Refrigerated Vessel Market

The global market for refrigerated vessels (ships) is forecasted to continue its upward consumption trend, with an expected CAGR of +1.3% from 2022 to 2030. Market performance is projected to expand, bringing the market volume to 430M units by the end of 2030. In value terms, the market is anticipated to increase with a CAGR of +3.1%, reaching $199,233.6B by 2030. The Philippines leads in both consumption and production of refrigerated vessels. Panama is the major importer, while the UK dominates in exports.

Market Forecast

Driven by increasing demand for refrigerated vessels (ships) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 430M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market value to $199,233.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Refrigerated Vessels (Ships)

In 2022, global consumption of refrigerated vessels (ships) stood at 387M units, remaining stable against the previous year's figure. The total consumption volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in the near future.

The global refrigerated vessel market value was estimated at $155,491.2B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, the global market reached the peak level in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The country with the largest volume of refrigerated vessel consumption was the Philippines (386M units), comprising approx. 99.9% of total volume.

In the Philippines, refrigerated vessel consumption expanded at an average annual rate of +1.5% over the period from 2012-2022.

In value terms, the Philippines ($155,488.8B) led the market, alone.

In the Philippines, the refrigerated vessel market increased at an average annual rate of +1.5% over the period from 2012-2022.

In the Philippines, refrigerated vessel per capita consumption remained relatively stable over the period from 2012-2022.

Production

World Production of Refrigerated Vessels (Ships)

In 2022, global refrigerated vessel production stood at 387M units, approximately mirroring 2021. In general, the total production indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -42.7% against 2014 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 98%. As a result, production reached the peak volume of 674M units. From 2015 to 2022, global production growth failed to regain momentum.

In value terms, refrigerated vessel production expanded remarkably to $1.2B in 2022 estimated in export price. Overall, production, however, recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2016 when the production volume increased by 146,060,455%. As a result, production reached the peak level of $2,020,064.5B. From 2017 to 2022, global production growth remained at a lower figure.

Production By Country

The country with the largest volume of refrigerated vessel production was the Philippines (386M units), comprising approx. 99.9% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in the Philippines amounted to +1.5%.

Imports

World Imports of Refrigerated Vessels (Ships)

In 2022, approx. 862 units of refrigerated vessels (ships) were imported worldwide; growing by 71% against 2021. Overall, imports, however, faced a sharp decline. The pace of growth was the most pronounced in 2014 when imports increased by 208% against the previous year. Global imports peaked at 16K units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refrigerated vessel imports plummeted to $165M in 2022. In general, imports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2017 when imports increased by 143% against the previous year. Global imports peaked at $407M in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Panama (487 units) was the major importer of refrigerated vessels (ships), achieving 56% of total imports. Cayman Islands (215 units) took a 25% share (based on physical terms) of total imports, which put it in second place, followed by Liberia (10%).

From 2012 to 2022, average annual rates of growth with regard to refrigerated vessel imports into Panama stood at +49.0%. At the same time, Liberia (+56.3%) and Cayman Islands (+39.0%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in the world, with a CAGR of +56.3% from 2012-2022. Panama (+56 p.p.), Cayman Islands (+25 p.p.) and Liberia (+10 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($56M) constitutes the largest market for imported refrigerated vessels (ships) worldwide, comprising 34% of global imports. The second position in the ranking was taken by Cayman Islands ($25M), with a 15% share of global imports.

In Panama, refrigerated vessel imports expanded at an average annual rate of +27.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cayman Islands (-4.5% per year) and Liberia (-2.2% per year).

Import Prices By Country

In 2022, the average refrigerated vessel import price amounted to $191,469 per unit, with a decrease of -66.7% against the previous year. In general, the import price, however, recorded a significant increase. The most prominent rate of growth was recorded in 2013 when the average import price increased by 13,001% against the previous year. As a result, import price reached the peak level of $2,461,184 per unit. From 2014 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Panama ($115,311 per unit), while Liberia ($114,043 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (-14.5%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Refrigerated Vessels (Ships)

In 2022, overseas shipments of refrigerated vessels (ships) increased by 654% to 7.5K units, rising for the second year in a row after two years of decline. Overall, exports showed a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 81,392,799% against the previous year. As a result, the exports attained the peak of 329M units. From 2015 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, refrigerated vessel exports shrank significantly to $108M in 2022. Over the period under review, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 with an increase of 420%. The global exports peaked at $396M in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports By Country

The UK prevails in exports structure, finishing at 6.9K units, which was near 92% of total exports in 2022. It was distantly followed by Japan (444 units), making up a 5.9% share of total exports.

The UK was also the fastest-growing in terms of the refrigerated vessels (ships) exports, with a CAGR of +730.9% from 2012 to 2022. At the same time, Japan (+84.0%) displayed positive paces of growth. While the share of the UK (+92 p.p.) and Japan (+5.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($57M) remains the largest refrigerated vessel supplier worldwide, comprising 52% of global exports. The second position in the ranking was taken by the UK ($797K), with a 0.7% share of global exports.

From 2012 to 2022, the average annual growth rate of value in Japan stood at +97.5%.

Export Prices By Country

The average refrigerated vessel export price stood at $14,444 per unit in 2022, falling by -94.2% against the previous year. Overall, the export price faced a sharp decline. The pace of growth was the most pronounced in 2015 when the average export price increased by 129,553,143%. Over the period under review, the average export prices reached the peak figure at $1,647,636 per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($127,677 per unit), while the UK stood at $116 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.4%).

Source: IndexBox Market Intelligence Platform