Press Release
Press Release
The rising population and changing consumption patterns are increasing the adoption of fresh products, such as fresh fruits and vegetables and processed meat, milk, and other products. The need for efficiently transporting food products is aiding the Indian cold chain market expansion.
By 2026–2027, the Production-Linked Incentive (PLI) scheme is projected to have enabled the growth of food processing capacity by over INR 30,000 crore and generated extra employment possibilities, both direct and indirect, for roughly 2.5 lakh people. Additionally, India is the largest producer of milk, and in FY 2022–23, the country produced around 230.58 million metric tonnes of milk. Being perishable and temperature-sensitive, such products require cold chain logistics.
The growth of the food and beverage sector in India further drives the demand for cold chain logistics. In FY 2022-23, the total meat production in the country was 9.77 MT. Cold chain logistics helps reduce spoilage and waste as well as improve the quality of products. This further leads to cost savings and increased profits for businesses.
The expansion of cold chain fleets and the acquisition of such vehicles expand the cold chain market in India. In December 2023, AVG Logistics (NSE: AVG) acquired over 50 cold chain vehicles from global multinational companies to strengthen its fleet operations. These vehicles were acquired after detailed due diligence and an assessment of vehicle quality and condition. This move aims to significantly improve AVG's capacity to provide recently agreed-upon long-term deals, including both dry and frozen items, with the biggest MNC FMCG company in India.
Figure: % share of Meat Production in top 5 States of India
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REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
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