Asia Pacific Reefer Container for Pharmaceutical Market

The reefer container for pharmaceutical market in Asia Pacific is expected to grow from US$ 1,168.27 million in 2022 to US$ 2,773.10 million by 2028. It is estimated to grow at a CAGR of 15.5% from 2022 to 2028. 

Rising Preference for Maritime Trade over Airborne Trade

The growing focus in using advanced technology in 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 chain 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 the 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 which helps 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 enable the shift from conventional cold storage to modern storage spaces. In August 2022, AP Maersk Company had announced a new cold storage facility planned for Ridgeville, South Carolina to serve temperature-controlled goods, which is expected to get in operation from first quarter of 2023. China has huge consumer demand for pharmaceutical products for various chronic diseases which is emerging the need for advanced cold chain sector. The Chinese government at all levels are augmenting the investments in cold chain infrastructure, facilitating enlargement of cold chain logistics. For instance, in June 2022, as per the National Development and Reform Commission, China had allocated US$207.35 million to support cold chain and national logistics hub construction. Also, in December 2021, the National Development and Reform Commission China had planned to set up about 100 national backbone cold-chain logistics bases during the 14th Five-Year Plan period (2021-2025). Thus, such increasing investment in cold chain sector coupled with ongoing adoption and upcoming advancements in cold chain technology is holding potential opportunity accelerating the market dynamics which is likely to drive the market outlook over the forecast period.

Market Overview

China, India, South Korea, Japan, and Australia are among the key economies in APAC. The APAC reefer container for pharmaceutical market is expected to grow during the forecast period. The busiest ports in the world are Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen; they are all located in APAC. Strong sea trade from APAC countries such as China, Japan, India, South Korea, and others mainly contributed to its leading position in the market. In addition, large export volumes, intra-regional trading activities, and expanding manufacturing activities, especially in these countries, are expected to support the market growth. In April 2019, a new land-sea freight route was implemented, connecting southwest China's Chongqing Municipality with Indonesia. Cargo overturns at Asia's major hub ports surged through December 2020 as rising container demand from the US and Asia Pacific overwhelmed terminals and carrier capacity, despite deploying all available vessels and extra loaders on both trades. The changing outlook for the logistics industry, the need for significant cost optimization, and optimal inventory management are expected to support the growth of the Asia-Pacific reefer container for pharmaceutical market. However, the demand from domestic market-oriented companies (Daikin Reefer, Fortune Container Trading, among others) is growing. In addition, the number of cold stores is increasing due to the sharp increase in demand for pharmaceutical products in the Asia-Pacific region. Therefore, an increase in cold storage is expected to fuel the growth of the Asia-Pacific reefer container for pharmaceutical market.

Asia Pacific Reefer Container for Pharmaceutical Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Reefer Container for Pharmaceutical Market Segmentation

The Asia Pacific reefer container for pharmaceutical market is segmented into by application type, container size, and country. 

Based on application, the market is segmented into pharmaceutical preparations ,injectables blood derivatives, vaccine & serum and others. The pharmaceutical preparations segment held the largest market share in 2022.

Based on container size, the market is segmented into small, medium, and large. The small segment held the largest market share in 2022.

Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.

BSL REFRIGERATED CONTAINERS; CMA CGM Group; Klinge Corporation; DAIKIN INDUSTRIES, Ltd.; Maersk Container Industry AS; Evergreen Marine Corp. (Taiwan) Ltd.; Seaco; and COSCO Shipping are the leading companies operating in the reefer container for pharmaceutical market in the region.

Asia Pacific Reefer Container for Pharmaceutical Market Strategic Insights

Asia Pacific Reefer Container for Pharmaceutical Market Segmentation Analysis

Asia Pacific Reefer Container for Pharmaceutical Market Report Highlights

Asia Pacific Reefer Container for Pharmaceutical Report Scope

Asia Pacific Reefer Container for Pharmaceutical Market Country and Regional Insights