India Refrigerated Transport Market to Grow at 7.63% CAGR, Reaching USD 6.17 Billion by 2028

The India Refrigerated Transport Market is experiencing substantial growth, with its value estimated at USD 3.70 Billion in 2021, and it is projected to reach USD 6.17 Billion by 2028, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 7.63% over the forecast period. This growth is driven by the surge in demand for refrigerated transportation services, primarily to preserve and transport perishable goods.

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The roots of refrigerated transportation can be traced back to the 1800s when cargo transporters began using ice and salt to preserve temperature-sensitive items in train wagons. Over the years, this concept evolved and led to the development of refined refrigerated transportation modes. The modern cold chain logistics industry emerged as a result of continuous technological advancements.

A Growing Necessity for Refrigerated Transport

Refrigerated transport is no longer an option but a necessity, especially for the transportation of perishable goods, including vegetables, fruits, meats, and sausages. It ensures the quality and freshness of these goods during transit. The food and beverage and meat industries heavily rely on refrigerated transport.

Driving Forces Behind the Growth

The robust growth of the India refrigerated transport market can be attributed to several key factors:

Established Logistics Industry: India boasts a well-established logistics sector, contributing significantly to the country's GDP. A share of 15% of India's GDP is attributed to the logistics and transportation industry, showcasing its vital role in the economy.
Improved Highway Infrastructure: As of August 2021, the total length of National Highways in India reached 1.4 lakh kilometers. With the construction of an average of 37 kilometers of highways per day in FY 2020-21, India's highway infrastructure has witnessed substantial improvement, facilitating the growth of refrigerated transport services.
Thriving Food Processing Industry: The food processing industry in India is considered a sunrise sector and is expected to reach USD 470 billion by 2025. It accounts for around 20% of the Gross Value Added (GVA) of the Indian economy's agriculture and allied sector. The growing production of milk, fruits, and vegetables further augments the demand for refrigerated transport services.
Expanding Mega Food Parks: Currently, there are 22 operational mega food parks in India, with an additional 41 in the pipeline. These mega food parks rely extensively on refrigerated transport services, further boosting the market.
Challenges and Opportunities

Despite the significant growth potential, the market does face certain challenges. The high cost of repair and maintenance of refrigerated vehicles can be a hindrance. However, evolving refrigeration technologies for transport offer new opportunities for growth. For instance, Daikin's carbon-cutting cold containers for land transport are set to launch soon in key markets, including India.

Key Market Players

The India refrigerated transport market is highly competitive, with several key players vying for a considerable share of the market. Some of the major companies operating in India offering refrigerated transportation services include Snowman Logistics Limited, Golden Highway Goods Carrier Pvt. Ltd., Krish Logistics Corporation, Satellite Cargo Connexion, Tropicana Logistics Private Limited, VCON, and TCIEXPRESS LIMITED.

Looking Ahead

The refrigerated transport market in India is poised for continued growth, primarily driven by the thriving food industry, improved transportation infrastructure, and the expanding mega food park network. Market players are expected to focus on acquisitions, mergers, partnerships, and collaborations to strengthen their positions and explore new opportunities.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for India Refrigerated Transport Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in India Refrigerated Transport Market

Chapter 4. India Refrigerated Transport Market by Application

4.1. Chilled Food Products

4.1.1. Milk

4.1.2. Bakery & Confectionery Products

4.1.3. Dairy Products

4.1.4. Beverages

4.1.5. Fresh Fruits & Vegetables

4.2. Frozen Food Products

4.2.1. Ice Cream

4.2.2. Frozen Dairy Products

4.2.3. Processed Meat

4.2.4. Fish & Seafood

4.2.5. Bakery Products

Chapter 5. India Refrigerated Transport Market by Transport

5.1. Refrigerated Road Transport

5.2. Refrigerated Sea Transport

5.3. Refrigerated Rail Transport

5.4. Refrigerated Air Transport

Chapter 6. India Refrigerated Transport Market by Technology

6.1. Vapor Compression Systems

6.2. Air-blown Evaporators

6.3. Eutectic Devices

Chapter 7. India Refrigerated Transport Market by Temperature

7.1. Single-temperature

7.2. Multi-temperature

Chapter 8. Company Profiles

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of India Refrigerated Transport.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2028.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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