LONDON--(BUSINESS WIRE)--The new perishable goods sea transportation market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rising demand for processed food,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the perishable goods sea transportation market size to grow by USD 2.38 billion during the period 2021-2025.
Perishable Goods Sea Transportation Market Segment Highlights for 2020
- The perishable goods sea transportation market is expected to post a year-over-year growth rate of 5.92%.
- Based on the product, the MPS segment saw maximum growth in 2020. The meat, poultry, and seafood (MPS) must be carried at regulated temperature levels to preserve quality and freshness. The demand for MPS is increasing due to their various health benefits. With the increasing demand for meat, poultry, and seafood, the demand for perishable goods sea transportation will also grow.
- The market growth of the segment will be significant during the forecast period.
Regional Analysis
- 34% of the growth will originate from the APAC region.
- The change in dietary and food consumption patterns of people will facilitate the perishable goods sea transportation market growth in APAC over the forecast period.
- China is a key market for perishable goods sea transportation in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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Notes:
- The perishable goods sea transportation market size is expected to accelerate at a CAGR of almost 7% during the forecast period.
- The perishable goods sea transportation market is segmented by product (MPS, DPFD, VF, BC, and Others) and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including A.P. Moller - Maersk AS, C.H. Robinson Worldwide Inc., CMA CGM Group, Deutsche Post DHL Group, DSV Panalpina A/S, Kuehne + Nagel International AG, Mediterranean Shipping Co. SA, Mitsui O.S.K. Lines Ltd., Orient Overseas Container Line, and Schenker AG.
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