ShareIndia’s cold storage market
The cold storage market in India is currently experiencing growth and is expected to be worth USD 8.57 billion by 2020.
The cold storage market in India is currently growing according to the Cold Storage Market in India 2015-2020 research report and is expected to be worth USD 8.57 billion by 2020.
Furthermore the pharma cold storage market in India is expected to grow at a Compound annual growth rate (CAGR) rate of 16% in the next 5 years till 2020.
Saddam Huq QA, Senior Manager, Global Logistics and Cold Chain at GSK Vaccines in Belgium notes: “India, viewed as one of the key growth markets, recognized its weak link by improving its provision at major airports, including Mumbai and Hyderabad, but cold chain facilities still pose a barrier with the unstable power supply to the development of the market in the country.”
The report states that the cold storage market in India is highly fragmented with more than 3,500 players in the unorganized sector and around 30 players in the organized sector.
India currently has 6,156 cold storage facilities across various states with a total capacity of 28.68 million metric tonnes which is insufficient – according to the report. Due to a lack of cold storage facilities, India has a wastage of more than 450 million metric tonnes every year which generates a huge amount of loss, and leads to a shortage in the overall generation capability.
The refrigerated transportation market which is the largest contributor to the cold storage market in India is expected to grow at a CAGR rate of 17% in the next 5 years.
In regards to the ascent of the Asian market, Saddam notes: “We see this trend as major Biotech Companies have strategically entered in partnership agreements with local pharmaceutical companies or set up manufacturing plants supplying the local markets. Alternatively, we also see strong ambitions from local Manufacturer’s in India such as ‘Serum Institute of India’ that are supplying vaccines to WHO globally.”
Source: Cold Chain IQ
Furthermore the pharma cold storage market in India is expected to grow at a Compound annual growth rate (CAGR) rate of 16% in the next 5 years till 2020.
Saddam Huq QA, Senior Manager, Global Logistics and Cold Chain at GSK Vaccines in Belgium notes: “India, viewed as one of the key growth markets, recognized its weak link by improving its provision at major airports, including Mumbai and Hyderabad, but cold chain facilities still pose a barrier with the unstable power supply to the development of the market in the country.”
The report states that the cold storage market in India is highly fragmented with more than 3,500 players in the unorganized sector and around 30 players in the organized sector.
India currently has 6,156 cold storage facilities across various states with a total capacity of 28.68 million metric tonnes which is insufficient – according to the report. Due to a lack of cold storage facilities, India has a wastage of more than 450 million metric tonnes every year which generates a huge amount of loss, and leads to a shortage in the overall generation capability.
The refrigerated transportation market which is the largest contributor to the cold storage market in India is expected to grow at a CAGR rate of 17% in the next 5 years.
In regards to the ascent of the Asian market, Saddam notes: “We see this trend as major Biotech Companies have strategically entered in partnership agreements with local pharmaceutical companies or set up manufacturing plants supplying the local markets. Alternatively, we also see strong ambitions from local Manufacturer’s in India such as ‘Serum Institute of India’ that are supplying vaccines to WHO globally.”
Source: Cold Chain IQ