The reefer container for pharmaceutical market size is projected to reach US$ 9,484.38 million by 2031 from US$ 3,621.39 million in 2023. The market is expected to register a CAGR of 12.8% during 2023–2031. The increasing adoption of IoT-connected devices by most shipping companies is one of the crucial trends that is expected to likely drive market growth.
The ecosystem analysis for the global reefer container for the pharmaceutical market includes depot, inland carrier, sea transport, carrier, distribution center, and reefer container service providers or manufacturers. The container depot handles all the necessary services involving empty containers, whether it be repairs, cleaning, inspection, or storage. The depot also preserves the pharmaceutical products for frequent inspection and maintenance of reefers, which is crucially important to everybody involved in the cold storage supply chain process. The inland carrier shipping entrepreneurs cooperate with other logistics parties such as shippers, inland ports, terminal operators, and road haulers to become an integrated component of the chain. This chain must be organized in a manner that ensures optimum use of the strengths of inland shipping, such as large volumes of containers, no problems with congestion, and low carbon emissions.
The reefer container is a refrigerated container used in intermodal freight transport in the pharmaceutical industry. It is most widely used for transporting medicines, biological samples to be analyzed, vaccines, blood, and derivatives. The rise in international trade and easy navigation facilities, less terminal turnaround time, and growth prospects in overseas trading are some prominent factors attributed to the demand for reefer containers in the pharmaceutical industry, propelling the market growth. The development in technology for reefer containers is further strengthening the demand for cold chain applications. The pharmaceutical reefer units can control the temperature of pharmaceutical products and allow the shipper to monitor them throughout the journey. These containers are also equipped with sensor-based technology that can detect small temperature variations and even determine if the products are exposed to light, which could cause contamination in certain pharmaceuticals. The high-quality reefer containers, generally equipped with cutting-edge devices that monitor temperature variations, are ideal for keeping the optimal conditions for shipping products that may deteriorate, keeping them undamaged despite external threats until they reach their final destination. Thus, such featured containers, along with integrated sensors and monitoring devices, augment the need for efficient refrigerated containers in the pharmaceutical industry, driving market growth.
The digital freight forwarding platform continually monitors and manages their shipments in real time, which provides visibility to the shippers. Thus, the adoption of advanced technology in the transportation of reefer containers is helping to gain more reliability and efficiency in the transportation of reefer containers. The reefer container is transported to a nearby seaport, to be shipped to its destination region on a container vessel. At the port of destination, it is unloaded and transported to a distribution center. Here, the cargo is unpacked from the container and distributed further in smaller parcels to retailers. The distribution center is where the container is unpacked, and the cargo is further distributed and processed.
The growing focus on using advanced technology in the supply chain within the pharmaceutical industry is evolving with finding new ways to ensure it delivers medical products safely to their intended destination. The development of cold chains for the pharmaceutical industry is focused on control tower technology, packaging automation, artificial intelligence, and other technologies. In recent years, ongoing advances in the development and dissemination of temperature-sensitive pharmaceutical products — ranging from biologic therapies to treat rare and chronic diseases, COVID-19 vaccine and vaccines for other infectious diseases, novel oncology treatments, and cell and gene (CGT) therapies, have created more complex cold-chain requirements than ever before. As per the latest estimates, in August 2022, India’s cold storage capacity is likely to reach 40.7 million metric tons by 2023, rising 8.2% from 2020, which creates potential opportunities in Indian cold chain assets that help drive the market growth. Also, as per public stats, the cold chain sector is expected to grow at more than 20% CAGR by 2025, which is attributed to the shift from conventional cold storage to modern storage spaces. In August 2022, AP Maersk Company announced a new cold storage facility planned for Ridgeville, South Carolina, to serve temperature-controlled goods, which is expected to be in operation from the first quarter of 2023.
Key segments that contributed to the derivation of the Reefer Container for Pharmaceutical market analysis are application type, container size, and geography.
The geographic scope of the reefer container for pharmaceutical market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Asia Pacific is considered to be the fastest-growing economic region, with China and India as the world's first and third fastest-growing economies. The regulatory body in the maritime industry in the Asia Pacific countries is highly focused on improving the trading activities influencing the demand for reefer containers. For instance, in January 2022, China applied conventional duty rates on products from 29 countries. China has signed 19 bilateral or multilateral free trade agreements with more than 29 countries or regions. Thus, such factors are accelerating the demand for reefer containers and the market growth in this region.
The regional trends and factors influencing the Reefer Container for Pharmaceutical Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Reefer Container for Pharmaceutical Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3,621.39 Million |
| Market Size by 2031 | US$ 9,484.38 Million |
| Global CAGR (2023 - 2031) | 12.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Application Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Reefer Container for Pharmaceutical Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Reefer Container for Pharmaceutical Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The reefer container for the pharmaceutical market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the reefer container for the pharmaceutical market are listed below:
The “Reefer Container for Pharmaceutical Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to register a CAGR of 12.8% during 2023–2031.
The refer container for pharmaceutical market size is projected to reach US$ 9,484.38 million by 2031 from US$ 3,621.39 million in 2023.
Maersk Container Industry AS; Evergreen Marine Corp. (Taiwan) Ltd; BSL REFRIGERATED CONTAINERS; CMA CGM Group; and Klinge Corporation, among others.
The increasing adoption of IoT-connected devices by most shipping companies is one of the crucial trends that is expected to likely drive market growth.
Rising adoption of digital freight forwarding to promote market growth.
Asia Pacific is expected to dominate the reefer container for the pharmaceutical market in 2023.