Cold storage real estate stock likely to reach 1,400–1,500 million sq. ft. by 2023: CBRE

According to the findings by CBRE the cold storage segment in India is expected to witness significant growth over the next few years on the back of a strong consumer and industrial base. Following the COVID-19 outbreak, the demand for cold storage is also being further fueled by a wider omni-channel distribution of F&G across tier I and tier II cities in the country. Further, the cold chain network would also play a vital role in reducing the loss of the produce and improving cold storage efficiencies.
States including Uttar Pradesh, West Bengal, Gujarat, Punjab Andhra Pradesh, Bihar, Madhya Pradesh, Maharashtra, Haryana and Karnataka accounted for 91 per cent the total CS capacity in India in 2019. The overall cold storage real estate stock in the country is estimated to reach 1,400 – 1,500 million sq. ft. by 2023. Anshuman Magazine, Chairman, India & South East Asia, Middle East & Africa, CBRE said, “Cold storage facilities play an integral role in improving the shelf life of products and are an important enabler for several industries working across fresh food production and delivery; along with healthcare and other products such as flowers and chemicals. Considering the potential of the CS segment in the country, we expect that consumer/industry-led factors in India would continue to attract the interest of leading players in the coming years.”