With the increasing burden of diseases around the world, the demand for various pharmaceutical products, including vaccines, liquid medicines, biologics, pills, and raw materials and active ingredients, has risen. This factor is expected to help increase the global reefer container market size from 3,169.2 thousand twenty-foot equivalent units (TEU) in 2019 to 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence.
Key Findings of Global Reefer Container Market
· Logistics companies prefer more-than-40-foot reefer containers
· Food products transported in highest volumes in reefer containers
· APAC is largest user of reefer containers, with trade routes redirecting toward it
· Growing pharmaceutical demand to propel market growth in future
· Presence of large established players making market consolidated
· LATAM to offer lucrative growth opportunities to containers manufacturers and lessors
During the COVID-19 pandemic, though the global demand for drugs has increased, the reefer container market has been negatively affected. Due to a reduction in the workforce as an infection prevention measure, port operations were severely hampered. Additionally, the demand for a large number of non-essential products declined massively, which led to significant losses for logistics companies. This is why they spent considerably lesser on buying and leasing reefer containers in 2020.
Asia-Pacific (APAC) has dominated the reefer container market till now, and it will continue doing so in the years to come. Being home to the largest population in the world, the region generates the highest demand for various types of products, including food, chemicals, and pharmaceuticals. Moreover, most of the trade routes now connect regional ports, including the largest ones on earth, viz. Shanghai and Singapore.
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