London-based maritime and shipping research consultancy Drewry forecasts reefer trade moved by sea will grow by 2.1% to nearly 140 million tonnes this year, “outpacing the wider dry cargo trade.”

According to their research, the market for perishables managed to overcome several changes while other cargo types stagnated. With fewer supply chain disruptions this year, the market is set to progress further, building on the growth it achieved in the first quarter of this year.

When it comes to commodities, meat and fish volumes had the highest increase in Q1-2023. “The recovery in the meat trade is expected to power growth on both North America-Asia and North Europe-Asia trade routes,” says Drewry.

This indicates that the Asian market is a common denominator of the forecasted growth. The research firm confirms that in their report, revealing that the demand from Asia has been a key driver to the development seen this year. Drewry added, “The re-opening of China’s economy continues to add positive momentum to the growth outlook in 2023."

However, several factors could hamper the projected increase. These include recession in some countries, high inflation and severe weather, “which is already starting to disrupt fruit production in the Pacific and Americas.”

Nevertheless, as more boxships will enter the market in the near future, reefer capacity and equipment are in a position to expand. The average annual growth is forecasted to reach 3.4% over the next four years, believes the research firm.