Portland, OR, Feb. 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Asia-Pacific cold chain logistics market was pegged at $61.13 billion in 2018 and is projected to reach $162.66 billion by 2026, registering a CAGR of 13.2% from 2019 to 2026.
The rise in the number of refrigerated warehouses, development of the pharmaceuticals sector, and growth of the processed food sector are the factors that drive the growth of the Asia-Pacific cold chain logistics market. However, lack of standardization and high operational cost hamper the market growth. On the contrary, the availability of RFID technologies for cold chain applications and the adoption of automated software are expected to create lucrative opportunities in the near future.
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The Asia-Pacific cold chain logistics market is divided on the basis of business type, end-use industry, product, technology, and country. Based on business type, the market is classified into cold storage and cold chain transport. The cold storage segment dominated the market in 2018, contributing around three-fourths of the market. However, the cold chain transport segment is projected to portray the fastest CAGR of 16.2% during the forecast period.
On the basis of the end-use industry, the market is categorized into fruits & vegetables, bakery & confectionery, dairy & frozen desserts, meat, fish & seafood, drugs & pharmaceuticals, and others. The dairy & frozen dessert segment is anticipated to register the fastest CAGR of 16.7% during the forecast period. However, the meat fish & seafood segment held the largest share in 2018, contributing around one-third of the market.
The Asia-pacific cold chain logistics market is analyzed across various regions such as Japan, India, Indonesia, Thailand, Malaysia, Philippines, Vietnam, and the rest of Asia-Pacific. The market across Japan held the largest share in 2018, accounting for around 12% of the market. However, the market across Vietnam is projected to register the fastest CAGR of 22.4% during the forecast period.
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The market report provides an in-depth analysis of the major market players such as United Parcel Service of America, Inc., JWD InfoLogistics 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.), and CJ Rokin Logistics.
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