According to our latest study on "Reefer Container for Pharmaceutical Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application Type and Container Size," the market was valued at US$ 2,846.7 million in 2021 and is projected to reach US$ 6,391.8 million by 2028; it is expected to grow at a CAGR of 12.5% from 2022 to 2028.

Increasing Preference for Maritime Trade over Airborne Trade Fuels Reefer Container for Pharmaceutical Market Growth
Maritime transportation is a highly efficient and eco-friendly mode of transport that can move large volumes of cargo in a single container ship, with a capacity of up to 20,000 TEUs. Due to its cost-effective nature, it is widely preferred for cargo transportation. In the fourth quarter of 2021, all major economies saw an increase in imports and exports, surpassing pre-pandemic levels. Developing countries had a more significant increase in trading activities than developed economies. For instance, India's exports of drugs and pharmaceutical products rose by 4.58% during April to June 2021, with a total export value of US$ 5.78 billion compared to US$ 5.53 billion in the same period in 2020.

The UNCTAD's Global Trade Update released in February 2021 reported that goods trading remained robust globally, and service trade had finally returned to pre-COVID-19 levels in the same month. During the second wave of the pandemic in late 2020 and early 2021, the pharmaceutical industry in the Asia Pacific region experienced better growth than in early 2020, when growth was hindered by raw material shortages and trade restrictions. Additionally, the Ministry of Commerce and Industry in India reported that imports of medicinal and pharmaceutical products surged by 124% to reach US$1.13 billion in June 2021, up from US$0.50 billion in June 2020. Consequently, as national lockdowns eased, and vaccine rollout and vaccination campaigns progressed in 2021, seaborne trading activities surged, aiding business recovery. The increasing preference for maritime trade over airborne trade is driving the growth of the reefer container for pharmaceutical market.

Due to the sensitivity of most medicines to temperature, it is crucial to transport and store them in a controlled environment to maintain their safety and effectiveness. The increasing demand for long-lasting products and medications has resulted in a need for proper temperature-controlled transportation methods, such as reefer containers, to prevent shipping losses. With the advancement of refrigerated container technology and the decreasing shipping cost, numerous pharmaceutical companies have begun expanding their overseas trade to increase revenue. According to IIR, Europe's major ports reported increased shipment and box throughput in 2021. Rotterdam, which is Europe's primary container port, has container terminals that account for approximately 18,500 reefer connections. In 2021, the number of containers increased by 6.6% to 15.3 million TEUs (Twenty-foot Equivalent Unit) compared to 2020 due to higher spending on goods during the pandemic. Reefer containers account for roughly 15% of container types. The Port of Antwerp, which is Europe's second-largest container hub, offers 8,500 reefer plugs in its container terminals.

Key Findings of Study:
The market for reefer containers for pharmaceuticals is categorized based on container size and application. Regarding container size, it is divided into small, medium, and large containers, with the large container segment holding the largest market share in 2021. On the other hand, based on application, it is segmented into pharmaceutical preparations, injectables, blood derivatives, vaccine & serum, and others. The pharmaceutical preparations segment held the largest market share in 2021 due to the increase in chronic diseases worldwide, leading to the demand for pharmaceutical products. With the COVID-19 pandemic, the logistics industry has changed its outlook and has increased the utilization of digital technologies to enhance operational efficiency and address health concerns. The Asia-Pacific region's reefer container for pharmaceutical market is expected to grow due to the need for significant cost optimization, optimal inventory management, and increasing cold storage facilities to satisfy the surging demand for pharmaceutical products. In addition, domestic market-oriented companies such as Daikin Reefer and Fortune Container Trading are also driving demand.

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