Market Trends of Commercial Refrigeration Equipment Industry
Refrigerator & Freezer to Witness a Significant Growth
- The refrigerators and freezers segment is expected to experience significant growth, primarily due to the global expansion of the travel and tourism industry, which increased the number of food establishments and restaurants. Additionally, the segment includes blast chillers, primarily utilized for quickly freezing or cooling items at lower temperatures to prevent bacterial growth in stored items.
- The refrigerator and freezer are expected to experience growth due to the increased utilization of medium-capacity beverage coolers by travelers and vacationers. Additionally, the trend of drive-thru and sip-and-shop in retail chains, aimed at enhancing customers' shopping experience, is anticipated to contribute to the demand for beverage refrigeration equipment in the coming years.
- Some of the significant factors influencing the sales of commercial refrigeration equipment include an increase in international food trade activity, rising investments in the food and beverages industry, growing demand from pharmaceutical and drug industries, advancements in technology, a rising need for cold storage services, a growing demand for industrial refrigerators, and a rapidly expanding hospitality sector.
- The hospitality sector and the rising demand for frozen food products and ready-to-drink beverages are anticipated to significantly impact the sales of restaurant refrigerators, display fridges, ice cream freezers, and commercial freezers. Circana reported that for the 12 weeks ending July 2023, pizza was the leading frozen food category in sales, surpassing USD 1.5 billion.
- In July 2023, Epta, an Italy-based company, and Viessmann Refrigeration Solutions, Germany, agreed to establish a collaborative venture to become a significant player in the commercial refrigeration market in Central and Northern Europe. This partnership will consolidate their respective commercial operations, encompassing VRS' professional refrigeration activities in Germany, Poland, the Czech Republic, and other European countries.
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Asia-Pacific is Expected to Witness a Significant Market Growth
- Asia-Pacific is projected to see significant expansion in the coming years because of increasing product demand, fueled by improving economic situations, steady employment rates, disposable income growth, and higher spending on recreational activities like traveling and dining out. The commercial refrigeration market in Asia-Pacific is expected to grow substantially, mainly due to the rising demand for frozen food products in countries like India, China, South Korea, and Japan. Food manufacturing companies throughout the region emphasize producing frozen variations of local food products, which, in turn, contributes to the expansion of the market.
- The travel and tourism industry is thriving in countries like Malaysia, Indonesia, and Singapore, which also plays a significant role in its growth. Additionally, the market in developing economies such as China and India presents promising opportunities due to the widespread use of vaccine storage units in research institutions and biopharmaceutical companies.
- According to the Organic Trade Association (OTA), the organic food industry is projected to experience significant growth in the food sector. Consumers' growing preference for healthy and nutritious organic food products increases reliance on the cold chain process and equipment. Additionally, the expanding number of supermarkets and hypermarkets is expected to contribute to the growth of the Asia-Pacific market.
- The increasing urbanization in China and the growth in potential income have resulted in a greater desire for shopping and accessing fresh and organic produce. These refrigerators provide enhanced freshness and hygiene, catering to the rising demand for high-quality food. As a result, there is a growing need for commercial refrigeration systems across different industries. Moreover, China has numerous local manufacturers for commercial applications, providing ample market opportunities to trade commercial refrigeration equipment globally.
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