Reduces spoilage & waste, improves product quality and ensures fresh, high-quality products for consumers in India is driving the Cold Chain Logistics Market.
According to TechSci Research report, “India Cold Chain Logistics Market – By Region, Competition, Forecast & Opportunities, 2028”, The main driving forces behind the growth of the Indian cold chain market are the rising demand for processed food products and the expansion of the retail and e-commerce sectors in the country. These factors suggest that the market value of the country’s cold chain logistics market is expected to increase at a healthy CAGR during the forecast period.
India is the world’s second-largest producer of fruits and vegetables, and the third-largest producer of milk, and it produces a sizable number of fish, meat, and poultry goods. However, there is significant food and agricultural product loss as a result of the nascent cold chain supply. According to the Food & Agriculture Organization, 1/3 of all food produced annually is lost, or around 1.3 billion tonnes. These losses might cost as much as USD 8 to 15 billion annually, according to estimates. To prevent these issues, the cold chain industry must grow. In addition to perishable foods, the pharmaceutical business is a significant industry that relies on a reliable cold supply chain network. A strong and well-maintained cold supply chain network is required for the transportation and storage of vaccines, life-saving medications, and other pharmaceutical raw materials.
The expansion of organized food retail as well as the increase in perishable food production and consumption in the country are driving the demand for cold chains. The majority of organized retail businesses are constructing sizable cold chain infrastructures to manage their supply chains effectively. Additionally, the region’s rising taste for processed food items and move toward the production of fruits and vegetables over grain crops considerably contribute to the industry’s expansion.
India s experiencing substantial growth in the demand for high-quality items as a result of rising consumer disposable income and an expanding middle-class population. The expansion of the sector in India is further aided by the country’s rapid urbanization and expanding industrialization.
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The government’s aim to build numerous mega food parks in addition to its favourable laws is giving the industry even more of a boost. The healthcare sector’s increasing need for efficient cold chain facilities to preserve heat-sensitive goods including vaccines, biopharmaceuticals, and clinical trial materials, among others, is driving the industry’s expansion. The vaccines, biopharmaceutical, and clinical trials industries in India are expected to increase, and this will lead to substantial demand for cold chain logistics over the forecast period.
The majority of the cold storage is situated near industrial sites . Industry sources estimate that India’s retail sales reached USD 630 billion in 2018, with 57% of that amount coming from small and medium-sized food vendors with minimal refrigeration and freezing equipment. However, as additional stores are opened by contemporary retailers with cold storage, the share of smaller businesses countrywide is expected to decline to 48% by 2023. This is because modern retailers with cold storage are expanding in major cities such as Mumbai and New Delhi.
The pharmaceutical and clinical trial industries in India are booming. India has emerged as the largest generic medication maker and supplier of 50% of the world’s vaccinations, with over 3,000 pharmaceutical businesses operating at over 10,000 production facilities. Pharmaceutical commodities are particularly sensitive to changes in temperature and the passage of time, therefore maintaining a cold chain is essential for this sector. The cold chain is greatly needed in the current situation when the safe supply of vaccines for mass vaccination against COVID-19 is of the utmost importance.
The cold chain segments have lately come into prominence as a result of the expansion of organised 3PLs, QSR, retail, e-commerce, and the food service sectors as a result of shifting consumer habits. To effectively manage their supply chains, companies must first establish a robust cold chain infrastructure since consumers today expect a wide range of fresh produce, including fruits, vegetables, dairy goods, meat, and poultry items. The current tendency is to create multifunctional cold storage and offer end-to-end services throughout the value chain.
To capitalize on growing consumer buying power and evolving consumer tastes, multinational corporations have recently started focusing on the Muslim market. For instance, The region countries include , Malaysia, Myanmar, Brunei, and India. Muslims make up more than 260 million people globally, with the majority residing in Singapore, Malaysia, the Philippines, Indonesia, India, Myanmar, and Brunei. Islamic travel, food, apparel, and cosmetics have gained popularity as a result of the numerous halal lifestyle events and campaigns that have taken place in the area during the past ten years.
Based on application type, the market is divided into seafood, meat, fruit & vegetable, dairy products, alternative protein, and others. The fruits & vegetables and dairy products application type is dominating with a healthy market share and is expected to maintain its dominance during the forecast period. India is currently the second-biggest producer of fruits and vegetables and the greatest producer of milk. Additionally, the region produces a significant amount of beef, poultry, and marine goods. These goods need a certain temperature for storage and transit because the majority of them are perishable and temperature sensitive. As a result, it is expected that the cold chain logistics industry is expected to grow during the forecast period.
Key market players in the India Cold Chain Logistics Market include:
- Gati Kausar India Pvt. Ltd.
- Snowman Logistics Pvt. Ltd.
- ColdEX Limited
- Stellar Value Chain Solutions Pvt. Ltd.
- Future Supply Chain Solutions Limited
- Schedulers Logistics India Pvt. Ltd.
- Gubba Cold Storage Pvt. Ltd.
- Kailash Agro Cold Storage
- Deccan cold storage I Pvt. Ltd.
- Dev Bhumi Cold Chain Pvt. Ltd.
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“The modernization of logistics has assisted the growth of the refrigerated logistics sector. The demand for cold chain logistics increased unexpectedly in India between 2020 and 2021. The need for cold storage and transportation has risen as a result of the growing urban population and changing customer preferences. Overall, it is expected that India’s cold chain capacity would expand steadily over the future years and increase at a very high CAGR throughout the forecast period. The market is anticipated to organize itself better and engage in more institutional investment. Built-to-suit assets with improved architectural requirements, variety in cold storage products catering to higher-value commodities, and usage of sustainable solutions for lowering operational costs are possible future trends in this industry. Therefore, these factors are expected to fuel the market growth of the India Cold Chain Logistics Market during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Cold Chain Logistics Market, By Service Type (Refrigerated Warehouse, Refrigerated Transportation), By Application (Seafood, Meat, Fruit & Vegetable, Dairy Products, Alternative Protein, Others), By Temperature Type (Frozen, Chilled), By Technology (Dry Ice, Gel Packs, Eutectic Plates, Liquid Nitrogen, Quilts), By Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of India Cold Chain Logistics Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Cold Chain Logistics Market.
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