Gurugram, March 20, 2023 (GLOBE NEWSWIRE) —
- Cold storage and cold transport markets contributed ~60% & 40% share respectively to the revenue of the cold chain industry in 2020. However, it is anticipated that the cold transportation market will contribute ~ 42% revenue share by the year ending 2025 owing to the rising demand for temperature-sensitive products in the country.
- Factors such as increase in number of refrigerated warehouses, growth in pharmaceutical sector and high demand for perishable products such as dairy, meat and seafood are expected to drive the growth of the cold chain logistics market in the country.
- Rafed, an Abu Dhabi-based healthcare procurement company, has partnered with Abu Dhabi Ports to establish the UAE’s largest cold storage facility for Covid vaccines. The state-of-the-art facility can store vaccines at temperatures ranging from 8 to -80° Celsius.
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.
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…