Commercial Refrigeration Equipment Is Estimated To Witness High Growth Owing To Increased Demand From Food Service Industry
Commercial refrigeration equipment refers to machines and appliances used for commercial food storage and display. These include beverage coolers, refrigerated display cases, frozen food cabinets, ice machines etc. Commercial refrigeration equipment helps in extending the shelf life of perishable food items and beverages by slowing down bacterial growth and oxidation reactions. They are indispensable for restaurants, grocery stores, convenience stores, pubs, cafeterias and catering businesses.
One of the major trends driving growth of the commercial refrigeration equipment market is rising food demand owing to rapid urbanization and changing food consumption patterns. According to projections, the global population will increase by 2 billion in the next 30 years, putting pressure on already strained agricultural systems and food supply chains. This is expected to drive demand for food storage and preservation equipment like commercial refrigerators and freezers. Furthermore, the number of restaurants, retail food outlets and supermarkets are increasing globally especially in emerging countries in line with growing spending power, Western influence and busy lifestyles. Retailers are expanding their frozen and chilled food section to cater to this growing demand which bodes well for the commercial refrigeration market. Lastly, technological advancements in energy efficiency, digital controls and smart connectivity features of commercial refrigeration systems are making them an attractive choice for food retailers.
The global commercial refrigeration equipment market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing food production and retail industry expansion globally. North America dominated the market in 2023 with a share of over 30%, led by the large food retail and food services sectors in the US and Canada.
The Asia Pacific region is expected to be the fastest growing market, expanding at a CAGR of around 6% during the forecast period. Rapid urbanization and rising disposable incomes are driving the demand for commercial refrigeration equipment in countries such as China, India, Indonesia and Vietnam.
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