Reefer Container for Pharmaceutical Market Overview 2021-2031
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.
Reefer to Container for Pharmaceutical Market Analysis
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.
Reefer to Container for Pharmaceutical Market Overview
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.
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Reefer Container for Pharmaceutical Market: Strategic Insights
Market Size Value in US$ 2,846.7 Million in 2021 Market Size Value by US$ 6,391.8 Million by 2028 Growth rate CAGR of 12.5% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Reefer Container for Pharmaceutical Market: Strategic Insights
| Market Size Value in | US$ 2,846.7 Million in 2021 |
| Market Size Value by | US$ 6,391.8 Million by 2028 |
| Growth rate | CAGR of 12.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Reefer Container for Pharmaceutical Market Drivers and Opportunities
Rising Adoption of the Digital Freight Forwarding to Promote the 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.
Increased Development of Cold Chain Logistics in the Pharmaceutical and Healthcare Sector is Expected to Create Ample Opportunity for Market Growth
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.
Reefer Container for Pharmaceutical Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Reefer Container for Pharmaceutical market analysis are application type, container size, and geography.
- Based on the application type, the market is divided into pharmaceutical preparations, injectables, blood derivatives, vaccines and serum, and others. Among these, pharmaceutical preparations are expected to have the largest share in 2023 owing to increased pharmaceutical production and demand for advanced drugs for chronic diseases.
- Depending on the container size, the market is divided into small, medium, and large. Small container size had the largest share in 2023. This is owing to the increased exponential growth of pharmaceutical products in developing nations such as India, Mexico, Brazil, and Argentina.
Reefer Container for Pharmaceutical Market Share Analysis by 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.
Reefer Container for Pharmaceutical Market Report Scope
Reefer to Container for Pharmaceutical Market News and Recent Developments
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:
- Ocean Network Express (ONE) is pleased to announce the launch of the world’s first dual-temperature refrigerated container trial equipped with Controlled Atmosphere (CA) functions in collaboration with Pan Pacific International Holdings Inc. (PPIH) and NAX Japan. It is the world's first use of marine transportation of the dual-temperature refrigerated container. (Source: Company Website News, February 2024)
- CMA CGM launches SMART reefer container, a connected container for refrigerated goods. With SMART reefer container*, you can track the position and status of your refrigerated goods and ensure they travel in optimal conditions. Supply chain management is facilitated through an intuitive online interface that is updated in real-time. This enables you to be more proactive at every step of the transport process. (Source: Company Website News, May 2024)
Reefer Container for Pharmaceutical Market Report Coverage and Deliverables
The “Reefer Container for Pharmaceutical Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Reefer container for pharmaceutical market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Reefer container for pharmaceutical market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST and SWOT analysis
- Reefer container for pharmaceutical market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the reefer container for the pharmaceutical market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application Type, and Container Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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