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Rising Restaurant Numbers Fuel Growth in Walk-In Refrigerator Market: Transformative Forces Shaping the Walk-In Refrigerator Market Landscape in 2025
Walk-In Refrigerator Market
What Will the Walk-In Refrigerator Industry Market Size Be by 2025?
In the recent past, the market size of walk-in refrigerators has seen robust growth. The market will expand from $12.24 billion in 2024 to $13.03 billion in 2025, escalating at a compound annual growth rate (CAGR) of 6.5%. The historical growth can be credited to the growth of retail and food services, the increase in healthcare industry needs, growing environmental consciousness, the rise in supply chains, and the booming hospitality sector.
What's the Long-Term Growth Forecast for the Walk-In Refrigerator Market Size Through 2029?
The market size for walk-in refrigerators is all set for substantial expansion in the coming years, with projections estimating it reaching $17.35 billion in 2029, having a compound annual growth rate (CAGR) of 7.4%. The predicted growth during the forecast period is due to an increase in food safety regulations, growing interest in healthcare, booming e-commerce sector, emerging markets, and a focus on sustainability initiatives. Key trends during this forecast period encompass technological integration, implementation of energy-efficient solutions, advancements in personalization and modular designs, incorporating smart technologies, deployment of IoT, and technological progress.
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What Are the Key Growth Drivers Fueling the Walk-In Refrigerator Market Expansion?
The surge in the number of eateries is set to stimulate the expansion of the walk-in refrigerator sector in the future. Eateries are essentially commercial venues where meals and drinks are cooked, brought to tables, and consumed in-house. The escalation in the number of restaurants can be attributed to factors such as rising disposable income, urbanization, lifestyle alterations, the growth of tourism, the broadening of food delivery services, and augmented financing into the food and drink industry. Walk-in fridges offer large-scale, structured refrigeration capacity to these eateries, facilitating preservation of perishable food items, reducing food wastage, and ensuring adherence to health rules, thereby augmenting operational effectiveness. For example, data from the Census and Statistics Department, a government agency in the UK, revealed the total receipts from restaurants in the first half of 2023 witnessed a 47.7% uptick in terms of value and a 41.8% increase in volume, compared to the same time frame in 2022. Consequently, the escalating quantity of eateries is fueling the growth of the walk-in refrigerator sector.
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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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Which Companies Are Leading the Charge in Walk-In Refrigerator Market Innovation?
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
Which Regions Are Leading the Global Walk-In Refrigerator Market in Revenue?
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.
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