The latest report by IMARC Group, titled “Asia Pacific Cold Chain Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the cold chain market in Asia Pacific size reached US$ 146.1 Billion in 2022. A cold chain includes a low temperature-controlled supply chain that assists in managing the temperature of perishable products effectively. It involves the storage and distribution of temperature-sensitive products in a streamlined manner. They ensure safety, efficacy and quality from the point of origin via the distribution chain to the final consumer. There has been a considerable rise in the requirement of refrigerated warehouses and transport due to the rising contract manufacturing of various pharmaceuticals across numerous countries across the Asia Pacific region.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Asia Pacific Cold Chain Market Trends:
The market in the Asia Pacific region is majorly driven by the rising demand for perishable items. With the rising population in the region and the increasing concerns over food safety, there has been a significant rise in the demand for fresh and frozen food products, including fruits, dairy, vegetables, meat and seafood, among the masses, thereby creating a positive outlook for the market. This is further supported by the inflating disposable income levels of the masses and their shifting dietary preferences. Moreover, the growing demand for temperature-sensitive healthcare products, including biopharmaceuticals, vaccines and clinical trial materials, has created a positive outlook for the cold chain market in the Asia Pacific. The market is further driven by the numerous initiatives undertaken by the governments of multiple countries for the improvement of cold chain infrastructure. They are also heavily investing the expanding the capacity of the systems and integrating advanced technologies with the cold chain facilities. For instance, these systems are increasingly deployed with biometrics, automated material handling equipment, temperature controlling sensors and GPS tracking systems for easy monitoring and maintenance of the facilities. On account of the aforementioned factors, the market is anticipated to reach a value of US$
317.4 Billion by 2028, exhibiting a CAGR of
13.5% during 2023-2028.
- Based on the service type, the market has been bifurcated into refrigerated storage and refrigerated transport. Refrigerated storage currently represents the leading service type, holding the largest market share.
- On the basis of the temperature, the report finds that chilled cold chain services dominate the market.
- The market has been categorized based on the end user into food and beverage, pharmaceuticals, chemicals and others. At present, cold chain logistics facilities are mostly used by the food and beverage sector.
- On the geographical front, China exhibits a clear dominance in the market. Other major countries include India, Japan, South Korea, Australia and Singapore.
- The competitive landscape of the market has also been examined, with some of the key players being AmeriCold Logistics LLC, Deutsche Post DHL Group, John Swire & Sons (H.K.) Limited, Kuehne + Nagel International AG, United Parcel Service, Inc., and Nichirei Logistics Group Inc.
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