Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Cold Chain Logistics India Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The India Cold Chain Logistics Market size is expected to grow from USD 9.75 billion in 2023 to USD 12.85 billion by 2028, at a CAGR of 5.67% during the forecast period (2023-2028).
The rising demand for perishable goods has been propelling market growth. Furthermore, due to a shift in consumer behavior, e-commerce and online shopping of pharmaceuticals are driving the market.
Key Highlights
The Indian cold chain industry is still in its infancy, making it one of the most promising fields in the cold chain warehousing and logistics industry. India is on track to become the world's fifth-largest economy by 2027. As a well-established key player in the global market, investment in India's supply chain infrastructure is expected to rise year on year.
Fortunately, the Indian government is a driving force in developing the cold chain industry, and it encourages private participation through various subsidy schemes and grants. The Ministry of Food Processing Industries (MoFPI) launched a program dedicated to cold chain, value addition, and preservation infrastructure.
India is the world's largest producer of milk and the second largest producer of fruits and vegetables, and it produces a significant amount of seafood, meat, and poultry. However, due to the inexperienced cold chain supply, food and agricultural products are significantly lost. According to the Food and Agriculture Organization, approximately 1.3 billion tonnes of food are lost yearly, accounting for one-third of total food production.
These losses are estimated to be between USD 8 and USD 15 billion annually. To avoid these issues, the cold chain sector must be developed. Aside from perishable food, the pharmaceutical industry is another critical sector that relies on a reliable cold supply chain network. Vaccine storage and transportation, life-saving drugs, and other pharma raw material a robust and well-managed cold supply chain network.
Consumer behavior and purchasing habits have shifted dramatically in the last two years as the world has experienced its worst health crisis in history. There is an increasing demand for digital and home-delivered shopping and a greater understanding of pricing and eco-friendly, healthy, and locally sourced products. India should be encouraged to make better use of its cold chain equipment.
The rising demand for processed foods is significantly driving the growth of the perishable goods transportation market, though factors such as food safety may impede the market growth.
India Cold Chain Logistics Market Trends
Increase in pharmaceutical supply through e-commerce driving the market
Several factors are driving the Indian E-pharmacy market. Aside from budget-friendly and reasonable items, these drug stores additionally offer some value-added items and administrations, for example, arrangements for a specialist discussion (E-counsel) and E-symptomatic administrations.
These administrations are assisting these organizations in becoming a total medical care specialist cooperative, particularly in areas where specific specialists are inaccessible or travel for discussions is required for patients. Different E-medical services provided by the government, such as Ayushman Bharat, provide financial assistance by expanding the reach of insurance plans to remote areas, feasible services, and doorstep conveyance in a short time, thereby increasing the popularity of web drug stores over disconnected retail drug stores among purchasers.
Increase in cold storage spaces in the country driving the market
India produces over 400 million MT of perishable food each year. It is also the world's largest producer and consumer of dairy products and the world's second-largest producer of fruits and vegetables. However, up to 40% of the country's food gets spoiled in its supply chain.
This directly impacts our farmers' income, the vast majority of whom are already struggling to make ends meet. Aside from perishable food, the pharmaceutical industry is another critical sector whose smooth operation depends on an efficient cold supply chain network. Life-saving vaccines that are stored, transported, and delivered are critical to the sector and need a robust and well-managed cold supply chain network.
India's cold storage capacity in 2021 is estimated to be 37-39 million tonnes. According to official statistics, the country has about 7,645 cold storage facilities, with potatoes accounting for 68% of the capacity and multi-commodity cold storage accounting for 30%.
Another recent study by the Central Institute of Post-Harvest Engineering and Technology (CIPHET) found that India wastes a whopping 16% of its fruits and vegetables yearly due to a lack of cold chain infrastructure. According to experts, the Indian perishable market requires 1.5 to 2 lakh reefer trucks to meet the perishables movement needs within the country.
A selection of companies mentioned in this report includes
- Gati Kausar India Pvt Ltd
- Snowman Logistics Pvt Ltd
- ColdEx Logistics Pvt Ltd
- Stellar Value Chain Solutions Pvt Ltd
- Future Supply Chain Solutions
- M.J. Logistics Services Ltd
- Fresh and Healthy Services Ltd
- R.K. Foodland Private Ltd
- Gubba Cold Storages Ltd
- Cold Star Logistics Pvt Ltd*
For more information about this report visit https://www.researchandmarkets.com/r/jl2baw
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