Market Forecast By Facility (Cold Rooms/ Refrigerated Warehouse, Controlled Atmosphere Storage), By Component ( Compressor, Evaporator, Condenser, Insulation Material, Racking and Shelving Systems, Others (electronic temperature controllers, refrigeration controls etc.)), By Compressor Type, Reciprocal, Screw/ Rotary Screw, Scroll, Others (Centrifugal, Scroll Hybrid, Variable Speed Compressor etc.)), By Evaporator Type ( Vertical, Centre, Ceiling Concealed, Others (Ducted, Floor Mounted etc.)
| Product Code: ETC5928335 | Publication Date: Apr 2024 | Updated Date: Jan 1970 | Product Type: Report | |
| Publisher: 6Wresearch | No. of Pages: 85 | No. of Figures: 17 | No. of Tables: 9 | |
The India Cold Storage Market have experienced substantial growth recently, propelled by increasing demand for dairy and frozen foods, as well as the burgeoning pharmaceuticals and healthcare industries. India's remarkable contribution to global milk production, which saw a 58% surge over nine years to reach 230.58 million tonnes in 2022-23, contributing around 25% in the global milk production, underscores the imperative need for efficient cold storage facilities in the dairy sector to maintain product quality. Currently, India has over 10,000 fully frozen vehicles and roughly 8,000+ cold storage with a collective capacity exceeding 32 million metric tons, with approximately 70% dedicated solely to single commodities, predominantly potatoes.
According to 6Wresearch, India Cold Storage Market is projected to grow at a CAGR of 11.7% during 2024-2030. The India Cold Storage Market is anticipated to flourish in the forecast period attributed to government initiatives such as PM Kisan Samman Yojana and others coupled with burgeoning necessity of cold storage rooms in agriculture sector to avoid post-harvest losses which accounts for around 28% of the total food produce owing to lack of proper storage conditions. Moreover, as per National Centre for Cold Chain Development (NCCD), India requires 35-40 million metric tons of cold storage but only has about 32 million metric tons of such storage space, thus creating potential opportunity for cold storage expansion in the country. Furthermore, stringent regulations and quality standards, such as the Food Safety and Standards Authority of India (FSSAI) guidelines, mandate proper storage and handling of perishable goods, thus further fueling the India Cold Storage Market Growth.
By Facility Type, Cold room/refrigerated warehouse is likely to dominate the market driven by the burgeoning production of food grains and dairy items. For instance, Milk production is likely to grow at over 6%, likely to reach $602.9 billion by 2032, currently contributing around 5% to the economy.
By Component, Compressors are anticipated to dominate the India cold storage industry during the forecast period, attributed to it being a crucial component responsible for compressing the refrigerant gas, raising its pressure and temperature, which allows for effective heat transfer and cooling within the storage space, resulting in widespread adoption and acceptance as the core component of refrigeration systems.
Market Segmentation by Compressor TypeBy Compressor Type, the reciprocal compressor is likely to dominate the market attributed to reciprocating its lower initial costs and maintenance expenses as compared to screw/rotary screw and scroll compressors making them a preferred choice especially for small and medium-sized cold storage facilities, which constitute a significant portion of the market in the country.
The report provides a detailed analysis of the following market segments:
