Portland, OR, April 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Asia-Pacific cold chain logistics market was accounted for $68.32 billion in 2019, and is estimated to reach $133.97 billion by 2027, growing at a CAGR of 11.7% from 2020 to 2027.
Rise in number of refrigerated warehouses, growth of the processed food sector, and development of the pharmaceuticals sector have boosted the growth of the Asia-Pacific cold chain logistics market. However, lack of standardization and high operational cost hinder the market growth. On the contrary, adoption of automated software for cold chain logistics and availability of RFID technologies for cold chain applications are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown resulted in disrupted supply chains and increased panic among the customer segments. The slow demand and supply outlook due to Covid-19 restrictions for end users hampered the market growth in the Asia-Pacific region.
- The production activities across the globe hampered owing to lockdown restriction and improvement of social distancing norms and dearth of workforce.
- In addition, in February 2021, the second wave of Covid-19 hit the Asian countries, especially India. This wave is estimated to severely affect the overall economic outlook.
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The Asia-Pacific cold chain logistics market is segmented on the basis of business type, end-use industry, product, and region. Based on business type, the cold storage segment held the lion’s share in 2019, accounting for nearly three-fourths of the market. However, the cold chain transport segment is estimated to register the highest CAGR of 14.4% from 2020 to 2027.
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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The Asia-Pacific cold chain logistics market is analyzed across several regions such as Japan, India, Indonesia, Thailand, Malaysia, Philippines, Vietnam, China, Australia, and Rest of Asia-Pacific. The market across China dominated in 2019, contributing to nearly half of the market. However, the market across Vietnam segment is estimated to manifest the highest CAGR of 18.4% during the forecast period.
The Asia-Pacific cold chain logistics market report includes an in-depth analysis of the major market players such as CJ Rokin Logistics, AIT Worldwide Logistics, Inc., CWT Pte. Limited, JWD InfoLogistics Public Company Limited, OOCL Logistics Limited, Nichirei Logistics Group Inc., SF Express, SCG Logistics Management Company Limited, United Parcel Service, and X2 Logistics Networks.
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