Rising income levels and lifestyle changes are significant factors for the increase in food consumption in Singapore. The country’s cold chain market offers a wealth of growth potential with its projected increase in revenue in the near future.
Singapore cold chain market expanded: From 2016 to 2021, the Singapore cold chain market expanded at a CAGR of 6.2%, mostly due to demands from the developed and important food service and healthcare industries. Healthcare costs are on the rise because of an older population and rising disposable incomes, and the development of healthcare cold chain logistics is a result. The curfew and closures during COVID caused changes in import volumes, which had an impact on Cold Transport’s revenue. Due to businesses increased use of pallets, the cold storage industry was a little impacted.
Change in lifestyle of the population: The country’s cold chain sector saw an increase in demand for processed foods and quick-service restaurants as a result of the change in lifestyle. With a 15.6% Islamic population, Singapore has seen a surge in demand for meat products, which has resulted in a rise in the need for cold storage facilities for meat. Additionally, with the rise in cases of Covid-19, the number of cold storage facilities increased in the country.
The mission of the SCCC: The Singapore Cold Chain Centre (SCCC) located in the Singapore Manufacturing Federation is the resource center for standards and technology for cold chain management for the manufacturing process and for logistics of a wide range of products including milk and dairy products, chilled pork products, frozen meat products, chilled fruits, and vegetables. Its mission is to provide technical expertise in cold chain management within the manufacturing process as well as in cold chain management for logistics in Singapore and other Asian countries.
High Operational Cost Associated with Cold Chains: With monthly average operating costs for businesses that are between 60 and 70 percent higher than those of other nations in the region, Singapore is the costliest country in Asia. Additionally, Singapore’s cold chain business is fragmented, necessitating significant investment in the construction of technologically advanced cold storage to span the whole value chain.
Analysts at Ken Research in their latest publication “Singapore Cold Chain Market Outlook to 2026F: Driven By Rising Meat And Seafood Consumption Coupled With Demand For Temperature Sensitive Health Care Products” observed that the Cold Chain market is an emergent market in Singapore at a rebounding stage from the economic crisis after the pandemic. The rising demand for temperature-sensitive healthcare products during the pandemic, increasing infrastructural investments in the city along with government initiatives are expected to contribute to the market growth over the forecast period. The market is expected to grow at a 6.6% CAGR during 2021-2026F owing to the growing demand for processed foods coupled with the opportunities in vaccine transport.
Key Segments Covered
Singapore Cold Chain Market
- By Type:
- Cold Transport
- Cold Storage
- By End User:
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
- By Ownership
- 3PL Cold Chain Facilities
- Owned
Singapore Cold Transport Market
- By Truck Type
- Reefer Vans/Trucks (1 to 10 Tons)
- 20 foot reefers (10 – 20 Tons)
- 40 foot reefers and others (more than 20 tons)
- By Mode of Transportation
- Land
- Sea
- Air
- By Location
- Domestic
- International
- By Vicinity
- Inter-city
- Intra-city
- By End User
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
Singapore Cold Warehouses Market
- By Temperature Range
- Frozen
- Chilled
- Ambient
- By Automation
- Automated Pallets (Min. of ASRS + RFID + WMS)
- Non-automated Pallets (Missing any of the above)
- By End User
- Meat and Seafood
- Dairy Products
- Vaccination and Pharmaceuticals
- Processed Frozen Foods
- Fruits, and Vegetables
- By Major Cities
- Changi North and South Area
- Fishery Port Road
- Pandan and Penjuru
- Others
Key Target Audience
- Cold Storage Companies
- Cold Chain Companies
- Cold Transport Companies
- Captive Cold Storage Companies
- Captive Cold Chain Companies
- Logistics Companies
- Non-captive Companies
- Cold Chain Associations
- Logistics Associations
- Private Equity Firms
- Venture Capitalists
Time Period Captured in the Report:
- Historical Period: 2016-2021
- Base Year: 2021
- Forecasted Period: 2022-2026F
Companies Covered:
Cold Storage Companies
- CWT Logistics
- Mandai / Lineage Link
- Seo Eng Joo
- WLNA
- StorBest
- Agility
- Jurong Cold Store
- NCS Cold Store
- Sharikat Logistics Pte Ltd.
- Atlas Ice Ptd Ltd
- QAF Fruits Cold Store
- Commonwealth Kokubu Logistics Pte Ltd
- Keppel Logistics
- ITC Cold Chain Logistics
- Alliance Cold Store
- Logistics Solution Hub
- Others
Cold Transport companies
- DB Schenker Logistics Company
- DHL Logistics
- DTDC ECommerce
- Yusen Logistics Service
- MNX Global Logistics
- Volvo Group
- Pan Ocean
Key Topics Covered in the Report
- Overview and Genesis of the Singapore Cold Chain Market
- Singapore Cold Chain Industry Ecosystem
- Market Size of Singapore Cold Chain Market by Revenue, 2016 to 2021
- Singapore Cold Chain Market Segmentation (by Type, by End User, by Ownership), 2016- 2021
- Market Size of Singapore Cold Storage Market By Revenue, 2016 to 2021
- Singapore Cold Storage Market Segmentation (by Temperature Range, by Automation, by End User, by Major Cities), 2021
- Market Size of Singapore Cold Transport Market By Revenue, 2016 to 2021
- Singapore Cold Transport Market Segmentation (by Truck Type, by Mode of Transportation, by Location and Vicinity, by End User), 2021
- Trends and Developments in Singapore Cold Chain Market
- Technological Integration in Singapore Cold Chain Market
- Issues and Challenges in Singapore Cold chain Market
- Regulatory Landscape of Singapore Cold Chain Market
- Regulation of Singapore Cold Chain through SS 668
- Recent Trends in the Portugal Cold Chain Market
- Consumer and End User Analysis of Singapore Cold Chain Market
- Competitive Analysis of Singapore Cold Chain Market
- Future Outlook of Singapore Cold Chain Industry, Cold Storage Market, cold Transport Market, 2021-2026F
- Market Opportunities and Analyst Recommendation
For more insights on the market intelligence, refer to the link below: –
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Philippines Cold Chain Market Outlook to 2026F