UAE Cold Chain Market Size and Research 2021, CAGR Status, Growth Analysis by Countries, Development Factors, Business Updates & Strategies till 2027
Key Findings
Government Initiatives:?Under the country’s economic diversification plans like UAE Vision 2021, Abu Dhabi Vision 2030 and Dubai’s Industrial Strategy 2030 aimed at reducing the economy’s dependence on Hydrocarbon exports, development of the logistics sector is held as an important strategic goal for sustained long term growth of the economy as UAE becomes a crucial trans-shipment hub for Europe-Asia-Africa trade. The Federal Competitiveness and Statistics Authority expect logistics to contribute 8% of the economy in 2021, rising from the levels of 5.4% in 2017. The UAE is avidly investing in development projects like the China-led global roads ways project “Modern Silk Route”, Etihad Railways which would function as a viable alternative to road cold transport in the Gulf region. 3PL Cold Storages UAE
Rising Imports of Food Products and Pharmaceuticals:?Due to country’s arid climatic conditions, around 80.0% of the food requirements of country are met through imports from countries such as Brazil, India, USA and others. The pharmaceutical sector has grown at a greater scale in UAE and also across the globe. Covid-19 is the major driving factor because of which the healthcare industry has been advancing at an alarming rate. Expansion of operations by pharmaceutical companies, the growth of medtech companies and localized research and development in healthcare are major factors that have led to the boom of healthcare sector in UAE. The imports of pharmaceutical products in UAE were USD 4.08 Billion during 2019 and the trade volumes grew from 33,000 tons during the first quarter in 2020 to 48,600 tons in 2021. Around 95% of the global pharmaceutical companies have presence in the UAE which provides logistics access to 43 countries worldwide.
Rising Prevalence of 3PL Companies:?The market witnessed a strong demand for full-fledged integrated distribution centers that included logistics’ facilities, cold storage, dry storage and supporting retail facilities, as a result, demand for new-generation logistics facilities (built-to-suit) increased in the market and increase growth potential for 3PL companies that could handle stock distribution for companies with large and sophisticated supply chains. Currently, majority of the cold storage warehouses are concentrated in Dubai and Abu Dhabi, however it was witnessed that many 3PL companies were planning to expand their operations across other cities as well to exploit the rising opportunities in the sector.
Analysts at Ken Research in their latest publication?“UAE Cold Chain Market Outlook to 2025 – The Cold Chain Market in UAE is Thriving with the Advent of Government’s Economic Diversification Plans Coupled with UAE’s Increasing Adoption of Technology and Automation“ believe that the Cold Chain market in UAE is expected to grow due to growth in the demand for food items, increase in manufacturing activity in the pharmaceutical industry and government initiatives to improve the logistics infrastructure in the country. The market is expected to register a positive CAGR of 7.3% in terms of revenue during the forecasted period 2020-2025F.
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