India Refrigerated Transport Market
India Refrigerated Transport Market Size Set to Expand at Significant CAGR of 7.37% Reaching USD 26.74 Billion by 2030
Published | 04 January 2024
India Refrigerated Transport Market is flourishing because of the growing food and beverages industry and an increasing demand for frozen products.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Refrigerated Transport Market size at USD 17.45 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Refrigerated Transport Market size to expand at a significant CAGR of 7.37% reaching a value of USD 26.74 billion by 2030. Major growth drivers for the India Refrigerated Transport Market include the thriving cold chain logistics sector and the rising food retail services. Increased consumer preference for frozen, chilled, and processed foods, driven by busy lifestyles, contributes to market growth. The availability of frozen food products through various distribution channels enhances the use of refrigerated trucks for supply applications. The healthcare sector's growth and the need for safe transportation of temperature-sensitive biopharma products further drive market expansion. Investments in advanced medical facilities and research labs boost the requirement for refrigerated trucks. The growth of hybrid refrigerated trucks with phase change material (PCM) technology is expected to offer improved energy efficiency and operational features in India. However, high initial investment and energy consumption are anticipated to restrain the overall market growth during the period in analysis.
Opportunity - Advancements in temperature-controlled transportation
To ensure the effectiveness and safety of biopharmaceutical products, it is imperative to store and transport them in controlled environments due to their temperature sensitivity. The adoption of proper temperature-controlled transportation methods, including refrigerated transports, has become essential to mitigate shipment losses and incidents. The biopharmaceutical industry is witnessing growth, driven by advancements in refrigerated transport technology and reduced shipping costs. In response, many biopharmaceutical companies are exploring international trade opportunities to enhance their revenue. The rising demand for temperature-controlled storage and transportation containers is particularly notable in the handling of biologics, cellular therapies, vaccines, and blood products.
Impact of COVID-19 on India Refrigerated Transport Market
COVID-19 pandemic adversely affected the India Refrigerated Transport Market. The stringent lockdown measures implemented to curb the virus's spread resulted in a decreased need for refrigerated transportation services. Key sectors like food and pharmaceuticals, which heavily rely on refrigerated trucks, experienced supply chain interruptions, adversely affecting the market. Furthermore, the temporary closure of hospitality establishments, including hotels, restaurants, and catering services, contributed to a decline in the demand for refrigerated transportation. Despite these challenges, as restrictions gradually lift and economic activities resume, the market is poised for recovery, driven by an upswing in demand for secure and efficient cold chain logistics in the post-pandemic period.
India Refrigerated Transport Market – By Temperature
Based on temperature, the India Refrigerated Transport Market is split into Single-temperature and Multi-temperature segments. The single-temperature segment is expected to hold a higher share in the India Refrigerated Transport Market by temperature during the forecast period. A refrigerator truck or van employed for transportation maintains a uniform temperature setting for all perishable goods on board. This type of refrigerated transport, known for its single temperature setting, proves advantageous for a wide range of products. Anticipated growth in the single-temperature segment is attributed to its application in transporting various items, including dairy products, pharmaceuticals, fruits, vegetables, meat, and fish.
Major players operating in the India Refrigerated Transport Market include Snowman Logistics Ltd, ColdEX Logistics, Fresh & Healthy Enterprises Ltd (Fresh World), ColdStar Logistics, Coldman Logistics, Gubba Cold Storage, Coldrush Logistics, V. G. Frozen Food Carrier, and Golden Highway Goods Carrier Pvt Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Refrigerated Transport Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Refrigerated Transport Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- India Refrigerated Transport Market, By Application (Chilled Food Products, Frozen Food Products); By Mode of Transport (Road Transport, Sea Transport, Rail Transport, Air Transport); By Technology (Air-blown Evaporators, Eutectic Devices); By Temperature (Single-temperature, Multi-temperature); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
Publish Date: January 2024
A spurring demand for frozen food products and thriving food & beverages and biopharma sectors are projected to propel the expansion of the India Refrigerated Transport Market during the forecast period between 2024 and 2030.
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