Report : Asia Pacific Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application Type (Pharmaceutical Preparations, Injectables, Blood Derivatives, Vaccine & Serum, and Others) and Container Size (Small, Medium, and Large)
At 15.5% CAGR, the Asia Pacific Reefer Container for Pharmaceutical Market is speculated to be worth US$ 2,773.10 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific reefer container for pharmaceutical market was valued at US$ 1,168.27 million in 2022 and is expected to reach US$ 2,773.10 million by 2028, registering a CAGR of 15.5% from 2022 to 2028. Rising preference for maritime trade over airborne trade and increasing demand for pharmaceutical products are the critical factors attributed to the market expansion.
The maritime transport is used to transport for large volumes in a single container ship which can handle 20,000 twenty-foot equivalent units. It is one of the greenest and most environmentally safe way to move cargo. The ocean cargo involves linear shipping, it is the most economical way of transporting goods Asia Pacific. Thus, maritime transportation being a cost-efficient solution is preferred at a wide scale over airborne trade. The growth prospects in maritime trading activities owing to rise in demand for pharmaceutical products drives the market outlook over the forecast period. All major trading economies had witnessed an imports and exports rise above pre-pandemic levels in the fourth quarter of 2021, with trading activities in increasing more strongly in the developing countries than in developed economy. Thus, increasing seaborne trading activities helped businesses to get recovered in 2021 upon relaxation of national lockdowns, availability of vaccines and other measures to contain the spread of the virus began in many countries. Thus, such growth prospects in adopting the maritime transportation are anticipated to drive the demand for reefer container market over the forecast period.
On the contrary, operational and financial challenges associated with reefer containers hampers Asia Pacific reefer container for pharmaceutical market.
Based on application type, the market is segmented into pharmaceutical preparations, injectables blood derivatives, vaccine & serum, and others. The pharmaceutical preparations segment held 35.19% market share in 2022, amassing US$ 411.15 million. It is projected to garner US$ 1186.11 million by 2028 to expand at 15.9% CAGR during 2022–2028.
Based on container size, the market is segmented into small, medium, and large. The small segment held 61.08% market share in 2022, amassing US$ 713.63 million. It is projected to garner US$ 1,733.70 million by 2028 to expand at 15.9% CAGR during 2022–2028.
Based on country, the Asia Pacific reefer container for pharmaceutical market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.00% market share in 2022. It was assessed at US$ 443.94 million in 2022 and is likely to hit US$ 1,241.52 million by 2028, exhibiting a CAGR of 18.7% during the forecast period.
Key players dominating the Asia Pacific reefer container for pharmaceutical market are BSL REFRIGERATEDCONTAINERS; CMA CGM Group; Klinge Corporation; DAIKIN INDUSTRIES, Ltd.; Maersk Container Industry AS; Evergreen Marine Corp. (Taiwan) Ltd.; Seaco; and COSCO Shipping.
- In 2017; Klinge Corporation has launched their new website to better showcase their freezer and refrigeration containers. The website is used as a platform to provide industry specific solutions to the customers.
- In 2022; Ember Technologies and Cardinal Health partnered for providing self-refrigerated, cloud-based shipping box named Ember Cube. Both the companies are collaborating for delivering cold chain solution to facilitate the temperature-sensitive medicines transportation.
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