With a project allocation of INR 9000 Cr by GOI, massive infrastructure development alongside technological push is expected to boost market growth in the next 5 years: Ken Research
The Agri-tech market is expected to witness a growth of 32% indicating a well versed adoption rate of technology in cold storage units & modernization of existing ones, says a report by Ken Research
1. Opening up of the sector and technological push is gearing up for unleashing the potential
Recent Trends in India Agricultural Cold Chain Market
The market is currently experiencing a technological push in terms of increasing technology adoption & modernisation of existing cold storage facilities. Cold storage operators with sound capacity & sizeable operations expressed willingness to upgrade their cold storage rooms with Controlled Atmosphere technology. Given the inherent benefits of technology, cold storage operators are looking to diversify clientele to export partners; fetching higher returns than normal market prices. Moreover, trends like entry of foreign players & increase in contract farming are some of the other trends that are being currently witnessed by the industry.
2. Technological and Warehousing developments could revolutionize the way cold logistics work in India.
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The market has witnessed increased technology adoption rate with technologies such as Remote monitoring systems (RMS) wherein an all-round check and SLA fulfilment by cold storage operators could be enabled at Wi-Fi enabled smartphone & the system takes away the pain of keeping check of temperature and humidity conditions. Other features such as ‘Portable cold storage solutions’ are also becoming the new trend.
3. The opportunity for technological inclusion in agricultural cold storage sector is anticipated to witness a surge in upcoming years.
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Trends such as adoption of CA Technology solar power systems & RMS alongside push by COVID-19 has geared up momentum for next 5 years along with the creation of massive opportunity for market growth. Moreover, backward integration by incumbents & rise of agri-tech startups solving industry problems fosters support from ecosystem participants. All in all, rising technological adoption is going to be witnessed in the upcoming years which is then expected to boost industry growth.
