Business
Jayud Global Logistics Limited Expands Operations, Adds Cold Storage and Dry Storage Capacity to Service Rising Demand
SHENZHEN, China, Aug. 1, 2023 /PRNewswire/ -- Jayud Global Logistics Limited (NASDAQ: JYD) ("Jayud" or the "Company"), one of the leading Shenzhen-based
About this update from Jayud Global Logistics Limited
[{"type":"text","content":"SHENZHEN, China, Aug. 1, 2023 /PRNewswire/ -- Jayud Global Logistics Limited (NASDAQ: JYD) (\"Jayud\" or the \"Company\"), one of the leading Shenzhen-based end-to-end supply chain solution providers in China, with a focus on providing cross-border logistics services, today announced a significant expansion of its operations. The Company has signed a contract with Shenzhen Shennong International Logistics Development Co., Ltd., to lease cold storage facilities for frozen and refrigerated products.\nThe expansion involves adding a state-of-the-art cold storage facility to its warehouse. The warehouse operates a 30,000 square meters area, of which 10,000 square meters is dedicated to temperature-controlled storage, and another 10,000 square meters is dedicated to dry storage. This addition will provide dry, room temperature, refrigerated, and frozen storage space to cater to diverse logistics needs.\nMr. Xiaogang Geng, Chairman of the Board of Directors & Chief Executive Officer of Jayud, commented, \"Through this strategic expansion, Jayud is well-positioned to leverage the thriving cold chain logistics market, ensuring reliable, efficient, safe, and cost-saving transportation and storage of frozen and refrigerated. We are better positioned than ever to ensure that these products reach consumers in the best possible condition, strengthening our ability to deliver safe, quality-assured, and diverse food products to the tables of millions across China.\"\nThe move is aligned with the recent trends in China's cold chain logistics market, which continues to experience robust growth. According to the China Cold Chain Committee and The Intelligence Research Group, China's cold chain industry sector experienced double-digit growth in 2020, reaching a market size of US$58 billion, up 22.38% year-on-year. Further projections suggest that by 2025, the market size is expected to surge to approximately US$126 billion.\nSupporting this, market research firm Mordor Intelligence forecasts that the China's cold chain logistics market will expand from US$77.97 billion in 2023 to US$125.97 billion by 2028, indicating a CAGR of 10.07% during the forecast period from 2023 to 2028.\nWith China accounting for approximately 60% of the world's total vegetable production, 30% of fruit and meat production, and 40% of eggs and aquatic products, the need fo...