The global reefer container market is anticipated to grow at a 6.1% CAGR during 2021-2027 owing to the rising number of trade routes, increased demand for pharmaceutical drugs, emerging e-commerce industry, and innovative real-time tracking technology. Furthermore, increased demand for refrigerator insulated containers to safely transport cargos like fruits, meat, fish, vegetables, and dairy products from decaying, spoilage. Also, they are used to ship inedible products like pharmaceuticals, flowers, and chemicals as they are needed to transport in chilled, frozen, or temperature-controlled containers.

Innovative methods of shipment of cargo like cold chain storage have expanded significantly owing to the discovery of reefers that transit edible and inedible products easily in a specified period of time without damaging the product. Nevertheless, rising international trade, low transportation costs, easy transshipment of goods, low terminal turnaround times, and easy navigation facilities have propelled the demand for a reefer container market.

The COVID-19 outbreak has had an adverse impact on the reefer container market owing to lockdowns and social distancing norms implemented by the government. Due to the temporary import and export ban, the containers which were shipped to the major ports were either stranded on-board ships or off-loaded at other locations, etc. Furthermore, the outbreak has hampered the growth of the transportation & logistics industry owing to a liquidity crisis, lack of labor, lesser contracts and agreements, etc., resulting in a decline in global trade volume.

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Based on product, the reefer container is divided into food and non-food. Fresh and frozen vegetables and fruits, fish, chilled and frozen meat, milk and dairy products, eggs, chocolates, and juice are some of the foods that are commonly supplied in reefer containers. Pharmaceuticals, flowers, and chemicals will be included in the non-food application. As customers become more educated and discerning in their nutritional choices, they are willing to pay a premium for high-quality imported foods. Another reason that may boost food imports and exports and will have a positive effect on the market the size of the reefer container business, is the expanding population.

Asia-Pacific is anticipated to have the fastest growth during 2021-2027 owing to the rising trades of seaborne perishable reefer cargo, massive technological investment, and the presence of market players in the region. Shanghai, Singapore, Hong Kong, Tianjin, Qingdao, Guangzhou, Busan, Ningbo-Zhoushan, and Shenzhen are currently the world's busiest ports, all of which are located in the Asia Pacific. As a result, trade routes are increasingly being focused on Asian countries in order to capitalize on rising demand for a variety of goods.

China International Marine Containers (CIMC) paid $1.08 billion, including net debt, for AP Moller-box Maersk's manufacturing arm, Maersk Container Industry (MCI), in September 2021. The Maersk company exits container manufacturing with the acquisition of MCI's reefer factory in Qingdao, China, and research and test engineering facilities in Tinglev, Denmark. CIMC will be able to master core refrigeration technology and improve key skills in the cold chain industry.

The prominent players in the reefer container industry include United Technologies, Daikin Industries, Ingersoll-Rand (THERMO KING), China International Marine Containers, Utility Trailer, Singamas Container, Hyundai, Schmitz Cargobull, Fahrzeugwerk Bernard Krone, Lamberet, Nestle, Tyson Foods, The Kraft Heinz Company, General Mills, Smithfield Foods, Kellogg Company, Conagra Brands, Kerry, Del Monte, and Aryzta.