Vietnam Cold Chain Logistics Market: Industry Size, Share, and Competition Analysis

TechSci Research report titled "Vietnam Cold Chain Logistics Market - By Region, Competition, Forecast & Opportunities, 2018-2028" predicts that the Vietnam Cold Chain Logistics Market will experience growth in the coming years due to the increase in online shopping and food delivery services, as well as the expanding opportunities for the import and export of medicines and vaccines. The rise in the middle-class population with more disposable income has led to an increase in demand for high-quality and natural products, resulting in an increased demand for cold storage. This has led to new growth prospects and investment trends in cold supply chains.

The growth of traditional retail and fast-food services in Vietnam has been fueled by rapid urbanization, higher incomes, and growing consumer awareness of food safety, aided by free trade agreements. Although wet markets and small independent retailers still dominate the retail market system, the contemporary retail food industry has grown faster, with a CAGR of 14.6% at contemporary grocery stores from 2012 to 2017, compared to 9.5% at conventional grocery stores. The number of contemporary grocery stores has also increased by 260% since 2012.

Contemporary retail food chains are now expanding their distribution networks not only in first-tier cities like Hanoi and Ho Chi Minh City but also in second-tier cities and regions all around Vietnam. Modern supermarkets and convenience stores have changed consumer behavior and perception in lower-tier cities, providing new experiences and diversifying options. Vinmart+ even made an appearance in third-tier cities in 2019, indicating significant potential for expansion in the interprovincial and regional demand for cold storage services in the forecast period.

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Additionally, the presence of contemporary apartment buildings with food courts, such as Royal City and Times City, as well as mega malls like Big C, AEON, and LOTTE, as well as the steady expansion of fast-food chains and the rising popularity of quick-service restaurants in first-tier cities all help to fuel the growth in demand for cold chain logistics. food makes up 35% of the market share in Vietnam's food service industry and is one of the major consumers of the country's cold chain logistics services, particularly when it comes to imported beef and chicken meat cuts.

As the number of refrigerated warehouses rises and the pharmaceutical sector expands, there is expectation that the market for cold chain logistics will grow. Additionally, it is anticipated that the expansion of the processed food sector would have a substantial impact on market growth. The lack of uniformity of operating procedures, security, temperature control, pest management, and high operational expenses, however, are issues that prevent the industry from growing. On the other hand, the availability of RFID technology and the utilization of automated software for cold chain logistics are anticipated to offer lucrative development chances for the market's players.

Based on Application, the market is divided into Seafood, Meat, Fruit & Vegetable, Dairy Products, Alternative Protein, and Others. The meat application now holds a significant market share and is predicted to continue to grow in the upcoming years.  Despite the fact that fish and shellfish are the most often consumed and produced meat sources, which are also partially to blame for the increase in feedstuff need, meat consumption has increased recently. Vietnam consumes 25 kg of pork per person annually, making it one of the biggest pork consumer. The demand for cold chain logistics has increased dramatically in Vietnam since all of these meat items must be sent to retail outlets, and some are packed as frozen dinners owing to their perishable nature.

Key market players in the Vietnam Cold Chain Logistics Market include:

• Lotte Global Logistics Vietnam Co Ltd
• Konoike Vinatrans Logistics Co. Ltd
• CLK Cold Storage Co. Ltd
• Hung Vuong Corporation
•  New Land Co. Ltd
•  Mekong Logistics Joint Stock Company
• Lineage Logistics Holding LLC
•  DSV DB Schenker Vietnam Co. Ltd
• Agility Logistics Vietnam Co. Ltd
• APL Logistics Vietnam Co. Ltd

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“Modernizing logistics has contributed beneficial to the growth of the refrigerated logistics sector. Vietnam saw an unanticipated increase in demand for cold chain logistics between 2020 and 2021. The increasing urban population and shifting consumer demands have increased the demand for cold storage and transportation. In Vietnam, the private market has a capacity of about 500,000 pallets. Additionally, cold storage facilities are typically grouped together, primarily in industrial parks, along rivers, and near seaports. Commercial and independently owned cold storage are the two primary segments of the domestic market. The Southern area has a highly developed cold storage industry, mostly as a result of the growth of the marine and agricultural sectors. Among these, Long An Province has a particularly high concentration of cold storage facilities due to its close proximity to Ho Chi Minh City, which attracts a large portion of the country’s population.” Therefore, these factors are fuelling the market growth of the Vietnam Cold Chain Logistics market in the upcoming years said,” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vietnam Cold Chain Logistics Market By Type (Refrigerated Warehouse, Refrigerated Transportation), By Application (Seafood, Meat, Fruit & Vegetable, Dairy Products, Alternative Protein, Others), By Temperature Type (Frozen, Chilled), By Technology (Dry Ice, Gel Packs, Eutectic Plates, Liquid Nitrogen, Quilts), By Region, Competition Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Vietnam Cold Chain Logistics Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Vietnam Cold Chain Logistics Market.

About TechSci Research:

TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

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