1. The Singapore Cold Chain Market is driven by the demand for Cold transportation of pharmaceuticals and the presence of adequate Government regulations.
Figure: Market Size of Singapore Cold Chain Market by Revenue in SGD Bn and Growth Rate for 2016-2021
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Singapore serves as the ASEAN region’s vaccination distribution center. During the pandemic, the shipment of goods that require specific temperatures skyrocketed. The growth in food consumption in Singapore can be attributed in large part to rising income levels and lifestyle modifications. The COVID-19 pandemic has had a direct impact on the storage, transit, and flow of commodities by healthcare cold chain logistics companies. The demand for cold storage space is being driven by rising customer demand for fresh products and strong retail e-commerce sales.
2. Cold chain industry is experiencing a new wave of technological developments which are essential for end users of cold storage services and for the organic growth companies
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To remain competitive and provide the best possible service to the customer, technology investment becomes crucial. Real-time information on product temperature, condition, and location is provided by sophisticated sensors and devices. Due to the fact that each pallet and item has a unique ID, RFID allows for supply chain optimization. It is in charge of maintaining the goods in the proper location at the appropriate time, and at the appropriate temperature. Companies can improve consumer experience by making their supply chains more visible through the use of cutting-edge technologies like the Internet of Things.
3. Singapore has a robust infrastructure ecosystem and a favorable business climate to promote the establishment of cold chains in Singapore
Figure: Market Size of Singapore Cold Chain Market by Revenue in SGD Bn and Growth Rate for 2022P to 2026F
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A rising middle class and an expanding global population are driving up demand for food, particularly protein. Between 2021 and 2026F, the cold chain market in Singapore is expected to expand at a CAGR of 6.6%. Its steady expansion can be attributed to its solid infrastructure, welcoming business environment, and high per capita income. After the pandemic, there will likely still be a demand for medical supplies such as vaccinations, biopharmaceuticals, and clinical trial supplies. Singapore places a strong emphasis on the creation and upkeep of roads as well as the building of amenities that promote national growth, therefore government initiatives and programs as well as rising consumer demand for temperature-controlled goods are expected to drive the cold transport market.
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