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380 billion yuan! China's cold chain logistics market is still growing
Publish Time:
2021-06-24
China Federation of Logistics and Purchasing (CFLP) Cold Chain Committee recently released the "Analysis Report on 100 Key Enterprises in China's Cold Chain Logistics in 2020." The report shows that the market size of China's cold chain logistics in 2020 exceeded 380 billion yuan, and the market share of key enterprises exceeded 18% for the first time. Fourteen enterprises from Guangdong Province are among the top 100 cold chain logistics enterprises in China. The analysis suggests that the market demand for cold chain logistics in China will continue to grow, and is expected to exceed 550 billion yuan by 2025. However, the industry concentration needs further improvement.
The China Federation of Logistics and Purchasing Cold Chain Committee recently released the "Analysis Report on 100 Key Enterprises in China's Cold Chain Logistics in 2020." The report shows that in 2020, the market size of China's cold chain logistics exceeded 380 billion yuan, and the market share of key enterprises exceeded 18% for the first time. Fourteen enterprises from Guangdong Province are among the top 100 cold chain logistics companies nationwide. The analysis suggests that the market demand for China's cold chain logistics will continue to grow, potentially exceeding 550 billion yuan by 2025, but the industry concentration needs further improvement.
The report lists the top 100 cold chain logistics companies in China in 2020. In terms of enterprise nature, among the key enterprises in China's cold chain logistics in 2020, there were 72 privately owned enterprises, 10 state-owned enterprises, 2 foreign-funded enterprises, 10 joint ventures, 1 Hong Kong, Macao and Taiwan-funded enterprise, and 5 other enterprises. Private enterprises remain the main component of key cold chain logistics enterprises.
From a regional distribution perspective, the East China region has the most companies on the list, followed by Central China and South China. Guangdong Province has 14 key cold chain logistics enterprises on the list, including 5 from Shenzhen: SF Express, Sinotrans Cold Chain Logistics, Shenzhen Panya Logistics, Shenzhen Qinghu Cold Chain, and Youhe Group.
SF Express, JD Logistics, Rongqing Logistics, Xin Xiaohui, and Zhengming Logistics ranked among the top five in the cold chain top 100 list, with SF Express topping the list for three consecutive years.
According to SF Express's 2020 financial report, the company has established a nationwide food cold chain network with industry-leading cold chain technology and execution standards. In 2020, benefiting from the substantial growth in contactless online consumption, SF Express's cold chain B2C product business achieved good growth. At the same time, the company continues to expand its B2B market, and the overall cold chain business scale continues to expand. In 2020, the company's cold chain and pharmaceutical business achieved total revenue of 6.597 billion yuan (excluding tax), a year-on-year increase of 27.53%.
Data shows that in 2020, the market size of China's cold chain logistics increased from 331.9 billion yuan in the previous year to 383.2 billion yuan, and the total demand for cold chain logistics exceeded 265 million tons. The report analyzes that the three core reasons for the increase in revenue of cold chain logistics enterprises in 2020 are: business volume growth, business scope expansion, and strong market demand. To enhance customer stickiness, the comprehensive business of key enterprises has been further expanded, and supply chain business, cold chain parks, and other value-added services have become new business growth points.
The report reveals that in 2020, the leading cluster effect of China's cold chain logistics further improved. The combined cold chain business revenue of key enterprises nationwide reached 69.47 billion yuan, a year-on-year increase of 26.36%, accounting for 18.13% of the 2020 cold chain logistics market size. The market share of key enterprises has increased from 13.79% in 2018 to 18% in 2020, and market concentration continues to improve. Among them, the revenue of the top 5 key cold chain logistics enterprises in 2020 reached 25.642 billion yuan, accounting for 36.91% of the total revenue of key enterprises.
The analysis suggests that with the long-term outbreak of fresh food new retail under the epidemic, the continuous expansion of chain convenience stores, and the improvement of terminal low-temperature consumption, the market demand for cold chain logistics will continue to be released. According to the prediction of the China Cold Chain Alliance, by 2025, the market size of China's cold chain logistics industry is expected to exceed 550 billion yuan.
However, industry experts point out that, based on the international experience of cold chain logistics development, China's cold chain logistics still shows the characteristics of being "scattered, small, and miscellaneous." As the awareness of the value of cold chain logistics by government departments and consumers in China has significantly improved, and relevant industrial policies have been issued successively in various places, cold chain logistics will gradually transform from "scattered, small, and miscellaneous" to a stage of high threshold, new infrastructure, large integration, and strong supervision.
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