According to the estimates of Transport Intelligence, a consultancy firm, the value of the refrigerated transportation market reached 764.2 billion euros in 2022, which implies a growth of 1.5% compared to 2021 (752.8 billion euros). Despite the economic slowdown, the forecasts for this year predict a higher growth rate. The market should grow by 1.6% and reach 776.8 billion euros.
The main driving force behind the expansion of refrigerated logistics is the growth in global food production and consumption, which has been continuing for more than 20 years. Emerging markets are the main driver of this trend. China, being the largest importer of food products in the world, has the largest influence on the market. For example, China bought more than 4 million tons of pork from overseas in 2021, although the figure was only 1 million tons in 2014.
Globalization and development of the world business have affected the import of food and agricultural products from distant countries, and the products need to be transported under proper conditions.
Source: trans.info