Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Cold Chain Logistics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific cold chain logistics market is experiencing significant growth as it is forecasted to expand from USD 142.71 billion in 2023 to a staggering USD 215.43 billion by 2028, boasting a Compound Annual Growth Rate (CAGR) of 8.58% during the forecasted period.
This surge in market size is attributed to various factors, including the rise of refrigerated warehouses and technological advancements within the industry. Key trends such as the growing consumer demand for premium products, the rapidly expanding pharmaceutical sector, and a surge in e-commerce are fueling the growth of the Asia-Pacific cold chain logistics industry.
The ubiquity of cold chain logistics is particularly noticeable in this region due to a consumer base accounting for a significant portion of the global population, looped into the cycle of rising disposable incomes and evolving dietary preferences. The impact of the pandemic has brought about a drastic change in food safety concerns, nudging consumers towards organized retail channels. This paradigm shift has driven the demand for cold chain storage facilities and is prompting significant investment in infrastructure upgrades and transportation optimization.
Japan stands out within this burgeoning market, positioning itself as a mature segment with various dominant market players, such as Nichirei Logistics Group Inc. These companies are providing comprehensive services that cater to a wide array of industries. The future implementation of Japan's 'upper limit on overtime hours in automobile driving operations' is anticipated to revolutionize the transportation and logistics industry through enhanced efficiency and safety measures. Furthermore, the advent of Radio-frequency identification (RFID) technologies and automated software is expected to inject lucrative growth opportunities for stakeholders within the market.
The demand for modern logistics facilities is mounting amidst the robust domestic consumption trends and the flourishing e-commerce marketplace. Despite the region's substantial leasing demand for cold storage facilities, capacity remains limited in comparison to Western developed markets, which poses a challenge for the market. Additionally, factors such as inconsistent standards for operating procedures and security, along with increased operational costs, are curbing the market's expansion.
The Asia-Pacific cold chain logistics market is markedly fragmented, with a blend of international and local players striving to meet the escalating demand. Entities like UPS, OOCL Logistics, and JWD are noted as principal participants in this field, despite the pressing challenges of energy consumption, space utilization, and substantial initial costs, which remain the industry's pressing issues.
Market Dynamics and Innovations Fueling the Asia-Pacific Cold Chain Logistics Sector
- Rapid technological advancements are underway in Japan, potentially reshaping the logistics industry faced with workforce shortages and an aging population of drivers.
- The increasing number of refrigerated warehouses aligns with the pandemic-induced shift towards digital technologies, prompting a renewed emphasis on operational efficiency and proper inventory management.
- A growing dependence on cold chain solutions underpins various export industries, prompting businesses to invest heavily in creating reliable and efficient cold chain processes.
- Critical challenges such as vast energy consumption, extensive space requirements, and significant setup expenses, coupled with a lack of standardization, impede the market's growth.
This comprehensive assessment of the Asia-Pacific cold chain logistics market delves into the intricacies of industry trends, growth drivers, and the challenges faced by market players. With a detailed review and analysis, this latest research highlights the evolving landscape and what the future holds for the cold chain logistics market in the Asia-Pacific region.
A selection of companies mentioned in this report includes
- United Parcel Service of America
- OOCL Logistics Ltd
- JWD Infologistics Public Company Ltd
- Nichirei Logistics Group Inc.
- SCG Logistics Management Company Limited
- X2 Logistics Network (X2 GROUP)
- AIT Worldwide Logistics Inc.
- CWT PTE. LIMITED (CWT International Ltd)
- SF Express
- CJ Rokin Logistics*
For more information about this report visit https://www.researchandmarkets.com/r/th3rt2
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