Philippines Cold Chain Market is Expected to Reach PHP 20.0 Billion in Terms of Revenue for the Financial Year Ending 2023: Ken Research
14 Mar, 2019, 14:10 GMT
- Old and dilapidated trucks and buses will be the next to be banned from roads as part of the public utility vehicle modernization program, which kicked off at the start of the year with the gradual phase-out of old vehicles. The ban of trucks is expected to deeply impact the cold storage business in the country.
GURUGRAM, India, March 14, 2019 /PRNewswire/ -- The future prospects of the cold chain industry in Philippines look quite promising. The growth of the Philippines cold chain market is expected to accelerate over the forecasted period 2019-2023 owing to initiation of the Philippines Cold Chain Project and other cold chain programs conducted by both the government and CCAP. Furthermore, augmenting sales of meat, seafood and pharmaceuticals are expected to lay the foundation for growth in Philippines cold chain market during the period 2019-2023. These factors will augment the Philippines cold chain market during the period 2019-2023. The sector is expected to face challenges that will affect the business decisions, both in investment planning and operations management. These issues will be the cost of doing business such as having to wade through government's bureaucracy and to cope with unexpected and unplanned costs which are extra costs which exert adverse impact on the industry overall competitiveness.
Majority of the revenue of the cold chain market has been contributed by the cold storage sector over the past five years and this sector will continue to dominate the market over the period 2019-2023 as well. Additionally, growing import of pharmaceuticals, meat and seafood in the country is also projected to augment the demand for cold storages in the country. On the other hand, the contribution of cold transport business in the total revenue of the cold chain market of Philippines is expected to decline. This decline in share will be on the grounds of the ongoing truck ban in the country and the recent order by the Department of Transportation to prohibit 15 year or older vehicles from coming on the road. The rising construction of cold storages in the country is also having a relatively negative impact on the cold transport business.
Analysts at Ken Research in their latest publication titled "Philippines Cold Chain Market Outlook to 2023 – By Service Mix (Cold Storage Market and Cold Transportation)" believe that increase in government support coupled with companies' investments are the main reason that will drive the future growth of the market. The market is expected to register a positive CAGR of 9.4% in terms of revenue during the forecast period 2019E-2023E.
Key Segments Covered
- Philippines Cold Chain Market
- Philippines Cold Chain Market Size
- Philippines Cold Chain Market Segmentation
> By Type of Market
> By Products
- Philippines Cold Chain Market Future Outlook
- Philippines Cold Storage Market
- Philippines Cold Storage Market Size
- Philippines Cold Storage Market Segmentation
> By Operations
> By Temperature
> By Size of Firms
> By Region
> By Ownership
- Philippines Cold Storage Future Outlook
- Philippines Cold Transportation Market
- Philippines Cold Transportation Market Size
- Philippines Cold Transportation Market Segmentation
> By Mode of Transport
> By Mode of Land Transport
> By Location
> By Vicinity
> By Ownership
- Philippines Cold Transportation Future Outlook
Companies Covered:
- Jentec Storage Inc.
- Vifel Ice Plant and Cold Storage Inc.
- Glacier Megafridge Inc.
- Royal Cargo Inc.
- Royal Cold Storage Inc.
- Koldstor Inc.
- Polar Bear Freezing & Storage Corporation
- Big Blue Logistics Corportation
- Arctic Cold Storage
- Antarctica Cold Storage
- Frabelle Cold Storage
- Mets Logistics
- Royal Cargo
- 2Go Logistics
- Jentec Cold Storage Inc
- LBC Express
For more information on the research report, refer to below link:
Related Reports
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The report provides a comprehensive analysis of cold chain market in Oman. The report covers Oman Cold Chain market size, segmentation by cold storage and cold transport and by end user industry type and by the ownership. The report also covers competitive landscape and company profiles for major players in Oman cold chain market. The report provides detailed overview on future outlook & projections for the industry.
The report covers market size, segmentation on the basis of cold storage and cold transport and industries. The report also covers market in different aspects such as supply chain analysis, competitive landscape and company profiles for major players in Turkey cold chain market. The report provides detailed overview on future outlook and projections with analyst recommendations for the industry.
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SOURCE Ken Research
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