Cold storage industry capacity to grow by 8% in 2024

Local cold storage capacity is expected to grow by at least eight percent this year to around 750,000 metric tons, driven by higher storage demand for food items, according to the Cold Chain Association of the Philippines (CCAP).

- JASPER EMMANUEL ARCALAS

CCAP president Anthony Dizon said the expected better agricultural production would be the main driver for the industry's capacity expansion.

"We forecast that we will grow by eight to 10 percent per annum. From what we are seeing, the growth seems to be sustainable," Dizon told The STAR.

"Even now as we speak, there are already three projects in the pipeline due for inaugu ration this year. Everybody is hinging on the commitments of the administration that there is going to be greater emphasis on agricultural production," Dizon said.

Dizon said that the cold chain industry capacity rose by at least 50,000 MT in 2023 to 700,000 MT from 650,000 MT in 2022.