Asia-Pacific Cold Chain Logistics Market Share
OREGAON, PORTLAND, UNITED STATES , July 30, 2024 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, Cold Chain Logistics Market by Business Type, End-use Industry, Product, and Technology: Asia-Pacific Opportunity Analysis and Industry Forecast, 2020–2027,”
The Asia-Pacific cold chain logistics market was valued at $68.32 billion in 2019, and is projected to reach $133.97 billion by 2027, registering a CAGR of 11.7%.
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China dominates the market in terms of revenue, followed by Japan, India, and Indonesia. Vietnam is expected to grow at a significant rate during the forecast period due to increase in number of trade agreements and rise in trend of consuming frozen foods with the requirements of hygiene and safety standards. Monitoring, storage, and transportation are important factors of the cold chain to prevent degradation in the quality of shipments. Cold chain logistics refers to the freezing solutions required to maintain the quality and shelf life of products. China and India are leading consumers of cold chain logistics services, and are expected to maintain this trend during the forecast period.
The growth of the Asia-Pacific cold chain logistics market is majorly attributed to increase in number of refrigerated warehouses and development of the pharmaceutical sector in the Asia-Pacific region. Business expansion, acquisition, partnership, and product development are the key strategies adopted by major players operating in the Asia-Pacific cold chain logistics market. Availability of RFID technologies for cold chain applications and adoption of automated software for cold chain logistics are expected to offer remunerative opportunities for the expansion of the Asia-Pacific cold chain logistics market during the forecast period.
On the basis of end-use industry, the meat fish & sea food segment held the largest share in 2019, contributing to around one-third of the market. However, the dairy & frozen desserts segment is estimated to register the highest CAGR of 14.2% during the forecast period.
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Transportation activities have been restricted and limited to essential goods & services transport almost for the first two quarters of 2020. Cold chain logistics service providers have witnessed significant downfall in demand. The pandemic affected almost every dimension of economic activity and individuals globally. As a consequence of the coronavirus outbreak, important supply cold chains in the logistics and transportation industry are hampered, though differently across the air, freight, and sea sectors. In addition, logistics firms, which are involved in the movement, storage, and flow of goods, have been directly affected by the COVID-19 pandemic.
:
AIT Worldwide Logistics, Inc.,
CJ Rokin Logistics,
CWT Pte. Limited,
JWD InfoLogistics Public Company Limited,
Nichirei Logistics Group Inc.,
OOCL Logistics Limited,
SCG Logistics Management Company Limited,
SF Express,
United Parcel Service,
and X2 Logistics Networks.
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By business type, the cold chain transport segment is expected to register significant growth during the forecast period.
On the basis of end-use industry, the meat, fish, & sea food segment is projected to lead the market, in terms of market share, by the end of the forecast period.
Depending on product, the air conditioning segment is expected to register significant CAGR during the forecast period.
On the basis of technology, the Air Blown segment is projected to lead the market, in terms of market share, by the end of the forecast period.
China dominated the market in 2019, and is expected to maintain its dominance by the end of the forecast period. ASEAN countries are growth frontiers in the Asia-Pacific market, owing to changing food industry outlook in respective countries and changing trade scenarios.
:
https://www.alliedmarketresearch.com/cold-chain-market – Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/cold-chain-logistics-market – Global Opportunity Analysis and Industry Forecast, 2021-2030
https://www.alliedmarketresearch.com/cold-chain-tracking-and-monitoring-market – Global Opportunity Analysis and Industry Forecast, 2020-2030
David Correa
Allied Market Research
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