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Rising Restaurant Numbers Fuel Growth in Walk-In Refrigerator Market: A Key Factor Shaping the Future of the Walk-In Refrigerator Market in 2025
Walk-In Refrigerator Market Research
In the recent years, there has been a significant expansion in the market size of walk-in refrigerators. It is projected to escalate from a value of $12.24 billion in 2024, to $13.24 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.2%. Factors contributing to this growth during the historic phase can be associated with the retail and foodservice expansion, enlargement of the healthcare industry needs, a surge in environmental consciousness, enhancement in supply chains, and a boom in the hospitality sector.
The market size of walk-in refrigerators is predicted to experience significant expansion in the coming years, escalating to $17.96 billion in 2029 with a compound annual growth rate (CAGR) of 7.9%. The growth in the projected period is due to a combination of factors such as heightened food safety laws, increased need in the healthcare sector, growth of the e-commerce industry, emerging markets, and a rise in sustainability initiatives. The forecast period is expected to witness key trends such as the assimilation of technology, the use of energy-saving solutions, progress in customization and modular designs, the integration of smart technologies and internet of things (IoT), along with other technological breakthroughs.
What Are the Main Catalysts for Growth in the Walk-In Refrigerator Market?
The growth of the walk-in refrigerator market is predicted to be fueled by the growing count of restaurants. These commercial establishments, which prepare, serve, and allow consumption of food and drinks on-site, are rapidly increasing due to factors such as growth in disposable incomes, urbanization, changes in lifestyle, tourism expansion, a broader reach of food delivery services, and heightened investment in the food and beverage sector. Walk-in refrigerators offer significant benefits to restaurants, providing an abundance of organised cold storage, preserving perishable food items, cutting down on food wastage, and ensuring health regulation compliance, all contributing to improved operational efficiency. For instance, in the initial half of 2023, there was a marked increase of 47.7% value-wise and 41.8% volume-wise in total restaurant receipts compared to the same time period in 2022 as per the data from the UK's Census and Statistics Department. Hence, the expanding restaurant industry is positively shaping the walk-in refrigerator market. Market Driver for Walk-In Refrigerators: The Influence of Increasing Retail Stores on the Walk-In Refrigerator Market
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Which Businesses Are at the Forefront of Walk-In Refrigerator Market Development?
Major companies operating in the walk-in refrigerator market are Panasonic Holdings Corporation, Johnson Controls International plc, Blue Star Limited, Thermo King Corporation, Beverage-Air Corporation, True Manufacturing Company Inc., KPS Global LLC, Master-Bilt Products LLC, Foster Refrigerator, Nor-Lake Inc., Cantek Group, American Panel Corporation, Bally Refrigerated Boxes Inc., Imperial Brown Inc., Delfield Company, Leer Inc., Victory Refrigeration, Polar King International Inc., U.S. Cooler, Koolmax Group Ltd, Arctic Industries Inc., SRC Refrigeration, Industrial Refrigeration Pvt. Ltd., Kolpak, Stericox India Private Limited
How Is the Walk-In Refrigerator Market Segmented?
The walk-in refrigerator market covered in this report is segmented -
1) By Type: Indoor Type, Outdoor Type
2) By Component: Hardware, Software, Service
3) By Door Type: Insulated Flush Door, Slide Door
4) By End-User: Food Processing Industry, Retail Food Service, Foodservice Industry, Healthcare Facilities, Bars, Other End-Users
Subsegment
1) By Indoor Type: Reach-In Units, Roll-In Units, Step-In Units
2) By Outdoor Type: Modular Units, Custom-Built Units
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Where Is the Walk-In Refrigerator Market Growth Most Prominent?
North America was the largest region in the walk-in refrigerator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the walk-in refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Walk-In Refrigerator Global Market Report?
- Market Size Analysis: Analyze the Walk-In Refrigerator Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Walk-In Refrigerator Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Walk-In Refrigerator Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Walk-In Refrigerator Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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