Commercial Refrigeration Equipment Market Growth at 3% CAGR between 2020 and 2030: P&S Intelligence
NEW YORK, Oct. 7, 2020 /PRNewswire/ -- From 782 million in 2016, the urban population of China will rise to 1.4 billion by 2025. Similarly, in India, this number would increase to 1.4 billion by 2023-end, from 438 million in 2016. Compared to people in the rural areas, those living in cities have a higher purchasing power, which, coupled with the changing lifestyle and adoption of Western habits, is driving the growth of the organized food retail sector, majorly in developing countries.
Thus, the global commercial refrigeration equipment market, which valued $24.6 billion in 2019, is projected to witness a 3.0% CAGR between 2020 and 2030 (forecast period). This is because the changing food consumption patterns and increasing disposable income are resulting in the rising demand for refrigeration equipment in tier I and II restaurants, food processing plants, medium-sized grocery stores, and hypermarkets, according to P&S Intelligence.
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During the forecast period, the food & beverage retail category is predicted to grow the fastest in the commercial refrigeration equipment market, owing to the surging adoption of the organized retail concept in supermarkets and hypermarkets. Furthermore, the import of frozen meat and poultry is rising, as is the popularity of beverages and ready-to-eat products.
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Asia-Pacific (APAC) was the largest commercial refrigeration equipment market during the historical period (2014–2019), and the situation will not change until 2030. This is because the region is home to countries with among the highest population growth and urbanization rates in the world. For instance, with a $2.9 trillion gross domestic product (GDP), India is the fastest growing trillion-dollar economy on earth.
With the rising influence of Western habits, the eating-out culture is proliferating, which is leading to the widening network of quick-service restaurants and food chains in the region. Moreover, the expansion of the organized retail industry is also helping the regional market advance, by driving the installation of commercial refrigeration equipment.
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In recent years, the commercial refrigeration equipment market has witnessed a number of product launches, with the players taking concrete steps to strengthen their position in the industry.
For instance, in October 2019, two refrigerated chiller islands for European grocery and convenience stores and hypermarkets, named Areor total transparency unit and EasyCube chiller island, were introduced by Carrier Global Corporation, a subsidiary of United Technologies Corporation.
In the same vein, Dover Corporation's Dover Food Retail entity unveiled the InviroPak horizontal indoor distributed refrigeration system in August 2019. It can be used as a distributed system in larger stores and the central refrigeration solution in smaller stores. The equipment has been designed to allow food retailers to decrease their energy consumption and ultimately save on operational expenses.
The major companies operating in the global commercial refrigeration equipment market include The Middleby Corporation, United Technologies Corporation, Ali Group S.r.l., Illinois Tool Works Inc., Panasonic Corporation, Johnson Controls International plc, Daikin Industries Ltd., Midea Group Co. Ltd., Dover Corporation, and Frigoglass S.A.I.C.
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Latin America Commercial Refrigeration Equipment Market
The Latin American commercial refrigeration equipment market is expected to reach $2,295.4 million by 2023, according to P&S Intelligence. The growth in the market can be attributed to the growing food and beverage industry, predominantly in countries such as Brazil and Mexico.
APAC Commercial Refrigeration Equipment Market
The increasing demand for food and beverage industry is one of the most important factors driving the demand for commercial refrigeration equipment in the region. Frozen foods, food preservation, cold drinks which include alcoholic and non-alcoholic drinks are the products which require refrigeration.
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