Chest Freezers Market Forecasts and Growth, 2018-2028
The vast rise in growth opportunities in emerging economies, where the consumption of processed and frozen foods has seen an exponential rise in the past few years, has compelled companies operating in the global chest freezers market to re-orient their growth strategies and focus more on regions such as Asia Pacific, Latin America, and Middle East and Africa. The trend is expected to remain strong in the next few years as well, as rising disposable incomes, increased preference to ready-to-eat and ready-to-cook foods, and advancements in the infrastructure necessary for frozen foods drive the increased uptake of processed and frozen foods in these regions.
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The thriving fast-food industry across the globe and the rising numbers of quick service restaurants are also driving the increased demand for chest freezers globally. Owing to the rising demand, a number of new players have forayed into the market, focusing their growth strategies around emerging markets with large pools of untapped opportunities. Amid rising levels of competition, established players have amped up their R&D activities with the aim of developing innovative varieties of energy- and cost-efficient products to be able to serve a larger consumer base. The level of competition in the market is expected to remain intense in the near future as well.
Food Processing Applications to Augment the Growth of the Chest Freezers Market
With the changing dietary habits and fast-paced lifestyle, consumption of frozen and processed food has increased across the world. Refrigeration plays an important role in various food manufacturing processes. Rapidly growing food industry and increased demand for frozen food products is triggering the growth of the chest freezers market. Chest freezers are used by many food manufacturing companies, as well as food retailers, to store processed and frozen food products to improve their shelf life. Various features of chest freezers like powerful compressor, highly effective insulation, and optimally aligned refrigeration components are creating needs for chest freezers in the food industry. The growth of the chest freezers is mainly influenced by the increasing applications of chest freezers for the refrigeration of processed and frozen food products.
To capitalize on the surging demand for frozen and processed food products, manufacturers in the chest freezers are introducing technological advanced and more efficient chest freezers. Manufacturers are making use of advanced technologies, such as Internet of Things (IOT), and other electronic components, such as embedded sensors, to improve the functionality and energy efficiency of chest freezers. Smart chest freezers available in the market can automatically recognize the type and weight of the food stored in the freezer, while it can monitor and change the temperature of the freezer as per the need. Introduction of advanced human-machine interface designs for chest freezers is one of the latest trends gaining popularity in the chest freezers market.
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Price, Capacity, and Energy Efficiency to Influence Purchasing Decisions of Consumers
Chest freezers have gained immense popularity among consumers as it is a budget-friendly option for consumers, especially for commercial purposes. Also, chest freezers can hold more food products per square foot, which makes them more efficient and cost-effective. As the price of chest freezers makes a significant impact on the purchasing decisions of consumers, it is making a positive, ultimate impact on the growth of the chest freezers. The storage capacity is another aspect that encourages or hinders consumers from purchasing a storage freezer. Chest freezers are rectangular and usually have drawers, which hold the capacity to store more food products and provide the convenience to arrange and move foods from these freezers.
Apart from price and storage capacity, the energy efficiency of chest freezers has become a crucial factor that influences the purchasing decisions of consumers. With the increasing awareness of the environmental safety, energy-efficient chest freezers are likely to witness more demand across the globe. Manufacturers in the chest freezers market are producing chest freezers with innovative features, such as self-defrosting and freezer locks, to improve the energy efficiency of these products. They are making efforts to gain energy efficiency certifications by reducing the energy consumption of chest freezers and attract more consumers in the chest freezers market.
Widening Range of Commercial Applications Complements the Market Development
As chest freezers are mainly used for storing more frozen food products, they witness more demand in its industrial applications that in residential applications. Owing to its increasing commercial applications, manufacturers in the chest freezers market are producing chest freezer for specific commercial uses. Various retailers, suppliers in the food industry, as well as restaurant owners, are choosing to purchase commercial-grade chest freezer. Attributing to the increasing demand for commercial chest freezers in the foodservice industry, manufacturers are introducing innovative chest freezers such as frost-free chest freezers for food companies. However, advanced features of more efficient alternatives such as upright freezers may impede the growth of the chest freezers market in the food industry.
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Not just in the food industry, but chest freezers are also used in various biomedical industries. Low-temperature chest freezers find numerous applications in the biomedical industries mainly for storing various biomedical components. Considering the need for ultra-low temperature chest freezers in biomedical applications, manufacturers in the chest freezer industry are introducing chest freezers with no energy consumption and low heat dissipation. By providing chest freezers with reliable low temperature freezing suitable for biomedical applications, manufacturers are planning strategies to target biomedical industries. Temperature stability, temperature uniformity, and low noise level are among the most important features that manufacturers are focusing on while producing chest freezers for biomedical applications.
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