Over the forecast period, a moderately paced CAGR of 12.5% is predicted for the global reefer container for pharmaceuticals market. In 2022, the reefer container market for pharmaceuticals is expected to be worth US$ 3.7 billion. Reefer container demand for pharmaceuticals is anticipated to peak at US$ 11.7 billion by 2032.
The global pharmaceutical industry is no stranger to innovation and advancements, and its logistics sector is no exception. In recent years, the demand for specialized temperature-controlled containers, often referred to as “reefer containers,” has been on the rise. These containers play a crucial role in maintaining the integrity of pharmaceutical products during transportation, ensuring that temperature-sensitive medicines and vaccines reach their destinations in perfect condition. In this blog, we delve into the growing market of reefer containers for the pharmaceutical industry, which is projected to witness a remarkable 12.5% Compound Annual Growth Rate (CAGR) over the forecast period.
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Current Market Valuation: As of 2022, the global market for reefer containers catering to the pharmaceutical sector is valued at an impressive US$ 3.7 billion. This already substantial figure reflects the industry’s recognition of the importance of maintaining strict temperature controls throughout the pharmaceutical supply chain.
Key Factors Driving Growth: Several factors are contributing to the significant growth of the pharmaceutical reefer container market:
- Rising Pharmaceutical Production: The pharmaceutical industry is continuously expanding to meet the demands of a growing global population. This expansion necessitates the transportation of larger quantities of temperature-sensitive pharmaceuticals.
- Stringent Regulatory Requirements: Regulatory bodies worldwide are imposing stricter guidelines on the storage and transportation of pharmaceuticals, particularly those requiring cold chain management. Reefer containers provide a reliable solution to comply with these regulations.
- Vaccine Distribution: The global distribution of vaccines, especially during the COVID-19 pandemic, has highlighted the critical role of reefer containers. These containers are instrumental in preserving the potency of vaccines during their journey from manufacturing facilities to vaccination sites.
- Technological Advancements: Ongoing innovations in reefer container technology have made it possible to maintain precise temperature control, humidity levels, and monitoring, ensuring the safety and efficacy of pharmaceuticals.
- Environmental Concerns: The industry’s growing awareness of environmental sustainability is driving the development of eco-friendly and energy-efficient reefer container solutions.
Companies like these are among the most visible in the international shipping container industry.
- Bulkhaul Limited
- Danteco Industries BV
- NewPort Tank
- P. Moller – Maersk
- China International Marine Containers (Group) Ltd
- COSCO SHIPPING Development Co., Ltd.
- CXIC Group
- Singamas Container Holdings Limited
- TLS Offshore Containers/TLS Special Containers
- W&K Containers, Inc.
- Thurston
Competitive Environment
Smaller domestic companies and large and medium-sized overseas businesses are all in competition with one another for clients. Rising capital investments in the creation of shipping container manufacturers are what’s driving this expansion. The major three Chinese container producers, CIMC, DFIC, and CXIC, started boosting output before the end of 2020.
Due to increased investments in the construction of shipping containers, the reefer container market for pharmaceuticals is probably going to be more competitive. For instance, the Gujarat-based Sagarmala Development Company Ltd. and the Dubai-based Transworld Group signed a USD 26.83 million contract in March 2021 to construct a cargo container manufacturing facility there.
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Key Segments in the Reefer Container for Pharmaceutical Market
By Application Type:
- Pharmaceutical Preparations
- Injectables
- Blood Derivatives
- Vaccine and Serum
- Others
By Container Size:
- Small
- Medium
- Large
By Region:
- North America
- Latin America
- Asia Pacific
- MEA (Middle East and Africa)
- Europe
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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