Cold chains provide storage and distribution services for temperature-sensitive products. Depending on the nature and purpose of storage applications, cold chains have been categorized as frozen (< -18℃), chilled (ranging between 0℃ and 10℃), mild chilled (ranging from 10℃ to 20℃), and normal (>20℃) storage.
Market insights:
The cold chain market in India was valued at INR 1.54 Trn in 2020 and is expected to reach INR 4.09 Trn by 2026, expanding at a compound annual growth rate (CAGR) of ~17.80% during the 2021 - 2026 period. 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 fueling 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. 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.
Segment insights:
Based on market component, India's cold chain market 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. Snowman, Kool-ex, Coldstar, Gati Kausar, and DHL Logistics are some of the leading players in the market which operate and manage both cold chain storage and logistics operations.
Impact of COVID-19:
The onset of the pandemic has aided the growth of the cold chain market in India. Apprehensions regarding contracting COVID-19 and the increasing demand for healthcare products and perishable food items are influencing the cold chain market in India. The increasing requirement for storage and transportation of COVID-19 vaccines has further propelled the growth of the market. Fruits and vegetables, dairy products, and animal products are the other market segments likely to have a moderate impact on the cold chain market in India.
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