“Increasing consumption of meat and seafood in the country coupled with rising consumer retail spending and growth of international trade of perishable foods has driven the cold chain market in South Korea”
The report titled “South Korea Cold Chain Market Outlook to 2023 – By Cold Storage (Ambient, Chilled and Frozen Warehousing) and Cold Transport (Land, Sea, and Air), By Application (Dairy Products, Fruits and Vegetables, Meat and Seafood, Pharmaceuticals and Others) and By Ownership (Integrated and Third-Party Logistics)” believe that the cold chain market in South Korea will witness a positive CAGR of 13.6% in terms of revenue during the forecasted period 2018-2023E, owing to growth in international trade of perishable foods, technological advancements in refrigerated storage & transport, government support for infrastructure development of the cold chain industry and increasing need for medicines owing to the aging population of South Korea.
Increasing Demand for Temperature-Sensitive Products: The increase in demand for perishable food products and rising imports of food items such as meat and seafood, fruits and vegetables due to the rising disposable income and retail spending of the people in the country will necessitate the requirement of cold transport facilities in order to transport goods to the storage warehouses and then finally to the end-users, thus augmenting the growth of cold transport industry in the country.
Increasing Number of Organized Retail Stores: Modern retail businesses, such as hypermarkets, grocery supermarkets, convenience stores, and online retailing is consistently growing from the past few years and witnessed a 7.5% annual growth between 2015-2018. Hypermarket chains have been the largest shopping channels, since they provide competitive prices on foods and household products, while also offering private label products. Currently, E-mart, Homeplus, Lotte Mart and Costco Wholesale Korea Ltd are South Korea’s leading hypermarket chains. As the number of women in workplaces is increasing, the demand for processed and frozen foods has also risen, which has positively impacted the cold chain market of South Korea.
Rise of E-Commerce: South Korea E-commerce market increased its revenue by 3.9% in 2018 and it was witnessed that food products were the second most purchased item online, solely comprising 15.2% of the total market revenue. As diverse food products are being purchased online in high numbers and frequency, companies feel a much higher need for systematic cold chain logistics operation to serve the customers with the right quality. Moreover, with the increase in the number of single-person households from 3.3 million in 2017 to 5.6 million in 2018; the fresh food e-commerce market has witnessed a strong growth which has impacted positively on the cold chain market in the country.
Key Segments Covered:-
By Type of Market
Cold Storage
By Temperature
Frozen
Chilled
Ambient
By Region
North
Central
South
Cold Transport
By Mode of Transport
Land
Sea
Air
By Location
Domestic
International
By Mode of Land Transport
40 Footer reefers
20 Footer reefers
Others (6, 8, 10 wheelers and more)
By Vicinity
Inter-city
Intra-city
By End-User Application
Meat and Seafood
Fruits and Vegetables
Pharmaceuticals/Healthcare
Dairy Products
Bakery and Confectionary
Others
By Ownership
Owned/Integrated
Third-Party Logistics (3PL)
Key Target Audience
Cold Chain Companies
Logistics Companies
Private Equity Investors
Government Associations
Construction Companies
Dairy Companies
Meat and Seafood Companies
Fruits and Vegetable Companies
Pharmaceutical Companies
Ice-Cream Companies
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2018-2023E
Companies Covered:-
Lotte Logistics
CJ Logistics
Dongwon Industrial
Borim Logistics
Dongbu Express
Hansol Logistics
DB Schenker
Daelim Corporation
GS Global
DHL
Ottogi Logistics Service Co., Ltd.
Pantos Logistics
Key Topics Covered in the Report:-
Cold Chain Businesses South Korea
South Korea Refrigerated Truck Market
South Korea Reefer Truck Market Size
South Korea Food and Drink Storage Industry
South Korea Lotte Logistics Market Revenue
South Korea CJ Logistics Market Analysis
Cold Storage Seoul Market Growth
South Korea DHL Logistics Competitors
Number of warehouses in South Korea
Dairy Industry Market Size in South Korea in KRW Billion
South Korea Processed Meat and Seafood Market
Confectionery Market Size in South Korea
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