Govt initiatives have helped improve cold chain systems
The cold chain market in India is expected to reach Rs.4.09 trillion by 2026, expanding at a compound annual growth rate (CAGR) of ~17.80% during the 2021-2026 period.
It was valued at Rs.1.54 trillion in 2020, said a report by ResearchAndMarket on 31 Oct 2022 on market prospects in India.
Increasing demand for cold storage facilities from the food, healthcare, and retail sectors, and the evolving lifestyle of consumers, mainly in terms of food habits and awareness about wellness, are the significant factors fuelling the growth of the cold chain market in India.
Also, several initiatives undertaken by the Indian government have helped to develop and improve cold chain systems in India and provide an impetus to the market, said the “Cold Chain Market in India 2021” report.
In 2020, the Indian government approved 27 integrated cold chain development projects under the Pradhan Mantri Kisan SAMPADA Yojana.
However, the high operating costs of cold chains and lack of standardization are some of the factors hindering market growth.
Based on market component, India’s cold chain industry is segmented into cold chain storage and cold chain logistics. As of 2020, the cold chain storage segment accounted for 44.50% of the total market share.
By the end of 2025, the cold chain storage segment is expected to hold a share of around 44.79% of the overall market.
Owing to the constant rise in demand from the retail and healthcare industries for temperature-controlled storage and transportation, the market shares of both segments are expected to change marginally during the forecast period, said the report.
The industry is led by:
Snowman Logistics Limited
Coldstar Logistics Private Limited
Crystal Logistics Cool Chain Limited
Gati Kausar India Limited
Gubba Cold Storage Private Limited
Kool-ex Cold Chain Limited
Seabird Logisolutions Limited
DHL Logistics Private Limited
Kuehne + Nagel Private Limited. fiinews.com
