Nigeria Cold Chain Market is expected to generate USD ~130 Mn by 2026F owning to thriving E-Commerce, Increase in Imports of Cold Chain Commodities like Pharmaceuticals, and Investments from Foreign Logistics Players: Ken Research
GURUGRAM, India, Feb. 7, 2023 /PRNewswire/ -- Nigeria Cold Chain Market is in nascent stage due to lack of investment and a smaller number of players to cater to the overall end user's need but there is a strong opportunity for new international players with access to capital to enter in the market. Major players include MDS, Zenith Carex, Cold Hubs. Other players in the market includes TranEX, red Star, KCCL, Wigmore Trading, Flux Logistics.
Adoption of New Technologies: Increased adoption of new technologies such as RFID, IoT, Temperature sensing systems, by players like Zenith Carex and MDS Logistics. Start-ups like cold hubs have emerged that work on cooling as a service model and offer solar powered storage units to tackle the problem of irregular power supply
Increasing Imports of Cold Chain Commodities: Increased demand by pharmaceutical clients was witnessed in the wake of the COVID-19 pandemic, driven by the higher demand of medicines. Horticulture products, like flowers, also require ambient cold warehousing. The demand for these products decreased during the pandemic due to decreased social gatherings. Since the population of Nigeria is growing at a decent pace, and is expected to double by 2050, we can expect the demand of these substances to grow.
Increase in Investments: For the last few years the market is witnessing the entry of new innovative players like Cold Hubs. There has been a trend of new investments by international investment funds e.g., Triple I, an investment fund that invests in Sub-Saharan businesses to drive social impact decided to make an investment in the cold chain industry of Nigeria. The president of Organization for Technology Advancement of Cold Chain in West Africa, has recently urged all the state(s) and federal governments to invest in cold chain to reduce food wastage.
Analysts at Ken Research in their latest publication "Nigeria Cold Chain Market Outlook to 2026 – Driven by high food produce wastage due to lack of cold chain infrastructure, solar-focused start-ups, and increased disposable income of consumers" by Ken Research observed that Cold Chain market is an emergent market in Nigeria at a growing stage even during the pandemic as well. The rising of E-Commerce Companies and the increase in pharmaceuticals imports, along with the burgeoning demand for Processed and Packaged Foods, is expected to contribute to the market growth over the forecast period. The Nigeria Cold Chain Market is expected to see high growth rate over the forecasted period 2021-2026F.
Key Segments Covered
Nigeria Cold Chain Market:
By Cold Chain Market Size (by Revenue/Price or No of Reefer Trucks), 2021 & 2026F:
Nigeria Cold Warehousing Market:
By Pallet Size (by Revenue), 2021 & 2026F:
By End-User (by Revenue), 2021 & 2026F:
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By Geography (by Revenue), 2021 & 2026F:
Nigeria Cold Transportation Market:
By Mode of Transport (by Revenue), 2021 & 2026F:
By Type of Freight (by Revenue/Price or No of Reefer Trucks), 2021 & 2026F:
By End-User (by Revenue), 2021 & 2026F:
Key Target Audience
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Key Topics Covered in the Report:-
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Philippines Cold Chain Market Outlook To 2026F: Driven By Rising Meat And Seafood Consumption Owing To Growing Millennial Population Albeit Infrastructure Challenges
Philippines cold chain market is expected to register a positive CAGR during 2021-2026F owing to increasing infrastructure investment to improve connectivity for cold transport business, high domestic demand for seafood and meat products, growing focus on ISO and LEED certifications for frozen storages, automation in cold storages through ASRS, WMS and RFID and incorporation of quick or blast freezing services. Demand for perishable food products is expected to increase due to the rising disposable income and retail spending of the people in the country, which will necessitate the development of cold storage facilities and positively affect the market growth.
Singapore Cold Chain Market Outlook to 2026F- Driven By Rising Meat and Seafood Consumption Coupled With Demand for Temperature Sensitive Health Care Products
According to Ken Research estimates, the Singapore Cold Chain Market – which grew from approximately SGD ~10.0 Bn in 2016 to approximately SGD ~14.0 Bn in 2021 – is forecasted to grow further into SGD ~19.0 Bn opportunity by 2026F, owing to the rising household expenditure on food products and investments in the health care sector. Singapore's Cold Chain Market has grown at a CAGR of 6.2% from 2016-2021 driven primarily by demands from the advanced and significant food service and healthcare industry. Singapore Cold Storage Market has grown at a CAGR of 7.5% from 2016-2021 driven primarily by the high investment made in the form of new infrastructure, and increasing pallet capacities. Singapore's Cold Transport Market has grown at a CAGR of 3.6% from 2016-2021 driven by the increasing requirement for vaccine transportation and rising demand for processed foods in Singapore.
Malaysia Cold Chain Market Outlook To 2026 - Driven By Increase In Demand For Perishable Food Items And Its Establishment As The Halal Industry Hub, Malaysia Cold Chain Market Experiencing Growth
The Cold Chain market in Malaysia is expected to experience moderate level of growth at a single digit CAGR in terms of revenue during the period 2021P-2026F. The Cold Chain market in Malaysia is expected to experience positive growth owing to the increase in demand for perishable food items, increase in e-commerce and government's initiatives to improve the logistics infrastructure in the country as part of Malaysia's 'National Transport Policy'. Moreover, the operational efficiency in Malaysia cold chain market over the forecast period 2021P-2026F is to improve with the increasing adoption of warehouse automation technologies such as RFID, AS/AR, WMS, AMR and others.
Thailand Cold Chain Market Outlook to 2026F- Driven by Rising Import-Export Trade Volume and Domestic Consumption of Meat, Seafood and Popularity of Ready to Eat Frozen Processed Food
According to Ken Research estimates, the Thailand Cold Chain Market is forecasted to grow more than THB 20 Bn by 2026F, owing to the growing demand of processed ready-to-eat food, rising export volumes, expanding storage capacity and new and advanced technologies. The Thailand Cold Chain Industry comprises of Cold Storage and Cold Transport with presence of major companies such as JWD logistics, Thaimax, Yokorei and Interexpress Logistics operating in the market. The Cold chain market is slightly consolidated with the presence of some big market leaders catering to main end users as Meat and Seafood, Fruits and Vegetables industry. Since the past decade, the Government is investing in Physical Infrastructure development of Thailand in terms of roads and Highways, Major seaport, airports development, Special Economic Zones.
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SOURCE Ken Research