Vietnam Cold Chain Market Poised for Chilling Growth at 14.8% CAGR: Rising Demand and Infrastructure Challenges Highlighted: Ken Research

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Feb 12, 2024, 01:28 ET

GURUGRAM, India, Feb. 12, 2024 /PRNewswire/ -- Vietnam's Cold Chain Market is experiencing a surge, driven by an expanding middle class, increasing demand for frozen and perishable goods, and government initiatives. According to a new report by Ken Research, "Vietnam Cold Chain Market Outlook to 2026F," the market is expected to witness a robust growth of 14.8% CAGR between 2021 and 2026. This press release delves into the key findings and insights from the report, highlighting the market's growth drivers, challenges, and future outlook.

Market Overview: Chilled by Opportunities

Vietnam's Cold Chain Market plays a crucial role in ensuring the safe and efficient storage and transportation of temperature-sensitive products like meat, seafood, fruits, vegetables, pharmaceuticals, and vaccines. Driven by several factors, the market is experiencing significant expansion:

Rising Demand: The growing middle class with increasing disposable income is fueling demand for frozen and processed food items, pharmaceuticals, and other temperature-sensitive products.
E-commerce Boom: The rapid growth of e-commerce platforms like Shopee and Lazada is creating new avenues for cold chain logistics, particularly for last-mile delivery.
Government Initiatives: The Vietnamese government is actively promoting investments in cold chain infrastructure through initiatives like the Logistics Development Strategy 2021-2030, further propelling market growth.

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Competitive Landscape: A Chilling Mix of Players

The Vietnam Cold Chain Market is characterized by a mix of established players and emerging ones. Key players include:

Large-Scale 3PL Companies: Leading companies like CJ Logistics, Geodis, and Yusen Logistics are dominating the market with their extensive networks and capabilities.
Specialized Cold Storage Providers: Companies like Tan Long, Bien Dong, and Vinacool specialize in cold storage solutions for various industries.
Traditional Distributors: Established players like Minh Phu Seafood and Dabaco Group are increasingly investing in cold chain infrastructure to optimize their operations.

Market Segmentation: A Temperature Check

The report segments the Vietnam Cold Chain Market by cold storage and transport services, and product type:

Cold Storage: This segment is expected to witness the highest growth due to rising demand for storage facilities, particularly in major cities and ports.
Cold Transport: The growing demand for refrigerated trucks and specialized containers is driving this segment's growth.
Product Type: Meat & Seafood, fruits & vegetables, and pharmaceuticals are the key product segments driving market growth.

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Challenges: Keeping Cool under Pressure

Despite its promising future, the Vietnam Cold Chain Market faces some challenges:

Infrastructure Gap: The lack of adequate cold storage facilities, especially in rural areas, remains a significant hurdle.
Technology Adoption: Limited adoption of advanced technologies like temperature monitoring systems and automated storage solutions hinders efficiency and optimization.
Skilled Workforce Shortage: The lack of trained professionals in cold chain management poses operational challenges.

Future Outlook: A Brighter Forecast

Despite the challenges, the Vietnam Cold Chain Market is expected to maintain its upward trajectory, driven by several factors:

Rising Government Investments: Continued government support for infrastructure development and technology adoption will provide a major boost.
Focus on Sustainability: Companies are increasingly adopting eco-friendly solutions like solar-powered cold storage facilities.
Technological Advancements: The integration of automation, IoT, and data analytics will enhance efficiency and reduce costs.

Key Takeaways for Stakeholders:

This report provides valuable insights for various stakeholders in the Vietnam Cold Chain Market, including:

Investors: Identifying lucrative investment opportunities within the growing market.
Logistics Providers: Understanding market trends and adapting their offerings accordingly.
Government Agencies: Formulating policies and regulations to support infrastructure development and sustainability initiatives.
Consumers: Gaining insights into the safety and quality of temperature-sensitive products consumed.

Conclusion:

Vietnam's Cold Chain Market is brimming with potential, offering lucrative opportunities for businesses and stakeholders who can adapt, innovate, and navigate the existing challenges. With continued investments in infrastructure, technology, and skilled workforce development, the market is poised for a chilled and prosperous future.

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Taxonomy

Vietnam Cold Chain Market Segmentation

By Market Type

Cold Storage

Cold Transport

By End User

Pharmaceuticals and Vaccines

Fruits and Vegetables

Dairy Products

Meat

Processed foods

Seafood

Ice cream and frozen desserts

Others

By Provider Type

3PL

2PL

Vietnam Cold Storage Market Segmentations

By Temperature Range

Chilled

Frozen

By Major Cities

Dubai

Abu Dhabi

Sharjah

Others

Vietnam Cold Transport Market Segmentation

By Mode of Transportation

Land

Sea

Air

By Location

International

Domestic

By Type

Long Haul (First + Mid Mile)

Short Haul (Last Mile)

By Temperature Range

Chilled

Frozen

By Vicinity

Inter-City

Intra-City

For More Insights On Market Intelligence, Refer To The Link Below: –

Vietnam Cold Chain Market

Related Reports by Ken Research: –

Australia Cold Chain Market Outlook to 2027 Driven by Rising Meat and Seafood Consumption Owing to Growing Demand for Fresh Food

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UAE Cold Chain Market Outlook to 2027 Driven by rising consumption of dairy, meat and seafood, smooth domestic and international connectivity and automation in warehouses

UAE Cold Chain Market is expected to grow at the rate of 4.6% in the forecast period 2022-2027 UAE Cold Chain Market Revenues are expected to be dominated by Cold Storage with over 50% share in 2027 Revenue in UAE Cold Chain Market is expected to grow with a CAGR of 4.8% till 2027 due to rising grocery spending and demand for small and medium storages.

Global Cold Chain Market Outlook to 2027 Driven by Rising Import-Export Trade Volume and Domestic Consumption of Meat, Seafood, Fruits and Vegetable, the popularity of Ready to Eat frozen processed food

According to Ken Research estimates, the Global Cold Chain Market will expand at significant rate by 2027, owing to the growing demand of processed ready-to-eat food, rising export volumes, expanding storage capacity and new and advanced technologies.

Indonesia Cold Chain Market Outlook to 2026F Driven by Rising Fisheries Industry & Convenience Food Consumption Owing to Growing Population and Infrastructural Development

According to Ken Research estimates, the Indonesia Cold Chain Market grew at a CAGR of 10.7% in the period of 2016-2021 – is expected to grow at a CAGR of 12.9% in the forecasted period of 2021-2026F, owing to the change in lifestyle and urbanization, growing fisheries sector, expansion of existing cold storages and rising domestic consumption of meat.

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Ankur Gupta, Director Strategy and Growth
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SOURCE Ken Research