Indian cold chain and refrigeration market to grow more than double by 2027

REFCOLD, South Asia’s largest exhibition and conference on cold chain and refrigeration industry solutions, held in Gandhinagar

The 5th edition of REFCOLD India, South Asia’s largest exhibition and conference on refrigeration and cold chain industry solutions, commenced at the Mahatma Mandir in Gandhinagar on 8th December, till 10th December.

REFCOLD India is an initiative of The Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), which has over 46 chapters and nearly 30,000 professional members in India, and is also launching international chapters in Nepal, Sri Lanka, Kenya and Abu Dhabi. REFCOLD India has brought together all sections of the refrigeration and cold chain industry and is the only exhibition focusing on industrial refrigeration along with cold chain and reefer transportation.

The Refrigeration and Cold Chain industry is growing at a fast rate due to the shift in focus from increasing production to better storage to reduce wastage of agricultural produce and other perishable products. India is home to the largest cold storage capacity in the world, with 8200 cold storages and 36 million tonne capacity, but the current infrastructure is not enough.

“Refrigeration and cold chain occupy a very important space in our day-to-day lives and various industries such as healthcare, agriculture, hospitality, pharmaceuticals, and many more. It is estimated that 69 million tonnes of food, worth Rs. 92,000 crore is wasted in India each year. The refrigeration and cold chain industry can play an important role in preventing wastage and ensuring food security,” said NS Chandrasekar, National President of ISHRAE.

The global cold chain market is expected to grow from $4.4 billion in 2020 to $13.8 billion by 2028 at a CAGR of 15.8%. The Indian cold chain market is expected to more than double from Rs 1.28 lakh crore in 2022 to Rs 2.86 lakh crore in 2027, a CAGR of 14.3%.

In his address, RS Sodhi, MD, Gujarat Cooperative Milk Marketing Federation (GCMMF), said, “The refrigeration and cold chain industry is making an immense contribution to the rural economy. Amul and the dairy industry owe their existence and growth to refrigeration and cold chain solutions. For the dairy sector, refrigeration and energy cost is very big. The refrigeration industry should look at ways to make energy-efficient refrigeration systems. There is also a need to make environment-friendly solutions.”

This event also witnessed the signing of a Memorandum of Understanding between ISHRAE and the United Nations Environment Program (UNEP). It is a significant development that an Indian society has joined hands with UNEP for the betterment of the environment.

The exhibition attracted more than 120 exhibitors from India, Italy, USA, Denmark, Germany, and other countries, who are showcasing the best products in refrigeration and cold chain sectors. More than 10,000 visitors from food manufacturing & supply, meat and dairy, frozen and chilled foods, wholesale distribution & retail, reefer transportation, pharma & healthcare, ports, shipping companies, and other sectors visited REFCOLD India.