India decentralized cold storage market is expected to grow at an impressive rate during the forecast period. India decentralized cold storage is driven by the growing need to cut down agricultural produce wastage and improve the economic status of farmers. Additionally, supportive government policies & schemes, subsidies for promoting the use of renewable energy and vision of self-reliant India is further expected to propel the market growth through FY2026. Furthermore, the sudden outbreak and spread of pandemic COVID-19, lockdown and shut down of economy resulted in widening of demand-supply gap. The crops, fruits & vegetables, dairy products, among others produced on the agricultural lands were not able to reach the buyers or the markets due to economic shutdown and lockdown. This resulted in spoilage and wastage of perishable agricultural products such as fruits & vegetables, dairy products such as milk, curd, among others. This in turn drives the market growth in order to preserve and store surplus during difficult and unanticipated situations. Besides, use of decentralized cold storage provides opportunities to the farmers to sell their produce at the best prices, thereby providing financial stability to the farmers. This in turn is expected to fuel the market growth over the next few years.
The India decentralized cold storage market is segmented based on power solution, storage capacity, temperature type, application, company and region. Based on power solution, the market can be categorized into solar, biomass and others. Out of these, the solar power segment is expected to dominate the market owing to the abundant availability of solar energy. Additionally, benefits such as low maintenance, improvement of grid security, less electricity loss, among others associated with solar energy is expected to further drive the segmental growth. Also, all the available decentralized cold storages in the market are being powered by solar energy. Based on temperature type, the market can be split into chilled and frozen. Here, the chilled segment is expected to dominate the market since they are widely preferred and majorly used for storing perishable agricultural products such as fruits & vegetables, milk, eggs, dairy products, among others.
Major players operating in the India decentralized cold storage market include Cool Crop Technologies Pvt. Ltd., Ecozen Solutions, Bharat Refrigerations Pvt. Ltd., Promethean Power Systems, Tan90 and others.
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Years considered for this report:
Historical Years: FY2016-FY2019
Base Year: FY2020
Estimated Year: FY2021
Forecast Period: FY2022–FY2026
Objective of the Study:
- To analyze and estimate the market size of India decentralized cold storage market from FY2016 to FY2019.
- To estimate and forecast the market size of India decentralized cold storage market from FY2020 to FY2026 and growth rate until FY2026.
- To classify and forecast India decentralized cold storage market based on power solution, storage capacity, temperature type, application, company and regional distribution.
- To identify dominant region or segment in the India decentralized cold storage market.
- To identify drivers and challenges for India decentralized cold storage market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India decentralized cold storage market.
- To identify and analyze the profile of leading players operating in India decentralized cold storage market.
- To identify key sustainable strategies adopted by market players in India decentralized cold storage market.
The India decentralized cold storage market is segmented based on power solution, storage capacity, temperature type, application, company and region. Based on power solution, the market can be categorized into solar, biomass and others. Out of these, the biomass segment is expected to grow significantly during the forecast period owing to its reliability, renewability and ability to reduce waste. The agricultural waste can be used to produce biomass and can then be used as a power source for decentralized cold storage. Based on temperature type, the market can be split into chilled and frozen. Among these, the frozen food segment is expected to register significant growth in the market owing to the growing consumer preference for ready to eat and convenience food. This has led to an increase in demand for frozen food such as vegetables, fruits, (especially those which are not available in all seasons), meat products, among others.
Based on application, the market can be fragmented into dairy products, fruits & vegetables, meat products and others. Here, the fruits & vegetables segment is expected to dominate the market since they are highly perishable and generally have a shelf life of few days. Sometimes, the produced fruits & vegetables are unable to reach the buyers and get spoiled on their way. This in turn is expected to fuel the market growth through FY2026. Additionally, India is the second largest producer of fruits & vegetables in the world. Hence, increasing the need for their preservation for fulfilling the needs of country’s population and trade purposes is anticipated to fuel the market growth However, the dairy products segment is expected to register significant growth in the market. This can be accredited to the production and improvement in quality of dairy products, especially milk, which generally gets spoiled within 2-3 days.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of decentralized cold storage manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the decentralized cold storage manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the decentralized cold storage manufacturers, vendors and presence of all major players across the country.
TechSci Research calculated the market size of India decentralized cold storage market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Decentralized cold storage manufacturers, suppliers, distributors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to decentralized cold storage
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Mr. Ken Mathews
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