Cold storage logistics is an industry that has gained prominence because of the opportunities in vaccine transport.
This was once a niche property sector, but with the COVID-19 pandemic accelerating the demand for cold storage facilities, the global cold storage market - which was worth an estimated US$107 billion in 2020 - is expected to grow to more than US$290 billion by 2028, according to a new study conducted by Grand View Research.
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The Asia Pacific is a growing part of that market – with anticipated annual growth of more than 10 per cent. But that growth is from a low base, with even the region’s most advanced economies, trailing behind western countries.
In the United States, cold storage space per capita was 0.577 cubic metres in 2020.
In Japan, it was 0.339 cubic metres and in Australia, 0.382.
In comparison, the Philippines and Indonesia have less than 0.04 cubic metres of cold storage space per capita.
The shortcomings of this became clear during the COVID-19 pandemic, when the need to transport vaccine supplies arose.