The cold chain market in APAC is expected to grow at a CAGR of close to 13% during the period 2018-2022, according to a new market research study by Technavio
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Technavio has published a new market research report on the cold chain market in APAC 2018-2022 under their transportation and logistics library. (Graphic: Business Wire)
The report presents a comprehensive research of the cold chain market in APAC by end-user that includes food and beverages and pharmaceuticals and healthcare. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as China, India, and Australia.
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Market driver: rising demand for frozen and seafood due to changing consumption patterns
The demand for quality food, particularly frozen and seafood, is expected to increase across the globe owing to the rise in population and growing economy. As of 2016, China and India are the most populous countries, occupying almost 60% share of the population in the region. The ample growth in population is driving trade activities in the region. This is further increasing the demand for cold chain logistics services to preserve and maintain food quality. China and Norway were the largest exporters of seafood in 2015.
According to a senior analyst at Technavio for research, "The growth of the frozen food market in APAC is mainly driven by developing countries such as China and India. Furthermore, changing food consumption habits of consumers are also having an impact on the food industry."
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Market trend: adoption of the PPP model for infrastructural development in supply chains
The cold chain market in APAC is growing rapidly because of the latest technologies introduced by logistics players as well as tax relaxation and other financial subsidies that are provided by governments. The development of cold chain in APAC is not only beneficial for the market players but also for other stakeholders such as farmers, consumers, and traders. The suitable land availability is a key aspect of cold chain infrastructure. The cost of transportation can be reduced if the facility is near to the market. In this context, the government can ensure the availability of suitable land for setting up a cold chain facility.
Market challenge: high establishment, maintenance, and energy consumption costs in the cold chain industry
A cold chain is a specialized service, which is required to store and transport temperature-controlled products. The procurement of suitable land in a strategic location requires proper approvals and lengthy procedure. This increases the cost of setting up a cold storage facility. Real estate costs are also on a high because of the increase in interbank exchange rates. Moreover, the increase in energy costs is another challenge for cold chain service providers.
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