The commercial refrigeration equipment market is projected to reach $59 billion by 2023, it has been claimed.
The development of organized retail and increasing demand for ready-to-eat food and beverages are the major factors driving market growth.
Food service applications hold the largest market share, in terms of volume, with a contribution of nearly 28% share, globally.
Food service refrigeration equipment for restaurants, hotels, hospitals, and other verticals are being widely deployed to store leftovers food, ingredients, frozen food, and prepped sauces to offer quality of food products to customers.
In terms of value, APAC dominates the global commercial refrigeration equipment market, and is expected to witness the fastest CAGR of 9.3%, over the next four years.
This can be attributed to the ongoing industrialization efforts in developing countries such as China and India.
Moreover, growing population and lucrative opportunities for foreign investments in the market in APAC are playing pivotal role in the growth of the market, especially in beverage refrigeration equipment segment.
The developing food and beverage industry in China is supporting the growth of commercial refrigeration equipment market in APAC.
The region demonstrates increasing demand for refrigeration in food retail and food service applications, as well as food distribution.
As a result, the region is expected to witness the fastest growth, in terms of volume as well, during the forecast period.
The consumption of ready-to-eat products, beverages, and frozen food has increased considerably worldwide in the recent years, which is further boosting the demand for commercial refrigeration equipment.
Rising disposable income, along with the increasing impact of western lifestyle has fueled the acceptance of such products among the large middle-class consumers of developing countries.
The changed food consumption trend is being supported by rapid expansion of supermarkets, hypermarkets, and food and restaurant chains around the world.