India Container Market is expected to register the highest CAGR over the forecast period

Posted on 2022-12-06 by researchinsights in Industrial // 0 Comments

India Container Industry Overview

The India container market size is anticipated to reach USD 10.3 billion by 2028, registering a CAGR of 1.7% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. Factors such as the growing demand for cargo transportation through ships, increasing trade-related agreements, rising demand for specialized shipping containers by the defense department, and digitalization in container shipping are driving the demand for containers.

India Container Market Segmentation

Grand View Research has segmented the India container market based on product and end use:

Based on the End-use Insights, the market is segmented into Food & Beverage, Consumer Goods, Industrial Goods, Healthcare, and Others

The end-use segment is further divided into food and beverage, consumer goods, industrial goods, healthcare, and others. The consumer goods segment holds a significant market share in 2020. Consumer goods primarily include electronic devices, toys, and furniture, among other goods that are transported through shipping containers. Steady growth in the import of consumer goods is expected to drive the demand for containers in various end-use industries.
The food and beverage segment is expected to register the highest CAGR over the forecast period. This segment involves the transport of food items and beverages such as alcohol and spirits, vinegar, food ingredients, pulses, vegetable oil, frozen fruits, sauces, jams and jellies, and preserved seafood. Perishable food items and beverages deteriorate quickly if exposed to humidity or extreme temperature. Reefer containers play a vital role in the transportation of perishable food items as they offer exceptionally large storage space for cooling while easy to transport and can be placed in many locations.

Based on the Product Insights, the market is segmented into 20 Feet, 40 Feet, 45 Feet

The product segment is further divided into 20 feet, 40 feet, and 45 feet containers. The 40 feet segment dominated the India container market in 2020, accounting for more than 50% share of the overall revenue. These containers are the largest of the standard size containers, others being 20 feet and 10 feet containers. They are typically constructed from metal and are suited for storage purposes at homes, offices, and apartments, among others. Being double the size and capacity of 20 feet containers, the 40 feet containers carry more cargo at once, representing an efficient and economical option for storage and transportation.
The 20 feet segment is anticipated to register the second-highest CAGR over the forecast period. These containers can be used for shipping, storage, and conversion for multitudes of purposes. They are built to withstand rough conditions of the open sea, which makes them highly durable. Moreover, they are far more convenient in terms of handling and lesser expensive than the 40 feet containers. However, their lower storage capacity compared to 40 feet containers is expected to hinder the segment growth.

Key Companies Profile & Market Share Insights

Currently, India has a large number of shipyards, which can be arrayed to manufacture containers. Also, some Indian steel companies are developing plans to enter the container market space.

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