Refrigerated Transport Market Size - By Technology (Vapor Compression Systems, Eutectic Systems, Cryogenic Systems), By Mode of Transport (Road, Air, Sea, Railway), By Application (Chilled, Frozen), By Temperature & Forecast, 2024 - 2032

Refrigerated Transport Market Size

Refrigerated Transport Market size was valued at USD 116 billion in 2023 and is estimated to register a CAGR over 6% between 2024 and 2032. The rising demand for perishable goods is a key driver of growth in the market, driven by several intersecting trends. A significant factor is the global shift towards healthier eating habits, with consumers increasingly opting for fresh fruits, vegetables, dairy products, and organic foods instead of processed alternatives. This trend is especially noticeable in urban areas, where there is greater awareness of nutrition and health.
 

Moreover, the growing middle class in emerging markets is fueling demand for premium perishable goods, including imported items that require sophisticated cold chain logistics to preserve their quality during transit.
 

The expansion of e-commerce, particularly in the food and grocery sectors, has further intensified the need for efficient refrigerated transport. The surge in online grocery shopping, especially in the wake of the pandemic, has led to a higher expectation for the rapid delivery of fresh and frozen foods directly to consumers' doorsteps. This shift has created a demand for robust cold chain infrastructure to ensure that perishable goods are maintained at optimal temperatures throughout the delivery process.
 

For instance, data from Digital Commerce 360 highlights that the food and beverage sector was the fastest-growing merchandise category during the pandemic, with a compound annual growth rate of 32.2% from 2019 to 2022. This growth rate significantly outpaced the second-fastest-growing category, health and beauty, which saw annual growth of 26.1%. However, online sales in the food and beverage category grew by only 3.4% in 2022, as many consumers returned to shopping for food in supermarkets.
 

High operational costs pose a significant challenge in the refrigerated transport market, largely due to the complexities and requirements of maintaining temperature-sensitive cargo. A primary factor contributing to these costs is fuel consumption. Refrigerated trucks, commonly known as "reefers," consume more fuel than standard trucks because of the additional energy needed to power the refrigeration units. The volatility of fuel prices further exacerbates this challenge, making transportation costs unpredictable and often higher than anticipated. For companies managing large fleets, even small fluctuations in fuel prices can have considerable financial implications, directly impacting profitability.
 

Refrigerated Transport Market Trends

One of the leading technology trends in the refrigerated transport industry is the integration of IoT (Internet of Things) and telematics systems. These innovations are transforming how refrigerated transport is managed by enabling real-time monitoring and control of temperature-sensitive cargo. IoT devices installed in refrigerated trucks and containers continuously track temperature, humidity, and other critical parameters, ensuring that perishable goods remain within required conditions throughout the transportation process. This real-time data is essential for preventing spoilage, reducing waste, and ensuring compliance with regulatory standards.
 

A practical example of this trend is Thermos King, a global leader in transport temperature control solutions. In September 2023, Thermos King launched advanced telematics solutions like the Tracking platform, providing operators with real-time visibility into their refrigerated fleets. The system enables users to monitor the location and status of their vehicles, receive alerts for any deviations from the set temperature ranges, and access historical data for analysis. This technology not only helps maintain the quality of perishable goods but also enhances operational efficiency by optimizing routes and reducing fuel consumption.
 

These advancements reflect a broader industry shift toward leveraging digital technologies to improve the reliability, efficiency, and sustainability of refrigerated transport. The ability to monitor and manage transport conditions in real-time not only minimizes the risk of spoilage but also helps companies comply with increasingly stringent regulatory requirements for transporting perishable goods.
 

Refrigerated Transport Market Analysis

Based on mode of transport, the market is divided into road, air, sea and railway. The road segment accounted for a market share of over 47% in 2023. Road transport holds the largest share in the refrigerated transport market due to its flexibility, extensive infrastructure, and the ability to provide door-to-door delivery services. Unlike other modes of transport, such as sea, air, or rail, road transport offers the convenience of reaching areas that may not be accessible by other means. This is particularly crucial in the distribution of perishable goods, where maintaining a continuous cold chain is essential to prevent spoilage and ensure product quality.
 

The vast network of roads and highways allows refrigerated trucks to transport goods directly from producers or distribution centers to retail outlets, minimizing handling and transfer points, which can increase the risk of temperature fluctuations. This direct delivery capability is especially important for industries like food and pharmaceuticals, where maintaining the integrity of temperature-sensitive products is critical.
 

Based on application, the market is categorized into chilled and frozen. The chilled segment accounted for the market share of over 57% in 2023. The chilled application segment holds a major share in the refrigerated transport market due to the widespread demand for products that require storage at temperatures just above freezing. These products include fresh produce, dairy, beverages, and certain types of meat and seafood, which are sensitive to temperature changes but do not require freezing.
 

The global increase in consumption of fresh and minimally processed foods, driven by health-conscious consumers, has significantly boosted the demand for chilled transport. Chilled products are often distributed more frequently and in larger volumes than frozen goods, necessitating a robust and extensive cold chain infrastructure. Retailers and foodservice providers require constant replenishment of fresh items, leading to a high frequency of chilled transport operations. For example, the dairy industry, which includes products like milk, cheese, and yogurt, relies heavily on chilled logistics to maintain product quality and safety during transit. This has led to a substantial investment in chilled transport solutions by logistics companies.
 

North America led the global refrigerated transport market with a share of over 38% in 2023, due to its well-developed infrastructure, high consumption of perishable goods, and stringent food safety regulations. The region's robust cold chain network, supported by extensive road, rail, and port facilities, enables efficient transportation of temperature-sensitive products. The United States is a major hub for refrigerated transport, driven by its large agricultural sector, high demand for processed and fresh foods, and the presence of leading logistics companies like C.H. Robinson Worldwide, Inc. and J.B. Hunt Transport Services.
 

Europe is another significant player in the refrigerated transport market, driven by its stringent regulations on food safety and quality. The European Union's comprehensive standards for food transportation, coupled with the region's strong agricultural base, support the demand for refrigerated logistics.
 

The Asia Pacific region is experiencing rapid growth in the refrigerated transport market, fueled by rising consumer demand for fresh and frozen foods, urbanization, and expanding middle-class populations. Countries like China, India, and Japan are leading this growth, with significant investments in cold chain infrastructure to meet the increasing demand for perishable goods.
 

Refrigerated Transport Market Share

Cargill Incorporated and C.H. Robinson Worldwide, Inc. are leading players in the refrigerated transport industry, collectively holding over 7% of the market share. Cargill Incorporated holds a significant share in the refrigerated transport industry due to its vast global presence and diversified portfolio in the agricultural and food industries. As one of the largest privately held corporations in the U.S., Cargill is deeply involved in the production, processing, and distribution of a wide range of perishable goods, including meat, dairy, and agricultural products.
 

C.H. Robinson Worldwide, Inc. is a leading player in the refrigerated transport market, primarily due to its extensive logistics network and advanced technology solutions. As one of the largest third-party logistics providers in the world, C.H. Robinson specializes in managing and optimizing the supply chains for various industries, including food and beverage, where refrigerated transport is crucial.
 

Refrigerated Transport Market Companies

Major players operating in the refrigerated transport industry are:

• ADM
• C. R. England Inc.
• C.H. Robinson Worldwide, Inc.
• Cargill Incorporated
• Carrier Transicold Inc.
• GAH Refrigeration Ltd.
• Great Dane LLC
• J. B. Hunt Transport Services, Inc.
• Kuehne + Nagel
• Schneider National, Inc.
   

Refrigerated Transport Industry News

• In March 2024, Kuehne+Nagel announced an agreement to acquire City Zone Express. This acquisition is expected to be immediately earnings-accretive and strategically strengthen Kuehne+Nagel’s cross-border road logistics services in Asia.
   
• In March 2024, Carrier Transicold partnered with the Africa Centre of Excellence for Sustainable Cooling and Cold Chain (ACES) to support cold chain development in East Africa. As part of this agreement, Carrier Transicold will provide transport refrigeration units, connected cold chain solutions, and training to enhance the region's cold chain infrastructure.
   

The refrigerated transport market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and volume (Unit) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Technology

• Vapor Compression Systems
• Eutectic Systems
• Cryogenic Systems
• Others

Market, By Mode of Transport

• Road
• Air
• Sea
• Railway

Market, By Application

• Chilled
  • Bakery & confectionery products
  • Dairy products
  • Beverages
  • Fresh fruits & vegetables
  • Others
• Frozen
  • Ice cream
  • Frozen bakery products
  • Meat-processed
  • Others

Market, By Temperature

• Single temperature
• Multi-temperature

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA