1. Logistics and Shipping Industry was one of the worst-hit industries during the COVID-19 lockdown
Due to the restriction on movement imposed during COVID-19, Portugal experienced a significant decline in the GDP growth rate. Job losses and pay cuts were observed during the pandemic year across industries along with the increasing preference of employees to work in a remote working environment. The advent of COVID-19 negatively impacted the financial condition of consumers and therefore, changes were seen in consumption patterns post Covid-19, and people have become more health conscious. In Portugal, the Cold Transport revenue growth was affected owing to a decrease in international trade as well as domestic transportation due to curfews and shutdowns during COVID.
2. But post Covid-19, people have become more health conscious, thus rise in e-commerce due to staying home
As a result of the Covid-19 pandemic, a considerable section of the global population has changed their eating patterns. An increase in retail spending can be seen due to an increase in the disposable income of the country’s population which will drive the development of cold storage and positively affect the market growth. Due to the increase in demand for pharmaceutical products, as well as the rise in e-commerce resulting from the pandemic the cold chain market in Portugal has significantly grown in recent years.
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3. The Cold Storage Industry Is experiencing a new wave of Technological Developments which increase Efficiency and reduce Wastage.
Adopting automation and modern technologies, upgradation of cold transportation fleet, and increase in the number of cold storage warehouses in the country will prove to be beneficial for cold chain companies. Automating tasks that can be completed autonomously with little or no human help and using Robots that can be programmed to carry out manual tasks in the warehouse, can increase the efficiency of Cold Chain business in the country. Also, by providing early detection, the Internet of Things may assist warehouses in lowering risk and avoiding mistakes or accidents that could result in supply chain losses. All these technological advancements will lead to the growth of the Cold Chain market in Portugal.