The sectors that demand rental and installation services of refrigeration systems are the food industry, hotels, supermarkets, restaurants, and pharmaceuticals.
Some of the companies that dominate the market are the Leaho plant, which reported a growth of 300% over the past five years, Refritec, pointing to annual sales growth of 18%, Frionet Corporation SA has increased its capacity by 400 % and Cenada National Refrigeration Network which is the only public institution specialized in the sector.
In the last four years $80 million has been invested in the installation or expansion of Micro-storage centers, together with recent growth in demand.
Prensa.com reports that "migration of pensioners, both in North America and Europe, and the arrival of more investors to Panama and the small sized apartments and offices, have created the need to build warehouses or Micro-storage centers for goods that are not in use or that people want to keep. "
Galores Cold Storage has inaugurated the first logistic service for storage of refrigerated and frozen perishable foods, under the In Bond regime.
‘In bond’ is a term applied to the status of merchandise admitted provisionally to a country without payment of duties -- either for storage in a bonded warehouse or for trans-shipment to another point, where duties will eventually by imposed.
An industrial facility dedicated to cold storage of food products.
More precisely, we define a Refrigerated Warehouse as an industrial complex comprising premises, facilities and equipment permanently or temporarily dedicated to storing refrigeratedfood and may constitute in itself an autonomous refrigeration industry, be annexed to another larger center or have annexs to its activity.
Although investments in this sector in recent years have exceeded $50 million in Panama, there is still unmet demand for storage solutions which are more or less temporary.
Almacenajes Mini-Depósitos, MegaStorage and Galores are some of the companies that provide storage services in Panama, offering solutions ranging from small boxes that are rented for $9.99 a month, to entire floors measuring 100 square meters.
Galores Cold Storage is investing $30 million in building a refrigerated storage facility in east Panama.
The facility will be located in the area of Las Mañanitas, near Tocumen International Airport, and will have capacity for 900 40 foot containers.
Pa-digital.com.pa reports that, "the new center aims to attract 60% of its customers locally and the remaining 40% from companies needing to distribute chilled merchandise via Panama to other parts of the world".