South Korea Cold Chain Logistics Market: Trends, Technology, and Growth Forecast
BlueWeave Consulting
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South Korea Cold Chain Logistics Market is flourishing because of a spurring demand for fresh and processed foods and rapid growth of e-commerce.
In its recent study, BlueWeave Consulting, a leading strategic consulting and market research firm, estimated South Korea Cold Chain Logistics Market size at USD 5.30 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Korea Cold Chain Logistics Market size to expand at a CAGR of 9.50% reaching a value of USD 9.92 billion by 2030. Major growth factors for South Korea Cold Chain Logistics Market include rising demand for non-durable and perishable items as well as the developing e-commerce industry. The market for cold chain logistics in South Korea is projected to be driven also by an increasing demand for fresh and frozen food items, which has been exacerbated by the expanding female workforce and the growing acceptance of a work-from-home trend.
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Growth Drivers
High Popularity of Convenience Store Food
The growing popularity of South Korean convenience stores among both citizens and foreigners alike is driving the need for efficient cold chain logistics across the country. The convenience stores offer a wide variety of packaged and frozen food and beverages that cater to the needs of office goers and consumers who lead hectic lifestyles. In addition, convenience store products are also gaining traction due to the growing influence of social media, particularly ‘Korean wave.’ The growing influence of K-pop and Korean TV dramas has established South Korean convenience store products, such as ‘trends.’
Challenges
Stringent Domestic and International Regulations
The cold chain logistics companies operating in South Korea need to adhere to stringent domestic and international regulations, particularly during the transportation and storage of perishable goods, such as food and pharmaceuticals. Seafood products and raw fish, for instance, are required to be kept in a temperature-controlled environment at -35°C. Adhering to these stringent regulations can prove challenging to these companies, particularly small players.
Opportunity - Rising Demand for Cold Chain Logistics from BioPharma Industry
The growing demand for temperature-sensitive pharmaceuticals, biologics, and vaccines, due to the rising prevalence of chronic diseases and the rapidly aging population is propelling the growth of South Korea Cold Chain Logistics Market. Cold chain logistics ensure safe and efficient transportation and storage of various drugs and medical products. Many biological drugs, such as gene therapies or monoclonal antibodies, require controlled environments with temperatures ranging from 2°C to 8°C. Without efficient cold chain logistics, these drugs and medical products can lose their potency, which may result in shortages of products in hospitals and pharmacies, leading to significant losses to the healthcare sector.
Impact of Escalating Geopolitical Tensions on South Korea Cold Chain Logistics Market
Intensifying geopolitical tensions among countries and spreading across the major regions could impact the growth of South Korea Cold Chain Logistics Market. The global supply chain of South Korea is disrupted by geopolitical tensions between the United States and other major nations, including China and North Korea. It hurts the region's freight and aviation routes, which raises transportation prices and causes delays in logistical operations.
Competitive Landscape
The major industry players of South Korea Cold Chain Logistics Market include Yusen Logistics Co., Ltd., HL Holdings Corp., Rhenus Group, Borim Logistics, Dongwon Group, Leschaco, CJ Logistics, Daewoo Logistics, and Lotte Global Logistics. The presence of high number of players intensify the competition as companies focus on gaining significant market share.
Scope of the Report:
By Service Type
By Temperature Type
By End User
Frequently Asked Questions (FAQs):
1. What is the current market size of South Korea Cold Chain Logistics Market?
Ans: South Korea Cold Chain Logistics Market size was estimated at USD 5.30 billion in 2023.
2. What is the expected CAGR and Value of South Korea Cold Chain Logistics Market during the forecast period?
Ans: During the forecast period between 2024 and 2030, South Korea Cold Chain Logistics market size is expected to grow at a CAGR of 9.50% a value of USD 9.92 billion by 2030.
3. What are the major factors driving the growth of South Korea Cold Chain Logistics Market?
Ans: Major factors driving the growth of South Korea Cold Chain Logistics Market include rising demand for fresh and processed foods and rapid growth of e-commerce.
4. Name the key players in South Korea Cold Chain Logistics Market.
Ans: Key players in South Korea Cold Chain Logistics Market include Yusen Logistics Co., Ltd., HL Holdings Corp., Rhenus Group, Borim Logistics, Dongwon Group, Leschaco, CJ Logistics, Daewoo Logistics, and Lotte Global Logistics.
5. Which segment accounts for the largest share of South Korea Cold Chain Logistics Market by end user?
Ans: The food & beverages segment holds the largest market share of South Korea Cold Chain Logistics Market by end user.
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