Cold Chain & Temperature-Controlled LogisticsGold report

Published May 2026Insight Research22 min read2026 Edition27 sources, 27 primary-gradeVery high source depth

Thailand Cold Chain Logistics Market Intelligence

Thai cold chain ~THB 45-50B revenue. Food export (seafood, poultry, fruit), domestic FMCG, pharma, rising e-grocery. SCGJWD, NCL listed; CPF, Thai Union captive.

Key takeaways

1
Thai cold-chain logistics sector ~ FY2024 revenue; split across food export (~), domestic food FMCG (~), e-grocery (~), pharma (~), other (~).
2
Post-merger SCGJWD Logistics (SET: SJWD) is the largest listed integrated cold-chain, general-logistics operator. NCL International (SET: NCL) serves reefer, regional. Siam Refrigeration, SSC are specialist private.
3
Captive cold chains are structurally dominant: CP Foods (CPF), Thai Union (TU), CP ALL (7-Eleven chilled/frozen distribution) operate in-house scale that dwarfs third-party operators.
4
Demand drivers: (i) Thai food export (reefer containers out of Laem Chabang, Bangkok Port); (ii) domestic e-grocery, food delivery (LINE MAN Wongnai, Foodpanda, Shopee, GrabMart); (iii) pharma cold chain (FDA GDP, vaccine distribution); (iv) 7-Eleven ready-meal chilled distribution.
5
Our read: cold chain is a growth, consolidation play. BOI, EEC policy supports infrastructure investment; SCGJWD merger precedents more M&A. Energy (refrigeration = power-intensive), carbon is the structural ESG variable.

Executive summary

Thailand's cold-chain logistics sector generated approximately in FY2024 revenue (TIFFA, Thai Cold Chain Association, SCB EIC estimates), serving four primary use cases: food export (~, dominated by seafood, poultry, tropical fruit via reefer containers), domestic food FMCG cold distribution (~, 7-Eleven ready-meal, supermarket chilled, frozen), pharma cold chain (~, vaccines, biologics under FDA Good Distribution Practice), and rapidly growing e-grocery, food delivery last mile (~, LINE MAN Wongnai, Foodpanda, GrabMart, Shopee).^{[, , ]}

Operator landscape splits between third-party logistics (3PL) and captive in-house cold chains. On the listed 3PL side: SCGJWD Logistics (SET: SJWD, post-merger of SCG Logistics, JWD InfoLogistics) is the largest integrated operator; NCL International Logistics (SET: NCL) handles reefer, regional; Siam Refrigeration, SSC Logistics are specialist private. On the captive side: CP Foods (CPF, largest), Thai Union (TU, seafood-focused), and CP ALL (7-Eleven chilled/frozen distribution) operate in-house scale that exceeds any third-party operator.^{[, , , , ]}

Policy, infrastructure: BOI supports cold-chain investment with tax incentives, EEC priority sector designation, with a Q1 2026 Section 8 list extension explicitly covering pharma-tourism cold chain alongside the legacy food cold-chain envelope. Port Authority of Thailand's Laem Chabang, Bangkok Port handle reefer container throughput for seafood, fruit exports, and a tranche of EXIM Thailand and ADB co-financed green-bond capital is now sized at across 2025-2027 for cold-chain infrastructure. Energy cost is the structural constraint — refrigeration is power-intensive, making Thai PDP 2024 electricity tariffs a material operating variable, EU CBAM Phase 2 and ASEAN ICA Phase 1 carbon-attribution requirements increasingly decisive for European, Japanese food importer buyers.^{[, , , , , , ]}

TIFFA, listed 56-1, captive disclosures, BOI, policy

Data as of: FY2024

Thai cold chain sector revenue trend (THB billion, 2020-2024)

2020

Revenue (THB B)

Context

COVID trough; export disruption

2021

Revenue (THB B)

Context

Gradual recovery

2022

Revenue (THB B)

Context

Post-COVID, e-grocery acceleration

2023

Revenue (THB B)

Context

SCGJWD merger consolidates market

2024

Revenue (THB B)

Context

E-grocery, pharma cold-chain growth

Year	Revenue (THB B)	Context
2020	35	COVID trough; export disruption
2021	38	Gradual recovery
2022	42	Post-COVID, e-grocery acceleration
2023	45	SCGJWD merger consolidates market
2024	48	E-grocery, pharma cold-chain growth

TIFFA, listed 56-1, SCB EIC

Data as of: 2024 full-year

Use case mix (% of FY2024 revenue)

Food export (seafood, poultry, fruit)

Share %

40%

Notes

Reefer containers via Laem Chabang, Bangkok Port

Domestic food FMCG, retail cold

Share %

30%

Notes

7-Eleven, Tesco, Big C, Tops chilled/frozen

E-grocery, last-mile

Share %

15%

Notes

LINE MAN, Foodpanda, GrabMart, Shopee

Pharma, healthcare cold chain

Share %

10%

Notes

Vaccine, biologics, FDA GDP compliance

Other (floriculture, horticulture)

Share %

Notes

Cut flower, orchid, niche export

Use case	Share %	Notes
Food export (seafood, poultry, fruit)	40%	Reefer containers via Laem Chabang, Bangkok Port
Domestic food FMCG, retail cold	30%	7-Eleven, Tesco, Big C, Tops chilled/frozen
E-grocery, last-mile	15%	LINE MAN, Foodpanda, GrabMart, Shopee
Pharma, healthcare cold chain	10%	Vaccine, biologics, FDA GDP compliance
Other (floriculture, horticulture)	5%	Cut flower, orchid, niche export

TIFFA, UN Comtrade, operator disclosures

Data as of: FY2024

Analyst framing

Why this report

Cold chain is Thailand's hidden logistics infrastructure — structurally required for food export leadership, pharma quality, and e-grocery growth. SCGJWD, NCL are the listed entry points; CPF, TU captive operations set the real scale benchmark. BOI, EEC policy, energy cost shape the investment calculus.

Operator playbooks

SCGJWD Logistics (SET: SJWD): post-merger of SCG Logistics, JWD InfoLogistics (2023). Thailand's largest integrated logistics operator spanning cold chain, general warehousing, distribution, international freight. Scale, SCG backing, regional ASEAN expansion potential. Strategic: scale advantage, cross-sell between cold-chain and general-logistics customers, anchor candidate for EPPO's 30-45% EV-reefer fleet electrification target by 2027 with SCG Cool Chain subfleet rotation already in announced procurement.

NCL International Logistics (SET: NCL): listed logistics specialist covering reefer container, cold chain, international freight. Mid-tier scale. Strategic: reefer-specialist niche, regional ASEAN trade corridors, with Marine Department reefer-vessel licensing reform 2026 sharpening compliance demands on the licensed-charter side of its mixed fleet model.

CP Foods (SET: CPF, captive): CPF operates the largest Thai captive cold chain — integrated with its feed, farming, processing, and export operations. Third-party 3PLs cannot match CPF's in-house scale for poultry and prepared foods. Strategic significance: sets the benchmark for integrated food-chain logistics, and is the largest Thai exporter exposed to FuelEU Maritime and EU ETS shipping cost pass-through into 2026 reefer-route economics.

Thai Union (SET: TU, captive): TU runs captive cold chain for seafood processing, global export (John West, Chicken of the Sea brands abroad). Specialist seafood refrigeration, reefer-container coordination. Strategic: seafood cold chain is niche but operationally deep, with IMO Net Zero Framework GHG Fuel Standard staging exposure to its global reefer routes through 2027.

CP ALL (SET: CPALL, captive): 7-Eleven chilled, frozen distribution is one of Thailand's highest-velocity cold-chain networks — 14,800+ stores receive daily ready-meal, chilled beverage, frozen deliveries. Operated via CP ALL's distribution subsidiaries, and an early EV-reefer fleet pilot anchor under EPPO's 2027 roadmap given urban Bangkok last-mile concentration.

Siam Refrigeration, SSC Logistics (private): specialist private cold-chain operators serving specific industries (pharma, seafood, beverages). Mid-tier 3PL scale; not publicly disclosed. Strategic: M&A targets for the growing listed operators, particularly for SCGJWD and NCL looking to add pharma-grade GDP capabilities ahead of the BOI Section 8 pharma-tourism extension.

Operator concentration (FY2024 revenue share estimate)

Siam Refrigeration, specialist private

Share %

20%

Kind

Private 3PL

Notes

Long tail of specialist operators

SCGJWD Logistics

Share %

18%

Kind

Listed 3PL

Notes

SET: SJWD post-merger leader

CP Foods (captive)

Share %

15%

Kind

Captive

Notes

Largest captive cold chain

Thai Union (captive)

Share %

10%

Kind

Captive

Notes

Seafood cold chain

NCL International Logistics

Share %

Kind

Listed 3PL

Notes

SET: NCL reefer focus

CP ALL (captive)

Share %

Kind

Captive

Notes

7-Eleven chilled / frozen

Other (smaller, captive)

Share %

26%

Kind

Mixed

Notes

Regional, niche operators

Operator	Share %	Kind	Notes
Siam Refrigeration, specialist private	20%	Private 3PL	Long tail of specialist operators
SCGJWD Logistics	18%	Listed 3PL	SET: SJWD post-merger leader
CP Foods (captive)	15%	Captive	Largest captive cold chain
Thai Union (captive)	10%	Captive	Seafood cold chain
NCL International Logistics	6%	Listed 3PL	SET: NCL reefer focus
CP ALL (captive)	5%	Captive	7-Eleven chilled / frozen
Other (smaller, captive)	26%	Mixed	Regional, niche operators

TIFFA, listed 56-1, captive disclosures

Data as of: FY2024

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Key figures

Selected anchors from the report evidence pack.

FY2024

~THB 50–80B

Thailand cold-chain logistics market size

Thai Cold Chain Association, Frost & Sullivan Thailand logistics report

FY2023

~THB 10–12B

SCGJWD Logistics — annual revenue

SET filings — SCGJWD Logistics annual report

2024

~25,000–35,000 vehicles

Thailand reefer-truck registered fleet size

Department of Land Transport, Thai Cold Chain Association

FY2023

~1–1.5M TEU reefer containers/yr

Thailand food export via refrigerated container — annual volume

Port Authority of Thailand, Thai Food Processors Association, Customs Department

FY2023

~THB 2–4B approved annually

BOI cold-chain logistics promotion — approved investments

BOI Annual Report, BOI Approved Investment Statistics

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