The burgeoning requirement for ready-to-eat food products is propelling the worldwide demand for commercial refrigeration equipment. Due to their surging disposable income and increasing popularity of the Western lifestyle, the middle-class populace, particularly in the Eastern countries, is increasingly consuming ready-to-eat food products. These changes in the food consumption habits of people are fueling the development of several hypermarkets, restaurant and food chains, and supermarkets across the world.
Moreover, in order to cater to the rising customer demand for ready-to-eat foods, even unorganized restaurants and small grocery stores are improving their infrastructure and using large refrigeration systems, thereby propelling the advancement of the global commercial refrigeration equipment market. Besides, the surge in the organized food retail sector is also expected to fuel the industry at a CAGR of 3.0% from 2020 to 2030 (forecast period). This sector is expanding rapidly in Brazil, India, and China, because of the rapid urbanization in these countries.
Get More Insights: Commercial Refrigeration Equipment Market Revenue Estimation and Growth Forecast Report
For example, the urban population in China is predicted to rise from 782 million in 2016 to nearly 1.4 billion by 2025. Likewise, the population of urban people in India is predicted to grow from 438 million in 2016 to nearly 1.4 billion by 2023-end. The surge in the urban population in these countries is predicted to propel the deployment of commercial refrigeration equipment in hypermarkets, mid-sized grocery stores, tier I and tier II restaurants, and food processing facilities.
Owing to the above-mentioned factors, the revenue of the commercial refrigeration equipment market is predicted to grow from $24.6 billion in 2019 to $33.9 billion by 2030. Beverage refrigeration equipment, walk-in coolers, display showcases, ice merchandisers and ice vending equipment, cryogenic equipment, liquid chillers, and vending machines are the most widely used types of commercial refrigeration equipment across the world. Out of these, the demand for beverage refrigeration equipment is predicted to rise at the fastest pace in the coming years.
This will be because of the increasing consumption of beverages. Additionally, the rising requirement for monitoring and checking corrosion and improving the aesthetics is also fueling the adoption of these systems across the world. Depending on distribution channel, the commercial refrigeration equipment market is divided into specialty stores, online, and hypermarkets/supermarkets. Amongst these, the specialty stores category contributed the highest revenue to the market in 2019, on account of the fact that these stores deal majorly in commercial refrigeration systems and various associated accessories and they are thus, widely preferred by customers for buying commercial refrigeration equipment over other distribution channels.
Geographically, the commercial refrigeration equipment market will register the fastest growth in the Asia-Pacific (APAC) region in the coming years, as per the estimates of the market research company, P&S Intelligence. This is ascribed to the surging purchasing power of people and booming population in the region. Additionally, many commercial refrigeration equipment manufacturing companies have set up their operations in the regional countries in recent years, due to the expansion of several food chains and quick-service restaurants in these countries. This is further boosting the sales of commercial refrigeration systems in the region.
Therefore, the sales of commercial refrigeration equipment are certain to rise in the coming years, primarily because of the mushrooming number of restaurants and fast-food joints and the increasing demand for ready-to-eat and frozen foods all over the world.
