Reefer Container for Pharmaceutical Market Dynamics and Trends by 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

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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 Regional Insights

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.

Reefer Container for Pharmaceutical Market Report Scope

Reefer Container for Pharmaceutical Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Maersk Container Industry AS
2. Evergreen Marine Corp. (Taiwan) Ltd
3. BSL REFRIGERATED CONTAINERS
4. CMA CGM Group
5. and Klinge Corporation and among others

Disclaimer: The companies listed above are not ranked in any particular order.

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