Refrigerated Counter Market - Promising Growth in Store for APAC Refrigerated Counters Market
The revenue of the global refrigerated counters market stood at US$4.5 bn in 2015; this is projected to expand at a CAGR of 7.7% during the forecast period to reach US$8.7 bn by 2024. By volume, the market is estimated to register an 8.4% CAGR from 2016 to 2024.
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Hotels End-use Segment Holds Immense Promise of Growth
System catering emerged as the top end-use segment of the global refrigerated counters market and is projected to hold a whopping 80.9% share by the end of 2016. However, the segment is expected to lose a marginal share in the market by 2024. The hotels segment, on the other hand, will exhibit a strong 9.3% CAGR in terms of revenue from 2016 to 2024. Within the system catering segment, quick service restaurants (QSR) are expected to contribute the highest revenue to the overall refrigerated counters market.
By design, counters with doors and with prep-table tops are expected to dominate the market due to increasing demand in kitchens. By product, the others segment, which includes counters without standard dimensions, is expected to lead the refrigerated counters market in the coming years.
Geographically, North America and Asia Pacific are the most promising markets for refrigerated counters. While North America is expected to account for a 36.9% share in the global market by 2024, Asia Pacific is anticipated to register an impressive CAGR of 10.1% from 2016 to 2024.
Growth of Hospitality and Tourism Industry a Major Boost
Public health and safety regulations play a vital role in the refrigerated counters market. The World Health Organization (WHO) states that the outbreak of food-borne diseases and the contamination of food are posing a major threat to public health at a global level. It has been observed that production, processing, and transportation of food are the primary causes of food contamination. “In a bid to reduce the incidences of food-borne illnesses, several food safety organizations are introducing stringent food preparation and storage regulations, which includes the use of refrigerated counters,” the author of the report states.
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The ongoing expansion of fast food chains is also expected to benefit the market for refrigerated counters as these facilities require an extensive range of refrigerated equipment. This trend is particularly going to impact the demand for counters with drawers, doors, and prep-table tops. A rise in the number of hotels, restaurants, and other food service outlets catering to the needs of tourists across Europe, North America, and Asia Pacific will also support the refrigerated counters market.
In contrast, the high total cost of operation (TCO) of refrigerated counters acts as a moderate threat to the growth of the market.
This review is based on the findings of a TMR report titled “Refrigerated Counter Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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