, underscore Europe’s dedication to sustainable and efficient reefer container solutions, thereby fostering regional market growth.

Competitive Landscape

The global reefer container market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Companies are implementing impactful strategic initiatives, such as expanding services, investing in research and development (R&D), establishing new service delivery centers, and optimizing their service delivery processes, which are likely to create new opportunities for market growth.

List of Key Companies in Reefer Container Market

• A.P. Moller – Maersk
• DAIKIN INDUSTRIES, Ltd
• Carrier
• Thermo King
• Singamas Container Holdings Limited
• yangzhou tonglee reefer container co., ltd.
• Hyundai Translead
• Klinge Corporation
• MSC Mediterranean Shipping Company SA
• Triton Container International Limited

Key Industry Developments

• August 2024 (Acquisition): Trane Technologies, a global leader in climate innovation acquired Klinge Corporation. enhancing its Thermo King brand's leadership in sustainable transport temperature control solutions.

The global reefer container market is segmented as:

By Size

• More than 40 Feet
• 40 Feet
• 20 Feet

By Transportation

• Roadways
• Railways
• Marine

By End Use

• Food and Beverage
• Healthcare
• Chemicals
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America