Vietnam Cold Chain Market is Expected to reach USD 1.8 billion by 2021: Ken Research
o Vietnam's cold chain industry is set to soar as demand for chilled and frozen food surges across the country.
o The rise in the demand for cold chain services will be led by the expansion of the cold chain firms to other cities of the country such as Mekong Logistics Company Limited has plans of expanding to its potential markets Can Tho, Da Nang, Quy Nhon, Binh Phuoc, Hanoi, and Hai Phong in future
o The pharmaceutical industry is anticipated to grow at a five year CAGR of 13.4% during 2016-2021 which will further enhance the demand for cold storage and transport facilities as few pharmaceutical products require temperature controlled environment for maintaining their quality.
It has been witnessed that Vietnam's domestic agriculture production is lagging behind regional neighbors Laos and Cambodia, in terms of supply chain development, with regular damage of 25-30% of fruit and vegetable yields due to a lack of refrigerated transport and storage. In the next few years, the logistics market will be upgraded as the companies and investor will initiate to put an eye on the cold chain, and their concerns will no longer be dedicated on the immediate cost but on improving the quality and overall value chain for cold chain market including storage and transport both.
There are 20 professionally managed cold storage providers and many other small independent cold storages. Yet, small cold storages are not trusted by end-users. As the leasing prices of cold storage providers do not differ much from each other, the quality of storage facilities is a key to customers. The number of cold storage provider are anticipated to increase in the coming years backed by surge in demand for better quality services by local and international establishments
Vietnam is expected to have about 1,200-1,300 supermarkets, 180 shopping centers, and 157 department stores by 2020. Distribution centers including cold storage will also increase in number and capacity to fulfill the demand from the development of supermarkets. The market is expected to be more competitive with a few cold storage investment projects developed by both local and foreign investors. Particularly, the biggest investment is the 50,000 pallet cold storage facility in Song Hau Industrial Zone in the Mekong Delta province of Hau Giang. The project is in the initial phase and developed by Minh Phu and Gemadept Corporation with the total investment capital of USD 46.1 million. When completed it will be the largest cold storage facility in the Mekong Delta.
Ken Research in its latest study, Vietnam Cold Chain Market by Cold Storage and Cold Transport, Product Type (Bakery, Confectionary, Dairy, Meat & SeaFood, Vaccines & Pharmaceutical, Fruits & Vegetables, Chemicals) - Outlook to 2021, suggests that Konoike Vina, Swire Cold Storage, Lotte Logistics, CLK Logistics, Hung Vuong Corporation, Mekong Logistics, Kuehne Legal, Preferred Freezer Services will continue to lead the market.
The Vietnam Cold Chain Industry is estimated to register a positive CAGR of 10.4% during 2016-2021. The positive change in the number of supermarkets, launch of newer projects for cold chain, surge in manufacturing establishment and demand for seafood and meat will prosper the demand for cold storage in the coming years
For more information on the research report, refer to below link:
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