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China Cold Chain Logistics Market - Growth, Trends, and Forecasts (2020 - 2025)

China Cold Chain Logistics Market - Growth, Trends, and Forecasts (2020 - 2025)

  • January 2021
  • 239 pages
  • ID: 5982370
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The market for cold chain logistics in China is anticipated to grow at a CAGR of more than 9% during the forecast period (2020-2025).

China has a huge consumer population for agricultural products and currently accounts for about 60% of the world’s total vegetable production, 30% of fruit and meat production, and 40% of eggs and aquatic products. With the increase in the disposable income of the middle class and upper-middle-class in the country, people are willing to spend for and pay more attention to the various diversity of fresh agricultural products, food safety and the quality of fresh agricultural products. In order to fulfil the demand, the market is actively embracing the cold chain solutions for their operational activities.

Key Market Trends
Changes in Consumer Habits Fueling the Demand for Cold Chain Facilities

The cold chain market of China is likely to become the most rewarding sub-industry in the logistics sector backed by the changing consumption patterns and increasing demand for commodities like fresh food and medicine. The Chinese residents see a change in food consumption backed by the increased disposable income and growing market demand for the cold chain of food alongside the accelerating urbanization in China. Cold chain logistics in China is mainly driven by meat, seafood, quick-frozen food, fruits & vegetables, and dairy products. Fruit & vegetable market holds the largest market segment in terms of cold chain circulation followed by seafood.

Chinese governments at all levels are racking up the investments in cold chain infrastructure, facilitating enlargement of cold chain logistics. In 2019, the Chinese cold chain logistics market showed an annual compound rate growth of 10.5% between 2010 and 2019.

Major e-commerce players and logistics giants like JD.com are focusing on collaborating or establishing self-operating cold chain warehouses in order to expand their cold-chain delivery services in the country.

Developments in Chinese Biotech Sector

The Chinese biotech is particularly undergoing notable developments. Many biotech firms in the market are building on recent progress in genomics, focusing on rare genetic diseases.

The development is supported by the Chinese rules and regulation acting as a layer of protection for the market. The rules of sharing of medical information are very stringent as compared to the US and other developed countries, which means Chinese companies have access to far more patient data than their western rivals.

The Chinese government is pumping billions into biotech research and development. According to official figures, scientific R&D spending topped USD 291 billion in 2018, just over 2% of gross domestic product, and the government is targeting even higher spending of 2.5% of GDP this year.

The Chinese government has introduced a centralised procurement process, known as 4+7 bulk tendering intended to bring down prices for common drugs. This regulatory change has helped the generic drugmakers focus on volume and big companies with advanced research teams chase higher margins.

Competitive Landscape
The Chinese cold chain market is highly fragmented with Sinotrans, SF Express and Beijing Ershang Group as its leading players in the market. The demand for cold chain facilities has led to a large number of small players in the market with a low degree of specialisation, leading to problems like high operating costs and unbalanced and insufficient development.

Subsequently, the market is experiencing collaborations and new entries of companies to set up their firm foot in the market. For instance, in July 2019 Japanese trading company Marubeni announced its joint venture with Chinese logistics startup G7 to lease refrigerated trailers to Chinese customers seeking to meet fast-growing demand for fresh food. Also, the Chinese e-commerce giant JD.com teamed up with Mengniu Dairy Co Ltd, China’s major dairy maker, in the cold chain logistics sector to make its nationwide network available to Mengniu for its frozen products.

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