BURNABY, British Columbia, September 3, 2014 /PRNewswire/ --
Rising Share of Organized Retail, Growing Food Processing Industry and Increasing Agricultural Produce to Drive Cold Chain Market During 2014 - 19
The Indian cold chain market is offering untapped growth opportunities to both domestic as well as international players. The country is emerging as one of the potential markets across the globe due to high agricultural and horticultural produce as well as rising food consumption levels. Rise in share of meat and marine product exports are also offering immense scope for investors to reap rich dividends within the cold chain market in India. Besides storage and transportation of food products, pharmaceutical and chemical industries in India are also creating significant need for cold chain services, including cold stores and temperature controlled vehicles, for transportation of vaccines and other medical products.
According to a recently published report by TechSci Research "India Cold Chain Market Forecast & Opportunities, 2019", the Indian cold chain market is projected to register a CAGR of around 23.88% during 2014-19, in revenue terms. The country's cold chain market is anticipated to grow at a rapid pace on account of rising food exports, private investments and favorable initiatives undertaken by the Indian government to boost cold chain infrastructure in the country.
The report reveals that more than half of the total cold storage capacity in India is dominated by potatoes. Most of the multipurpose cold storage facilities are also dedicated towards potato storage due to its high consumption, especially in North India. Uttar Pradesh and West Bengal together cumulatively accounted for around 57% of the available cold storage capacity in India, followed by Maharashtra, Punjab, and Gujarat. Major organized players such as Snowman Logistics, GATI Kausar, MJ Logistics, RK Foodland are expected perform well over the next five years due to rising investments in cold storage facilities and expansion of reefer fleet size. The market is also witnessing an increase in the number of cold chain equipment, with various manufacturers entering the Indian market.
"Around 91% of cold chain market in India is unorganized. With government bringing cold chain under the ambit of infrastructure sector in 2011-12, the country's cold chain market is poised to witness significant upsurge in future.", said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
"Snowman Logistics, Kelvin Cold Chain, GATI Kausar are the leading companies operating in the Indian cold chain market. However, many new entrants are expected in the coming years due to 100% FDI, relaxation in duties and financial assistance provided by the government to the investors.", added by Mr Chechi.
"India Cold Chain Market Forecast & Opportunities, 2019" has evaluated the future growth potential of India's cold chain market and provides statistics and information on market structure, consumer behavior trends. The report includes cold chain market's projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in cold chain market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research