The Refrigerated Supply Chain: 2024 Review
In 2024, the containerized refrigerated shipping market reveals a clear divide between growth and decline. In the U.S., refrigerated imports rose by 7% in the first eight months, largely driven by fruits and vegetables from the Southern Hemisphere. Conversely, exports fell by 4%, with protein exports—such as meat, poultry, and pork—decreasing by 5%. Currently, U.S. refrigerated imports are double the exports, and this gap is expected to widen, according to Eskesen Advisory.
Globally, reefer volumes are facing challenges from inflation and supply chain disruptions, including a prolonged drought affecting the Panama Canal and shipping diversions from the Suez Canal because of regional conflicts. As a result, 2024 is likely to mark the second consecutive year of global declines in refrigerated shipping volumes, following two decades of growth.
Despite these obstacles, the long-term outlook is positive. Future Market Insights predicts that the global containerized reefer market will grow at a compound annual growth rate of 3.9% through 2034, potentially reaching $10.5 billion.
For TIA members, staying informed about these trends is crucial. TIA remains committed to providing valuable supply chain forecasts to help members better serve their clients, improve operational efficiencies, and adapt to changing market conditions. By leveraging insights from the evolving refrigerated shipping landscape, ideally TIA members can navigate challenges and seize emerging opportunities in the market.
