The reefer container market is growing on account of the increasing demand for pharmaceutical products, rising number of trade routes, expanding e-commerce industry, and surging penetration of the real-time tracking technology. The size of the market in 2019 was 3,169.2 thousand twenty-foot equivalent units (TEU), which is predicted to reach 7,063.3 thousand TEUs by 2030, at an 8.0% CAGR during 2020–2030 (forecast period). Reefer containers are essentially temperature-controlled containers used to ferry perishable cargo over long distances, via ships, trains, and trucks.

On the basis of size, the categories of the reefer container market are 20 feet, 40 feet, and more than 40 feet. Among these, the 40 feet category held the largest share in the market in 2019, and it will also grow the fastest during the forecast period. This is because 40-foot reefer containers are used for carrying high-volume cargo, and they are also similar to 20-foot variants in cost. Thus, the high loading capacity, combined with the reasonable price of these containers, offers logistics companies operational cost advantages.

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The divisions under the industry segment of the market are food, pharmaceutical, and chemical. During the forecast period, the highest CAGR in the market is expected to be experienced by the pharmaceutical category on account of the increasing demand for cellular therapies, biologics, vaccines, and blood products around the world. The prevalence of chronic and acute diseases is rising due to environmental factors, stress, age, genetics, and tobacco and alcohol abuse. Pharmaceutical products are extremely temperature-sensitive, which is why the cold chain is essential for their transportation and storage.

The rising demand for pharmaceuticals is one of the major growth drivers for the reefer container market advance. Considering the unmet need for drugs around the world, governments, private companies, and international organizations, such as the United Nations (UN) and World Health Organization (WHO), are taking initiatives to supply such essential products. For instance, during the COVID-19 crisis, the trade of antiviral vaccines has picked up, with countries purchasing millions of doses at one go.

Another key reason behind the growing reefer container market is the expanding e-commerce sector. Online sales already accounted for 14% of the total retail sales in 2018, and their share is expected to increase to 17% by 2021. This growth is being aided by the increasing penetration of the internet and rising sale of smartphones. Moreover, online shopping websites give customers numerous conveniences, such as the freedom to see various products on one platform, discounts and promo codes, contactless payment, and door-step delivery.

During 2014–2019, Asia-Pacific (APAC) dominated the reefer container market, and it will continue doing so till 2030. This is attributed to the growing population in the region, which is driving trade volumes. Currently, Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen are the busiest ports in the world, and all are located in APAC. Asa result, trade routes have increasing become directed toward Asian countries to make the most of the demand for various products.

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Hence, as international trade volumes, especially of perishable cargo, grow, so will the procurement of reefer containers by shipping, trucking, and rail freight companies.