Market Trends of United Kingdom Cold Chain Logistics Industry
Brexit Pushing the Demand for Refrigerated Transportation
After a no-deal Brexit, it will be very hard for the UK to meet the needs of its people, since the EU is one of its main trading partners in the food and drink industry.To get more exporters, the country has cut the taxes on agricultural products from outside the Union.
The European Union is by far the biggest importer of meat, beef, seafood, and drinks from the United States.For the nation, developing a market outside the Union will be a difficult undertaking.
Potential trading partners for the nation include nations like Chile, Australia, and Africa. However, these nations are farther away from the EU than the UK, making trade with them difficult and necessitating cutting-edge cold chain services.
Along with the food and drink industry, the pharmaceutical industry will also have problems due to the possibility of drug shortages. Several big drug companies, like Bayer, Novartis, AstraZeneca, and GSK, have taken steps to make sure they have enough medicine. For example, the leading diabetes pharmaceutical companies in Europe, Novo Nordisk and Sanofi, are hoarding insulin in Britain, which is driving up the need for cutting-edge cold storage facilities.
Growth In Pharmaceutical Sector
According to Association of the British Pharmaceutical Industry, Customers in the UK spent close to USD 13.25 billion on pharmaceuticals in 2021. The sales value of pain relief products sold over-the-counter (OTC) increased by 5.2 percent from the previous year. Most of the time, pain relievers, vitamins and minerals, and cough and cold medicines are the three most profitable types of over-the-counter (OTC) products.
The two biggest pharmaceutical companies in Britain are AstraZeneca, which is based in Cambridge, and GlaxoSmithKline, which is based in London. Based on market capitalization, GlaxoSmithKline held the top spot for a while among UK pharmaceutical firms. Even so, AstraZeneca saw a considerable increase in sales as a result of working with an Oxford University team to create the COVID-19 vaccine. According industry reports, AstraZeneca was said to have a market capitalization of over 170 billion British pounds as of November 2022.
