Development of Organized Retail Driving Commercial Refrigeration Equipment Market

In 2017, the global commercial refrigeration equipment market generated $41,396.7 million and is expected to register 6.2% CAGR during the forecast period (2018–2023).

The market is growing due to the rising demand for ready-to-eat products and beverages and development of organized retail. The freezers and refrigerators which are utilized for commercial storage, retail, and merchandising in large hypermarkets, supermarkets, convenience stores, restaurants, and other commercial spaces are referred to as commercial refrigeration equipment.

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In terms of equipment type, the commercial refrigeration equipment market is divided into display cases, transportation refrigeration equipment, ice making machineries, beverage refrigeration, walk-in coolers, parts, and other equipment (which include vending machines, cryogenic equipment, and liquid chiller).

Among these, the walk-in cooler division dominated the market during the historical period (2013–2017), holding a share of 23.0% in 2017, in terms of value. The division is further classified into remote plant, packaged unit, and remote condensing unit. The beverage refrigeration division is expected to grow at the fastest pace during the forecast period.

When application is considered, the commercial refrigeration equipment market is categorized into food & beverage retail, food service, food & beverage distribution, and others (which include genetic refrigeration, medical diagnostic applications, and pharmacy refrigeration).

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Out of these, the food service category accounted for the major share of the market during the historical period and is further expected to retain its position during the forecast period, in terms of value.

The development of organized retail in supermarkets, hypermarkets, and restaurant chains majorly in developing countries, is a key driving factor of the commercial refrigeration equipment market. In emerging economies, such as Brazil, India, and China, the purchasing power of people, especially those living in urban areas, has increased significantly, which, in turn, has boosted the requirement for frozen foods.

Another major driving factor of the commercial refrigeration equipment market is the growing demand for ready-to-eat products and beverages.

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The demand for these products, primarily from the middle-class population, has increased considerably due to the surging impact of western lifestyle and rising disposable income. This changing food consumption trend is further being supported by the swift expansion of food and restaurant chains and supermarkets and hypermarkets across the globe.

Moreover, the rising number of these stores has also compelled small grocery unorganized restaurants and retailers to upgrade their infrastructure.

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This release was published on openPR.