Singapore Cold Chain Market is expected to generate SGD ~19 Bn by 2026F owing to Growing Demand for Processed Foods coupled with the opportunities in vaccine transport: Ken Research
GURUGRAM, India, Jan. 31, 2023 /PRNewswire/ -- Singapore's Cold Chain Market is in the growing stage, being driven by the change in lifestyle leading to increasing demand for meat products and health care products storage requirements. Major entities in the market are cold storage and cold transport companies that are offering a variety of warehousing and transport services.
- Singapore has focused on the establishment and maintenance of roads and the construction of facilities that lead to the development of the country.
- Singapore is the first country to have approved the commercial sale of cultivated meat in 2020 and is made available to consumers through home delivery.
- E-commerce and direct consumer deliveries of temperature-sensitive products will find excellent opportunities in the cold transport market.
Growing demand for temperature-controlled products: The Cold Chain Market in Singapore is anticipated to expand between 2021 and 2026F. The grounds for its constant growth are the well-established infrastructure, a positive business climate, and a high per capita income. After the pandemic, the demand for healthcare products such as vaccinations, biopharmaceuticals, and clinical trial supplies is anticipated to persist. In Singapore, meat and seafood consumption is up in 2021. The country's growing need for items with controlled temperatures as well as government initiatives and programs are expected to drive the market for cold-storage equipment.
Introduction of Centralized data platform and developments in supply chain operations: Singapore Trade Data Exchange (SGTraDex) is a common data platform introduced in 2020 to streamline information flows across a fragmented global supply chain. SGTraDex facilitates information exchange between proponents across the supply chain ecosystem in Singapore, providing "trusted, secure, and inclusive" access. PSA Singapore has opened a new Tuas Port to provide a well-linked supply chain and logistics ecosystem along the western seaboard of the country. The next Generation Port 2030 initiative focuses on making the Singapore port the largest integrated facility in the world.
Thermal Storage Technology and Technological Upgradations: Cold chain operators meet the energy-intensive demands of their products while minimizing pressure on natural resources. Players offer 100% fuel-free and environmentally friendly heat storage technology. Investing in technology is becoming essential to stay ahead of the market and serve consumers most effectively. IoT-enabled temperature monitoring helped him keep an eye on his goods 24/7, and recording temperatures has become much easier than the previous manual method.
Analysts at Ken Research in their latest publication "Singapore Cold Chain Market Outlook to 2026F: Driven By Rising Meat And Seafood Consumption Coupled With Demand For Temperature Sensitive Health Care Products" observed that the Cold Chain market is an emergent market in Singapore at a rebounding stage from the economic crisis after the pandemic. The rising demand for temperature-sensitive healthcare products during the pandemic, increasing infrastructural investments in the city along with government initiatives are expected to contribute to the market growth over the forecast period. The market is expected to grow at a 6.6% CAGR during 2021-2026F owing to the growing demand for processed foods coupled with the opportunities in vaccine transport.
Key Segments Covered:-
Singapore Cold Chain Market
By Type
- Cold Transport
- Cold Storage
By End User
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
By Ownership
- 3PL Cold Chain Facilities
- Owned
Singapore Cold Transport Market
By Truck Type
- Reefer Vans/Trucks (1 to 10 Tons)
- 20 foot reefers (10 - 20 Tons)
- 40 foot reefers and others (more than 20 tons)
By Mode of Transportation
- Land
- Sea
- Air
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By Location
- Domestic
- International
By Vicinity
- Inter-city
- Intra-city
By End User
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
Singapore Cold Warehouses Market
By Temperature Range
- Frozen
- Chilled
- Ambient
By Automation
- Automated Pallets (Min. of ASRS + RFID + WMS)
- Non-automated Pallets (Missing any of the above)
By End User
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
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By Major Cities
- Changi North and South Area
- Fishery Port Road
- Pandan and Penjuru
- Others
Key Target Audience:-
- Cold Storage Companies
- Cold Chain Companies
- Cold Transport Companies
- Captive Cold Storage Companies
- Captive Cold Chain Companies
- Logistics Companies
- Non-captive Companies
- Cold Chain Associations
- Logistics Associations
- Private Equity Firms
- Venture Capitalists
Time Period Captured in the Report:-
- Historical Period: 2016-2021
- Base Year: 2021
- Forecasted Period: 2022-2026F
Companies Covered:-
Cold Storage Companies
- CWT Logistics
- Mandai / Lineage Link
- Seo Eng Joo
- WLNA
- StorBest
- Agility
- Jurong Cold Store
- NCS Cold Store
- Sharikat Logistics Pte Ltd.
- Atlas Ice Ptd Ltd
- QAF Fruits Cold Store
- Commonwealth Kokubu Logistics Pte Ltd
- Keppel Logistics
- ITC Cold Chain Logistics
- Alliance Cold Store
- Logistics Solution Hub
- Others
Cold Transport companies
- DB Schenker Logistics Company
- DHL Logistics
- DTDC ECommerce
- Yusen Logistics Service
- MNX Global Logistics
- Volvo Group
- Pan Ocean
Key Topics Covered in the Report:-
- Overview and Genesis of the Singapore Cold Chain Market
- Singapore Cold Chain Industry Ecosystem
- Market Size of Singapore Cold Chain Market by Revenue, 2016 to 2021
- Singapore Cold Chain Market Segmentation (by Type, by End User, by Ownership), 2016- 2021
- Market Size of Singapore Cold Storage Market By Revenue, 2016 to 2021
- Singapore Cold Storage Market Segmentation (by Temperature Range, by Automation, by End User, by Major Cities), 2021
- Market Size of Singapore Cold Transport Market By Revenue, 2016 to 2021
- Singapore Cold Transport Market Segmentation (by Truck Type, by Mode of Transportation, by Location and Vicinity, by End User), 2021
- Trends and Developments in Singapore Cold Chain Market
- Technological Integration in Singapore Cold Chain Market
- Issues and Challenges in Singapore Cold chain Market
- Regulatory Landscape of Singapore Cold Chain Market
- Regulation of Singapore Cold Chain through SS 668
- Recent Trends in the Portugal Cold Chain Market
- Consumer and End User Analysis of Singapore Cold Chain Market
- Competitive Analysis of Singapore Cold Chain Market
- Future Outlook of Singapore Cold Chain Industry, Cold Storage Market, cold Transport Market, 2021-2026F
- Market Opportunities and Analyst Recommendation
For more insights on the market intelligence, refer to below link:-
Related Reports by Ken Research:-
The Cold Chain market in Malaysia is expected to experience moderate level of growth at a single digit CAGR in terms of revenue during the period 2021P-2026F. The Cold Chain market in Malaysia is expected to experience positive growth owing to the increase in demand for perishable food items, increase in e-commerce and government's initiatives to improve the logistics infrastructure in the country as part of Malaysia's 'National Transport Policy'. Moreover, the operational efficiency in Malaysia cold chain market over the forecast period 2021P-2026F is to improve with the increasing adoption of warehouse automation technologies such as RFID, AS/AR, WMS, AMR and others.
The Cold Chain market in Qatar is expected to experience moderate level of growth at a single digit CAGR in terms of revenue during the period 2021P-2026F. The Cold Chain market in Qatar is expected to experience positive growth owing to the increased demand for perishable food items, development of infrastructure and freight routes and government's initiatives to improve the logistics infrastructure in the country as part of the 'Qatar National Vision 2030'. Moreover, the operational efficiency in Qatar cold chain market over the forecast period 2021P-2026F is to improve with the increasing adoption of warehouse automation technologies such as RFID, AS/AR, WMS, AMR and others.
Philippines cold chain market is expected to register a positive CAGR during 2021-2026F owing to increasing infrastructure investment to improve connectivity for cold transport business, high domestic demand for seafood and meat products, growing focus on ISO and LEED certifications for frozen storages, automation in cold storages through ASRS, WMS and RFID and incorporation of quick or blast freezing services. Demand for perishable food products is expected to increase due to the rising disposable income and retail spending of the people in the country, which will necessitate the development of cold storage facilities and positively affect the market growth.
The Indonesia Cold Chain Market witnessed a growth during the period 2016-2021 and the market would continue to grow owing to increasing demand for temperature- controlled products in the country, entry of several new players. The nation has also started projects to bring down supply chain and logistics expenses, notably by creating a national logistics platform and a sea toll program. As the demand for transporting refrigerated products is increasing, so will the demand for value-added services such as repackaging and consolidation, which will increase the demand for 3PLs in the country. In addition, a 3PL can offer customized warehouses based on customer needs.
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Ankur Gupta, Director Strategy and Growth
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SOURCE Ken Research
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