The Refrigerated Trailer Market Report, published by Allied Market Research recently, states that the global refrigerated trailer market was valued at $5.588 billion in 2015, and is expected to reach $7.658 billion by 2022, growing at a CAGR of 4.8% from 2016 to 2022.
In 2015, North America dominated the market and contributed more than 41% of the overall market revenue, followed by Europe. Presence of key market players in the United States and Europe; rapid industrialization, primarily in manufacturing sectors; and increase in demand for high-quality preserved food have fueled the growth of the refrigerated trailer market. However, high trucking cost is a major restraint on the market.
A summary of the report can be accessed here.
Chilled food accounted for nearly 62% of product types transported by refrigerated trailer in 2015, followed by frozen food. The frozen food segment is expected to dominate the market in the future.
North America is expected to dominate the global refrigerated trailer market during the analysis period, owing to the increase in demand for packaged food products in the United States and Canada. Refrigerated trailers are extensively used in the food sector in North America and Europe. However, Asia-Pacific and LAMEA regions are expected to grow rapidly, owing to the increasing adoption of these trailers for frozen food, chilled food and cold chain space.
“Refrigerated trailers are innovative and reliable containers that are expected to witness notable growth in the coming years,” said Sheetanshu Upadhyay, analyst at Allied Market Research. “This is due to their competitive advantages such as ideal temperature and humidity level compared with other batteries. Increasing applications of refrigerated trailers in the frozen and chilled food industry (meat and seafood) is expected to boost in the future.”
The global refrigerated trailer market by end user is divided into dairy, fruits and vegetables, meat and seafood, and others (medical products, confectionery and bakery). Currently, meat and seafood generated highest revenue for this market, owing to high adoption in cold chain space and frozen food products. However, fruits and vegetables is expected to be the most lucrative consumers, due to rise in demand for fresh frozen and chilled food in the United States, China and India.
Original Article: http://refrigeratedtransporter.com/business-tools/reefer-trailer-market-growth-expected-soar June 14, 2017