Market Size of Refrigerated Container Shipping Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2022 |
| Market Size (2024) | USD 19.82 Billion |
| Market Size (2029) | USD 26.5 Billion |
| CAGR (2024 - 2029) | 5.98 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Refrigerated Container Shipping Market Analysis
The Refrigerated Container Shipping Market size is estimated at USD 19.82 billion in 2024, and is expected to reach USD 26.5 billion by 2029, growing at a CAGR of 5.98% during the forecast period (2024-2029).
- The refrigerated container shipping market is observing a rise in demand for perishable goods, though the rise in e-commerce and advances in tracking technology are also creating an impact. There is also increased demand resulting from a lack of air transportation, which refrigerated cargo shipping can accommodate due to improvements in technology.
- Reefer shipping had not suffered nearly as much from the impact of COVID-19 as dry shipping. Global lockdowns meant consumers had more time, more interest in home improvements, and a pressing need to kit out home offices. It hit dry shipping logistics hard. The demand for fresh foods remained relatively steady, with an increase of 4.8% year over year in the first half of 2023 as a result of increased appetite for meat, citrus, and exotic fruits. Fresh Del Monte Produce, for example, enjoyed a gross profit increase of 40% and a profit margin increase of 33.3%.
- Reefer shipping benefits from prioritized stowing, making it less likely to experience bottlenecks when shipping refrigerated items. It bodes well for reefer shipping companies in 2023, though there are still challenges with labor and space constraints to overcome.
