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India’s Cold Chain Market to Touch $9bn by 2015

13 May 2014

INDIA - With an annual growth of 20 per cent to 25 per cent since 2009, Indian cold chain market will become $9 billion market by 2015.

In 2009, India’s cold chain market capaitalization was just $3.2 billion, PHD Chamber of Commerce and Industry (PHDCCI) said in a findings.

The finding also said, despite having persuasive policies to woo investments to promote its food processing to optimally harness its potential across the country in the last couple of years, India has not been able to progress to put up cold chains as desired to harness its food products.

Of the 7000 multi-purpose cold store capacity created by India so far, 92.82 per cent are only suitable to store potato products, 1.07 per cent for fruit and vegetables, whereas cold storage capacity for fish stays at 0.73 per cent and that of meat, it remains suspended at 0.15 per cent, diary and milk product 0.68 per cent and others at 0.36 per cent, Sharad Jaipuria, president of PHDCCI said in a statement.

According to current status of cold stores, their total capacities have reached 31 million tonnes even though India allows 100 per cent Foreign Direct Investments (FDIs) in setting up of its cold chains with proposed futures’ 30 mega food parks to propel demand for cold storage and transportation.

Due to lack of cold storage facilities and energy infrastructure, 30 per cent of fruit and vegetables grown in India get wasted and only 8 per cent of the produce is processed, the chamber said.

PHDCCI also recommended that India needs smart food supply chain in which 25 per cent of its total food production is processed in next few decades for which both the central and state governments should collaborate to bring in investments with much more flexible policies that are aggressively industry and consumer friendly.

In addition, agriculture reforms are must and amendment to existing act such as agriculture marketing produce act is absolutely called for on priority basis, the chamber stressed.

 

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