India’s Cold Storage Market Forecasted to Stand at US$ 8.57bn
This article discusses a forecast for the Indian Cold storage market.
Ryan Viegas, VP, Supply Chain & Procurement, Watson Pharma agrees that India is a growing economy with huge opportunities and for those who have the right approach success.
However he reminds: “In terms of threats to the market, there is limited awareness and knowledge about temperature controlled logistics. With respect to logistics there are several bottlenecks, constraints like lack of sufficient cold storage space at airports, ports with limited infrastructure in terms of roads, and limited availability of compliant cold trucks. Being a large country the distances between the manufacturing to the ports / airport and local warehouses are significant.”
Although, the cold storage market in India is currently in a state of growth according to the Cold Storage Market in India 2015-2020 research report and is expected to be worth US$ 8.57 billion by 2020.
Furthermore the pharma cold storage market in India is expected to grow at a CAGR rate of 16% in the next 5 years till 2020.
Source: Cold Chain IQ