The Nigeria cold chain is a blue ocean market with a vast opportunity for new players to set-up operations: Ken Research
1. Nigeria Cold Chain Market is growing at a CAGR of 11.2% with ample of unexplored opportunities available in the market to grow in future
There is wide-spread food wastage of fresh fruits and vegetables. According to certain estimates as much as 30%-40% of the total post-harvest losses can be attributed to the absence of supporting infrastructure. Nigeria is witnessing the development of pharmaceutical cold chain infrastructure beyond metropolitan cities and increased number of cold chain companies like Philips Pharmaceutical Nigeria Ltd which will add to the revenue of cold chain market.
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2. The new breakthrough cold chain technologies in Nigeria include solar cold rooms, solar refrigerators, and solar ice-makers
These are powered through solar energy. They use a combination of solar panels and lead-acid batteries is used to store generated energy for periods when sunlight is unavailable. The temperature range for these are between 0 degree Celsius to 10 degrees Celsius.
The blocks of ice are created during daylight hours and kept at 0ºC within the ice maker at night using battery power. The thermal capacity of the solar ice makers allows for the use of ice as energy storage, which preserves food for multiple days at a time in the absence of sunlight.
Solar Freezers use the energy from sunlight, to maintain sub-zero-degree Celsius temperature to store commodities at freezing temperatures. Temperature ranges to -18 degree Celsius and below. These are primarily used in areas with improper electricity supply.
3. The Cold Transportation market is expected to grow at CAGR of 10.6% during 2021-2026F
- The penetration rate of reefer trucks is expected to remain less than a percent in 2026F in Nigeria Cold transportation market.
- The revenue generated from land cold transportation is expected to grow at a CAGR of ~12% during 2021-2026F.
- The average revenue to be earned by a reefer truck in 2026F is expected to increase in future due to growing demand of Food and Beverage, Healthcare industry and sustained efforts made by International Organisations and Government Authorities to improve infrastructure in the country.
- Overall market outlook to 2026F is bullish since the number of reefer trucks, the no. of players in cold transportation market and average revenue earned by a reefer truck is expected to increase over the years.
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