The cold storage business is one of the most vital parts of any supply chain. It ensures that your products are stored at a temperature that is cool enough to keep them fresh and preserved, but not so cold that they will freeze and ruin your products. Because of this, cold storage is required by almost every supply chain, which has led to an increased demand for refrigerated trucks and containers. The world is changing. We are seeing demand for more locally sourced food and products, as people seek to experience and purchase products that are grown, made, and packaged in ways that are more environmentally friendly and sustainable. This desire to buy from local businesses has led to an increase in the number of food and product businesses opening in the cold storage industry.
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Why the demand for the cold storage business is high?
Around 15,000 cold storage units cater for an estimated 80% of commercial food storage needs in India.
- Advancement in technology – Demand for cold storage businesses has been on the rise with the growing popularity of ultramodern refrigerated transportation systems, which have made it possible to store high-quality food at a reduced cost within a relatively short time frame, thanks to the cold chain.
- Perishable food market – Demand for cold storage is high due to the rise in the food and perishables market. This demand is expected to scale up with growth prospects in the retailing sector.
- Demand for packaged food – It could be attributed to the growing demand for fresh food, a spending shift from packaged foods to home-delivered foods, and urbanization. Cities like New Delhi, Mumbai, and Bangalore are also witnessing an increase in the number of food trucks and have crowded the streets with new food trucks.
Cold storage business growth in the coming time
- The cold storage sector in India grew at a CAGR of around 16% between FY2016 and FY2018.
- The cold storage sector is expected to grow significantly high over the next five years.
- Factoring in the growth of e-commerce, cold storage services are expected to reach USD 500 billion by 2022, growing at a CAGR of 35% for the next five years.
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How small businesses can make a profit?
Cold storage business profit refers to the profit generated from selling the products that remain at the cold storage facility at the end of the day.
- Cold storage business profit can be a great source of income for small business owners because it is a product that is on hand at any moment, and it requires minimal investment with a potentially high return.
- Since cold storage business profits are linked to deliveries and efficiencies, they can provide a clear return on investment with little effort.
Government Plan of Action
- With the scheme for Cold Chain, Value Addition, and Preservation Infrastructure, the Ministry of Food Processing Industries assists in the development of cold chain infrastructure, including cold storage facilities.
- The Creation/Expansion of Food Processing and Preservation Capacities (CEFPPC) Scheme – To increase the level of processing and value addition, the Scheme aims to create and expand processing and preservation capacities.
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- It also aims to modernize and expand existing food processing units.
- As part of their processing activities, each unit carries out a wide range of post-harvest processes to add value to the product or enhance the shelf life of the product using specialized facilities required for perishable product preservation.
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