Developments in Cold Chain Sector Present Lucrative Opportunities for Reefer Container for Pharmaceutical Market During 2022-2028
According to our latest study on "Reefer Container for Pharmaceutical Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Container Size and Application," the market is expected to grow from US$ 2,846.7 million in 2021 to US$ 6,391.8 million by 2028; it is anticipated to grow at a CAGR of 12.5% from 2022 to 2028.
The growth of the reefer container for pharmaceutical market is primarily attributed to the rising preference for maritime trade over airborne trade, supportive government policies and regulations for international trading, and increasing demand for pharmaceutical products. Maritime transport is the backbone of international trade and the global economy, as over 80% of the volume of international trade in goods is carried by sea. This percentage is even higher for most developing countries. According to the estimates of the United Nations Conference on Trade and Development (UNCTAD), ~80% of global trade by volume and 70% by value is fulfilled by sea. Of this volume, 60% of maritime trade goes through Asia via the South China Sea, carrying ~33% of global shipping. Per the International Chamber of Shipping, for an economic region such as the European Union, shipping accounts for 80% of total exports and imports by volume and 50% by value. Moreover, China continues to be the largest importer of raw materials, considering its important role in the global manufacturing supply chain; this is evident in the outbound container throughput statistics of Chinese ports that pushed market freight rates upward in 2021. The biopharmaceuticals industry survey conducted by Peli BioThermal states that more than 70% end-users prefer sea transport for international shipping of temperature-controlled products, with one-third of participants use it frequently.
The Asia Pacific region is holding the largest market share across the globe. This is attributed to the growing population in the region driving the volume of trade. The busiest ports in the world are Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen, all located in APAC. As a result, trade routes are increasingly aligning with Asian countries to make the most of the demand for different products. Strong sea trade from Asia-Pacific countries like China, Japan, India, South Korea, and others mainly contributed to its leading position in the world market. In addition, large export volumes, intra-regional trading activities, and expanding manufacturing activities, especially in these countries, are expected to support market growth further. The pharmaceutical industry in India has developed significantly due to various factors, including the growth of regulatory norms and the focus on healthcare management and population invention. Additionally, increasing demand for over-the-counter medicines and a more informed consumer base drive market growth in India. For example, according to the Indian Economic Survey 2021, the pharmaceutical market is expected to grow threefold in the next decade. For example, according to IBEF, the Indian pharmaceutical sector supplies more than 50% of the global demand for various vaccines, about 40% of the generic drug demand for the United States, and 25% of the pharmaceuticals for the United Kingdom. In addition, other APAC countries, including Japan, have established strict guidelines regarding using correct ingredients and processing TC products in Japan, which will further fuel the market growth.
The Europe maritime shipment sector is seeing a boom in call for shipment transportation thru waterways, pushed via way of means of concerns consisting of container protection and cost-effectiveness. Cargo ships are much less high priced than avenue and air transits for transport commodities. Ships can transport more items from one place to any other in a shorter quantity of time. With over 80% of world business trade dealt with via way of means of sea, maritime shipping is the backbone of worldwide change and globalization. For the EU, which stays the world's biggest exporter and second-biggest importer, marine shipping and all linked transport offerings are vital to supporting European corporations in competing worldwide.
The reefer container for pharmaceutical market analysis has been carried out on the basis of container size, and application. Based on container size, the reefer container for pharmaceutical market is further segmented into small containers, medium containers, and large containers. On the basis of application, reefer container for pharmaceutical market is segmented into pharmaceutical preparations, injectables, blood derivatives, Vaccine and Serum, and others.
Reefer Container for Pharmaceutical Market - by Geography, 2021
Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application Type (Pharmaceutical Preparations, Injectables, Blood Derivatives, Vaccine and Serum, and Others) and Container Size (Small, Medium, and Large)
Reefer Container for Pharmaceutical Market Size, Share 2028
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BSL REFRIGERATED CONTAINERS; CMA CGM GROUP; KLINGE CORPORATION; DAIKIN INDUSTRIES, LTD.; and MAERSK CONTAINER INDUSTRY AS are among the key players profiled during this study on the reefer container for pharmaceutical market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global reefer container for pharmaceutical market and its ecosystem.
The COVID-19 pandemic did not seriously impede the production and shipment of pharmaceuticals in the first quarter of 2020. In May 2020, Ocean Network Express (ONE) had planned to expand its current reefer fleet by adding another 5,000 units, which includes 200 units equipped with advanced controlled atmosphere (CA) technology. During initial days of the crisis in April 2020, the chain remains largely functional and intact. Chinese suppliers are back in operation, and US and European API producers continue to operate without serious impediment. Manufacturers generally keep emergency stocks of ingredients on hand, and most manufacturers had claimed they are not yet threatened by a slowdown in deliveries of raw materials. China dominates the world’s supply of active pharmaceutical ingredients and their chemical raw materials. An ongoing industry effort in the US and Europe to rebalance the pharmaceutical chemical supply chain is likely to be energized by government initiatives to increase the domestic production of pharmaceutical products. The outbreak of pandemic had forced people to get into depression, stress, anxiety which had further accelerated more demand for pharmaceutical products propelling the need for reefer container that help market grow. The reefer container for pharmaceutical market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influences the reefer container for pharmaceutical market growth in coming years. The market report provides detailed market insights which helps the key players to strategize the market growth and understand the market forecast in coming years.
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