Pertaining to the increased shelf life of goods in the food and beverage sector, the equipment used is commercial food refrigeration equipment. Such devices act as a key element in the distribution network, which can preserve, store, and nurture perishable goods.
WILMINGTON, Del., July 23, 2024 /PRNewswire/ -- The projected growth of the global commercial food refrigeration equipment market is expected to elevate the size of the ecosystem to USD 88.2 billion by 2034. The sector was valued at USD 44.3 billion in 2023. This change in the size of the industry can be attributed to a moderate CAGR of 6.6% through 2034.
With the rising population and the urbanization rate, the lifestyles of consumers are rapidly changing. A spike in the growing inclination toward adopting frozen food is observed, which drives the demand for refrigeration systems. Convenience food products are gaining more attention due to the growing time constraint, which refrains individuals from cooking fresh food. To cater to this demand, food manufacturers have been relying on storing food in cold storage.
Such storage can not only enhance the shelf life of food products but also fulfil the consumer demand for ready-to-eat food products. Owing to this key driver, the ecosystem of commercial food refrigeration equipment is expected to grow. Owing to the development of the non-alcoholic food and beverage sector, the demand for commercial food refrigeration equipment is expected to proliferate.
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Due to the growing demand for refrigeration units at airports, restaurants, and hotels, the scope of growth of the subject industry is likely to increase. This can create several prospects for leading businesses in the ecosystem. The growing size of the global ice cream market is expected to augment the size of the commercial food refrigeration equipment market. Due to the increasing players in the ecosystem, the demand for commercial food refrigeration systems is likely to grow.
With the growing consumer inclination toward dairy products, the demand for storage of dairy goods to enhance the shelf life of products is likely to surge. This is a key fueling force, which might augment the size of the subject ecosystem. The growth of the food and beverage industry, along with the development of the meat, agricultural, and dairy industries is an indicator of fueling force for the commercial food refrigeration equipment market.
Key Findings from the Market Report
- The worldwide commercial food refrigeration equipment market can be segmented into different key categories depending on many parameters. Based on the type of the product, the freezer category is classified as the highest-grossing sub-segment, due to the growing demand in various key end-user industries.
- In the refrigeration type segment, inorganic refrigerants are expected to gain more popularity as such refrigerants can be a perfect replacement for harmful fluorocarbons.
- Owing to the growing food industry, the food service category is expected to be the highest revenue-generating sector of the application segment.
- With direct sales increasing in the ecosystem, the distribution channel is set to govern the growth of the competitive space.
Commercial Food Refrigeration Market Report Scope:
Report Coverage | Details |
Forecast Period? | 2024-2034 |
Base Year? | 2020-2022 |
Size in 2023 | US$ 88.2 Bn |
Forecast (Value) in 2034 | US$ 44.3 Bn |
Growth Rate (CAGR) | 6.6 % |
No. of Pages | 469 Pages |
Segments covered | By Product Type, By Category, By Refrigerant, By Application, By Distribution, By End-user, By Region |
Regional Profile
- With the elevated technological infrastructure in North America, prospects for new entrants along with emerging players are higher, owing to better scope for innovating in the competitive space.
- Owing to the rising food and beverage industry in the Asia-Pacific region, better prospects for the commercial food refrigeration equipment market can be seen, which drives the growth of the ecosystem.
- Consumer-centric approach in Europe is expected to shape the size of the sector in the region. Several drifts in consumer trends have been observed, which fuel the augmentation in products.
Competitive Landscape
With the help of several expansion strategies, including partnerships, strategic collaborations, acquisitions, and mergers, key players in the commercial food refrigeration equipment market expand to gain a sustainable competitive edge.
- Daikin Industries manufactures air conditioners, cassettes, control systems, fluoropolymers, and many other products.
- Dover Corporation is another key player operating in different sectors, including engineered solutions, clean energy and fueling, and imaging and identification.
- Emerson Electric manufactures actuators, control and safety systems, electrical components and lighting, and regulators.
Key Players
- Daikin Industries
- Dover Corporation
- Emersion Electric
- Frigoglass SAIC
- Fujimak Corporation
- Hussmann Corporation
- United Technologies Corporation (Carrier)
- Traulsen
- Rockwell Industries Ltd.
- Procool
- AHT
- Ali Group
- Epta Corporate
- Liebherr
- Onnera
- Ugur Sogumatas
Key Developments in the Commercial Food Refrigeration Equipment Market
- In May 2024, Daikin Industries partnered with MIURA. This strategic move helped the organization in terms of consolidating its position in the sector.
- In June 2024, Dover Corporation introduced a turnkey solution for pharmaceutical rework and manual aggregation.
Market Segmentation
Product Type
- Freezer
- Blast Freezer
- Contact Freezer
- Refrigerator
- Walk-in refrigerator
- Under Counter Refrigerators
- Counter Top Beverage Refrigerator
- Merchandiser and Display Refrigerators
- Food Prep Refrigerators
- Reach-in refrigerators & Freezers
- Others (Serve Over Counter, etc.)
- Refrigerated Vending Machines
- Display Cases/Showcase
- Ice Cream Cabinets
- Bakery Display Cases
- Butchery Cases
- Others (Seafood etc.)
- Ice Cream Machines
- Ice Machines
- Others (Transportation Refrigerators etc.)
Category
- Self-contained
- Remote Condensing
- Refrigerant Type
- Fluorocarbons
- Inorganic
- Hydrocarbons
Application
- Food Service
- Full-Service Restaurants & Hotels
- Quick Service Restaurants
- Caterers
- Others (Food Trucks, caterers, etc.)
- Food Retail
- Hypermarkets & Supermarkets
- Convenience Stores
- Specialty Food Stores
- Other Retail Stores
- Food Distribution
- Food Production
- Others (Food Processing Industry etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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