The cold chain logistics market for Philippines will continue to grow at a considerable pace in the next few years with addition of new players and continuous support from government. The market is predicted to grow at a CAGR of 14% from 2016-2020. Over the last few years from 2010-2015, the industry has observed an average annual growth of 19% in value terms. The growth in the cold chain market over the period 2010-2015 was primarily supplemented by growing demand for temperature controlled products in the country, entry of several new players and government initiatives in terms of programs such as Philippines Cold Chain Project that have propelled the cold chain market over the period 2010-2015. Additionally major players such as Royal Cargo, Jentec Cargo and Glacier have expanded their cold storage capacity and operations in the country over the period 2010-2015. Cold chain transport and cold storage are the two major components of a cold chain industry. Cold chain transport has been the dominant segment as it has acquired a revenue share of 65% in the cold chain market of Philippines during 2015.
The future prospects of the cold chain logistics industry in Philippines look quite promising. The growth of the Philippines cold chain logistics market is expected to accelerate over the forecasted period 2016- 2020 owing to Philippines Cold Chain Project and other cold chain programs. Furthermore, augmenting sales of Pharma and other temperature controlled products will provide the impetus for growth in Philippines cold chain logistics market over the period 2016-2020. These factors will augment the revenues in the Philippines cold chain logistics market at a CAGR of ~% from 2016 to 2020.
“According to Research Associate at Ken Research, the Government should take certain measures to reduce the rate of electricity and cut down certification cost in order to provide spurt to market revenues. On the other hand, domestic players in the market should establish their operations in the untapped areas as the competition is very less and potential for growth is huge.
The report titled “Philippines Cold Chain Market Outlook to 2020 – Government Initiatives and Rising Consumer Demand for Frozen Food to Foster Growth” provides a comprehensive analysis of the cold chain logistics, transport and storage market in Philippines. This report helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, manufacturing companies of temperature sensitive goods, cold chain logistics, transport and storage companies in the country and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Ankur Gupta, Head Marketing & Communications