PORTLAND, Oregon, Sept. 12, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Asia-Pacific Cold Chain Logistics Market by Business Type (Cold Storage and Cold Chain Transport), End-use Industry (Fruits & Vegetables, Bakery & Confectionary, Dairy & Frozen Desserts, Meat, Fish & Sea Food, Drugs & Pharmaceuticals, and Others), Product (Refrigerators and Air Conditioning), and Technology (Air Blown and Eutectic): Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the cold chain logistics market in APAC garnered $61.13 billion in 2018, and is expected to reach $162.65 billion by 2026, growing at a CAGR of 13.2% from 2019 to 2026.
Surge in number of refrigerated warehouses, development of pharmaceutical sector, and rise of proposed food sector are expected to drive the growth in the market. However, high operational cost and lack of standardization hinder the market growth. On the other hand, adoption of automated software and availability of RFID technologies would create new opportunities in the industry.
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Cold storage segment to continue its dominance during the forecast period
Based on business type, the cold storage segment held the largest market share in 2018, contributing nearly three-fourths of the total revenue, and is expected to continue its dominance during the forecast period. This is due to rise in demand for food and pharmaceuticals products. Contrarily, the cold chain transport is estimated to grow at the highest CAGR of 16.2% from 2019 to 2026, owing to rise in demand from the processed foods sector and surge in need of effective cold chain transportation.
Meat, fish, & sea food segment to continue its leadership position throughout the forecast period
Based on end use, the meat, fish, & sea food segment accounted for nearly one-third of the total market share in 2018, and is estimated to continue its leadership position throughout the forecast period. This is due to significant rise in consumption annually. However, the dairy & frozen desserts segment would grow at the highest CAGR of 16.7% from 2019 to 2026. This is attributed to growth in the retail market and rapid surge in demand for frozen food.
Japan to maintain its lead status by 2026
Based on country, Japan accounted for the highest market share in 2018, accounting for more than one-tenth of the total market share. This region is expected to maintain its lead status throughout the forecast period. This is due to growing pharmaceutical sector in the region. Moreover, Vietnam is expected to register the largest CAGR of 22.4% from 2019 to 2026, owing to considerable growth of the processed food sector.
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Leading market players
- United Parcel Service of America Inc.
- JWD Info Logistics Public Company Limited
- OOCL Logistics Limited
- SCG Logistics Management Company Limited
- Nichirei Logistics Group Inc.
- AIT Worldwide Logistics Inc.
- X2 Logistics Networks (X2 Group)
- SF Express
- CWT Pte. Limited (CWT International Limited.)
- CJ Rokin Logistics and others.
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