Cold chain sector to see increasing demand
🎯 The cold chain market in Vietnam has recorded active participation and expansion of both local and foreign investors. By 2026, the total designed capacity of cold storage in Vietnam is predicted to hit over 1.7 million pallets, with 23 projects scheduled to be completed from 2023 to 2026.
🥶 The cold chain market in Vietnam has experienced robust growth, resulting in a 25.2 per cent surge in the designed capacity of cold storage facilities as well as the growing fleet size of cold transportation providers during 2020-2022, driven by increasing demand for cold storage facilities and transportation providers.
🧊 The market has been fuelled by the demand for seafood export, raw food imports, and domestic distribution, including modern trade retail and food services. Seafood exports, in particular, achieved a new milestone of $11 billion, registering a staggering 24% growth rate in 2022.
🥩 Raw food imports continued their robust growth of 28.3% during the review period. Moreover, the retail market experienced a vibrant development with a compound annual growth rate of 7.8% from 2012 to 2022, with further growth predicted for the future.
📈Vietnam’s cold chain logistics market is estimated to be worth $203 million in 2022, with 75 commercial cold storage providers with a total designed capacity of over 1.0 million pallets and 31 professionally managed cold truck providers.
🏆The top 10 players in the market accounted for a significant proportion of the market share, with the top 10 cold storage providers and cold transportation providers having 49% and 70% of the market share, respectively. However, cold transportation has also witnessed fierce competition from small-scale providers, including individuals and household businesses owning one to three cold trucks.