An increase in demand for cold storage solutions from pharma and other segments is expected to help the Indian cold chain market to post a 17 per cent growth in 2021 to Rs 1.7 trillion, according to market research firm IMARC Services. In addition to the demand for cold storage to house Covid-19 vaccines, cold chain service providers and logistics players are witnessing a surge in demand from pharma and allied industries.
Growth next year comes on the back of robust 16 per cent estimated annual growth over the last five years (2015-2020) with volume growth in the period pegged at 4.4 per cent. By the end of 2020, the cold chain market is expected to have a volume capacity of about 41 million tonnes.
While the growth this year is expected to come from the rolling out of the Covid-19 vaccines (advance orders), the wider reach of the government immunisation programme and the increasing requirement from online grocery platforms aided the growth of the sector over the last few years.
Currently, healthcare products account for a share of 3.6 per cent in the overall Indian cold chain market,