Commercial Refrigeration Equipment Market Recent Trends, Developments, Challenges and Opportunities

The food and beverage sector is growing around the world on account of the rapid economic prosperity. This growth is being reflected not only in the rising demand for processed food but also in the surging number of people who are eating out, that much more frequently than before. Therefore, with the expansion of the food service, production, and retail subsectors of the overall industry, the number of food processing plants, hypermarkets/supermarkets, and restaurants and other kinds of dining venues is rising.

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P&S Intelligence says that this will be the key factor driving the commercial refrigeration equipment market from $24.6 billion in 2019 to $33.9 billion in 2030, at a CAGR of 3.0% between 2020 and 2030 (forecast period). This is because fresh and processed food is perishable after a while, regardless of the preservatives in it. And since not every product is consumed just as it comes out of the factory, it needs to be refrigerated. Therefore, food processing plants and food and beverage retail units widely deploy refrigerators.

Apart from walk-in coolers, the demand for display showcases is also increasing fast. These units are especially prized by companies in the food retail business, as they use them to display the products on offer, including meats, salads, dairy products, beverages, sandwiches, ready-to-consume meals, and deli products. Apart from supermarkets, hypermarkets, and other types of retail stores, bakery and sweet shops also widely deploy display showcases. Apart from helping display the products to customers in a more aesthetically appealing way, these cases are also easy to clean, thereby offering end users high convenience.

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In 2019, the largest share in the commercial refrigeration equipment market was held by the Asia-Pacific (APAC) region. This is attributed to the growing disposable income of a growing population in the region, which is driving the demand for processed food products. Additionally, with the increasing level of urbanization, the eating out culture is thriving here, which is resulting in the rising number of cafés, restaurants, bars, and pubs. Seeing this, even international fast-food chains, such as Domino’s, Pizza Hut, Burger King, KFC, Taco Bells, and McDonald’s, are expanding their presence in the region.

Hence, as people’s financial growth, especially in developing countries, allows them to spend on luxuries such as eating out and processed food, the demand for refrigeration systems among food processing, retail, and service companies will keep increasing.

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