North America Refrigerated Container Shipping Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

North America Refrigerated Container Shipping Market Analysis

The North America Refrigerated Container Shipping Market size is estimated at USD 5.69 billion in 2024, and is expected to reach USD 7.34 billion by 2029, growing at a CAGR of 5.22% during the forecast period (2024-2029).

•  The increasing demand from the agriculture, food, and beverage industries drives the market. Furthermore, the market is driven by the increasing demand from the pharmaceutical industry.
• Refrigerated transport refers to temperature-controlled cargo vehicles such as refrigerated trucks and shipping containers. These cars are equipped with an inbuilt cooling system that maintains the desired temperature throughout transportation. They frequently deliver food, such as fruits and vegetables, dairy, meat, and fish, as well as non-food items such as medications and flowers. These approaches serve to extend the shelf life of the product and ensure that seasonal commodities remain available all year. Refrigerated transport systems are insulated container systems that maintain temperature both actively and passively and are used for a variety of transportation. Even in tough circumstances, keeping the proper temperature settings aids in the preservation of product quality.
• Furthermore, although it is seasonal, it allows people globally to consume fruits and vegetables all year. Perishable items are transported from one site to another in a controlled environment utilizing a refrigerated transport service to retain quality and freshness and to prevent foodborne illness. Refrigerated transport became critical to the distribution process because the storage and preservation of food and raw materials during transportation necessitate controlled temperatures. The manufacture of temperature-sensitive pharmaceutical treatments, as well as expanding worldwide trade prospects, are further driving market growth. The adoption of cost-effective government laws and regulations covering product manufacturing, processing, transportation, and quality, as well as an increase in the usage of marine transport vehicles, are additional drivers expected to drive market expansion.
• In the trucking industry, the annual harvesting season in the United States usually means capacity and pricing issues. The annual harvest of fresh fruits and vegetables as the growing season shifts from south to north is known as the produce season. Because capacity migrates to follow the harvest and distribution, there is regional pressure on refrigerated and dry van capacity during the harvest. The produce season in 2023 is unlikely to present the usual capacity and pricing issues. Today's transportation industry is oversupplied since the market did not yet cut truckload capacity much. It means that the sector is prepared to serve the early harvest months in Florida and Georgia.
• Harvest season holds an impact on both the temperature-controlled trucking and dry van markets. When they are unable to obtain a load requiring refrigeration, refrigerated trucks compete in the dry van market. As the harvest season puts a strain on active refrigerated capacity, trucks leave the dry van sector to handle the increasing freight volume from fresh products. This movement essentially removes capacity from the dry van market, causing some regional conflict. Refrigerated trucking as a whole does not service fresh produce, putting some pressure on a sub-segment of refrigerated trucking. It is not represented in broad spot market data that covers all temperature categories. Many refrigerated carriers provide services in the temperature control and product categories.

North America Refrigerated Container Shipping Market Trends

Increase in demand from agriculture and pharmaceuticals industry

North America Refrigerated Container Shipping Industry Segmentation

Refrigerated containers, often known as reefer containers, are used to convey commodities that require temperature control during transit. Reefer containers are outfitted with a refrigeration unit that is powered by the ship's power source. A complete background analysis of the North America Refrigerated Container Shipping market, including the assessment of the economy and contribution of sectors in the economy, a market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and geographical trends, and COVID-19 impact, is covered in the report.

The North America Refrigerated Container Shipping market is segmented by size (small container (20 ft), large container (40 ft), and high cube container), and country (United States, Canada, and Mexico). The report offers market size and forecasts in values (USD) for all the above segments.