SpendEdge has been monitoring the global refrigerated trucking services market and the market is poised to experience spend growth of over USD 4 billion between 2019-2024 at a CAGR of more than 6% during the forecast period. Request Free Sample Pages.
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Read the 117-page research report with TOC and LOE on “The Global Refrigerated Trucking Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Consumers in the emerging economies are exhibiting an increase in their consumption of perishable goods. This is resulting in the subsequent increase in the demand for refrigerated trucking services for the safe transport of the perishable cargo. This is acting as one of the major spend growth drivers in the global refrigerated trucking services market.
The market in Europe is posting an impressive spend growth owing to the exponentially increasing demand for perishable goods from the retail sector and the presence of large pharmaceutical companies as a prominent end-user. Spend growth in North America is being driven by the increasing investments done by buyers from the food and pharmaceutical sectors on third-party logistics.
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Insights into the market price trends
- Possibilities of a hike in crude oil prices will increase refrigerated trucking services providers’ logistics expenses which is likely to be passed on to buyers in the form of surcharges.
- High demand for experienced professionals who are trained to handle technical equipment and technical glitches will increase employee costs borne by service providers in the refrigerated trucking services market.
What are the strategies to adopt to optimize procurement spend in this market?
Identify the needs of business requirements according to product shelf-life
Buyers are advised to identify the needs of their business requirements in terms of shelf-life of the product (to be transported) prior to engaging with service providers. For instance, perishable goods such as frozen food products, meat, dairy products, and plants need to move faster as they have low-shelf life compared with non-perishable goods such as cosmetics and electronic components (green chips). Thus, buyers should identify the needs of their business requirements and ship accordingly to eliminate financial losses.
Engage with service providers who optimize inventory
It is prudent of buyers to engage with refrigerated truck service providers who leverage inventory optimization tools such as in-transit visibility, which can help buyers check for port congestion or other bottlenecks and take immediate remedial measures to avoid inventory hold-ups. For instance, the use of multi-echelon inventory optimization helps buyers to streamline inventory, provide information-related to inventory cost fluctuation, and calculate the size of inventory buffers.
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Some of the key topics covered in this report are:
- Refrigerated trucking services market spend segmentation by region
- Total cost of ownership analysis in the refrigerated trucking services market
- Regional spend opportunity for refrigerated trucking service providers
- Refrigerated trucking service providers cost structure
- Refrigerated trucking services pricing models analysis
- Refrigerated trucking services procurement best practices
- Category management objectives
- Cost saving opportunities in the refrigerated trucking services market
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