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The refrigerated transportation market share in US is expected to increase by USD 9.00 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.88%.
This refrigerated transportation market in US research report extensively covers refrigerated transportation market segmentation in US by end-user (food and beverage, healthcare, and others) and mode of transportation (land, waterways, and airways). The refrigerated transportation market in US report also offers information on several market vendors, including AGRO Merchants Group, AIT Worldwide Logistics Inc., Alliance Shippers Inc., Americold Realty Operating Partnership LP, Burris Logistics, Confederation Freezers, Deutsche Post DHL Group, KLLM Transportation Services, Kloosterboer, Knight-Swift Transportation Holdings Inc., Lineage Logistics Holdings LLC, MARTEN TRANSPORT LTD., Matson Inc., Midwest Refrigerated Services Inc., NewCold Cooperatief UA, Orient Overseas Container Line Ltd., Penske Truck Leasing Co. LP, Prime Inc., and RLS Logistics among others.
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"In 2020, the production of beef and pork in the US accounted for 1.6 billion additional pounds (lbs), while poultry added another 1.6 billion pounds for a total of 3.2 billion pounds of total meat use."
The growing end-user segments is notably driving the refrigerated transportation market growth in US, although factors such as fluctuations in fuel prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the refrigerated transportation industry in US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Refrigerated Transportation Market Driver in US
One of the key factors driving the refrigerated transportation market growth in US is the growing end-user segments. The American food and healthcare industries, which are the primary end-user segments of the refrigerated transportation market in the US, have been growing steadily. For instance, in 2020, the production of beef and pork in the US accounted for 1.6 billion additional pounds (lbs), while poultry added another 1.6 billion pounds for a total of 3.2 billion pounds of total meat use. In addition, drug sales in the US have been rising at an annual growth rate of about 5%-6%. Biologics form the fastest-growing segment of drug sales in the US. As biologics are more effective in treating diseases and have fewer side effects than traditional drugs, the development and sales of biologics are expanding, contributing to the growth of the refrigerated transportation market in the US.
Key Refrigerated Transportation Market Trend in US
EPA regulations and the introduction of autonomous vehicles is one of the key US refrigerated transportation market trends that is expected to impact the industry positively in the forecast period. The Environmental Protection Agency (EPA) of the US has detailed a plan to reduce greenhouse gas emissions by transportation vehicles in the US. Government regulatory bodies are implementing rules to reduce vehicle emissions by mandating manufacturers of vehicles to produce more fuel-efficient vehicles. The rules are to be implemented in 3 phases by 2027. Vehicles produced in compliance with these rules are expected to reduce diesel consumption by about 20%-25%. In terms of value, this figure translates into savings worth USD 165 billion to USD 175 billion each year on diesel costs by truck operators/owners and fleets. Such factors will further support the market growth in the forecast years.
Key Refrigerated Transportation Market Challenge in US
One of the key challenges to the refrigerated transportation market growth in US is the fluctuations in fuel prices. For instance, the average price of diesel in the US was USD 3.06/gallon in 2020, which rose to USD 4.03/gallon in February 2022. As most service contracts are for long durations, price fluctuations in fuel prices during the contract period affect the profit margins of service providers. In the international market, the prices of crude oil keep changing on a daily basis. The average price of crude oil (per barrel) was around USD 93.54 in January 2020, while it is around USD 111 per barrel in January 2021. The range of the fluctuations in global crude oil prices has been quite high, thereby impacting transportation players. This can be a restraining factor for the growth of the refrigerated transportation market in the US during the forecast period.
This refrigerated transportation market in US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the refrigerated transportation market in the US as a part of the global diversified support services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the refrigerated transportation market in the United States during the forecast period.
The global diversified support services market covers companies primarily providing labor-oriented support services to businesses and governments. It includes companies providing commercial cleaning services, dining and catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage and warehousing, transaction services, uniform rental services, and other business support services. Technavio calculates the global commercial services and supplies market size based on combined revenue generated by companies offering products and services in commercial printing, environmental and facilities services, office services and supplies, security and alarm services, and diversified support services.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the refrigerated transportation market in US encompasses successful business strategies deployed by the key vendors. The refrigerated transportation market in US is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The refrigerated transportation market in the US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the refrigerated transportation market in US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The refrigerated transportation market share growth in US by the food and beverage segment will be significant during the forecast period. The rapid growth of the food and beverage industry will support the market growth through this segment in the coming years. For instance, in 2020, the production of beef and pork in the US accounted for 1.6 billion additional pounds (lbs). The increase in production has led to the rise in demand for refrigerated transportation services.
This report provides an accurate prediction of the contribution of all the segments to the growth of the refrigerated transportation market size in US and actionable market insights on post COVID-19 impact on each segment.
Refrigerated Transportation Market Scope in US |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.88% |
Market growth 2022-2026 |
$ 9.00 billion |
Market structure |
Fragmented |
YoY growth (%) |
12.35 |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AGRO Merchants Group, AIT Worldwide Logistics Inc., Alliance Shippers Inc., Americold Realty Operating Partnership LP, Burris Logistics, Confederation Freezers, Deutsche Post DHL Group, KLLM Transportation Services, Kloosterboer, Knight-Swift Transportation Holdings Inc., Lineage Logistics Holdings LLC, MARTEN TRANSPORT LTD., Matson Inc., Midwest Refrigerated Services Inc., NewCold Cooperatief UA, Orient Overseas Container Line Ltd., Penske Truck Leasing Co. LP, Prime Inc., and RLS Logistics |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Mode of Transportation
7 Customer Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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