The global refrigerated transport market is projected to reach USD16.8bn by 2026, from USD13bn in 2019, at a CAGR of 3.3% during the forecast period 2021-2026, according to a report by market insights firm QY Research.
The refrigerated transport market is likely to be driven by rising customer demand for high-quality and safe food. Refrigerators are used to extend the shelf life of food and retain its optimal quality, reducing the chances of bacterial growth, the report shows. Furthermore, the refrigerated transport market is predicted to grow as demand for marine transportation grows due to the relatively cheap costs associated with it. The market is projected to be boosted further by an increase in global demand for meat and seafood. Aside from that, bakery and confectionery are expected to be a lucrative industry that will propel the growth of the refrigerated transport market, as bread is one of the most widely consumed foods, and refrigeration is required to manufacture, maintain uniformity, avoid rotting, and preserve the product.
Based on the region. Europe is projected to have the largest and fastest-growing refrigerated transport market by 2023. This dominance of the region is attributed to technological advancements and the government norms favor the cold chain industry with different subsidies.