People throughout the world are spending more on numerous home appliances, including refrigerators, as their quality of life rises. The demand for commercial refrigeration equipment is growing as a result.
To diversify their equipment offerings, companies are expanding their production capacities for commercial refrigeration equipment for food trucks and kitchen refrigerators and freezers. To aid end customers in expanding their businesses in the food service sector, they are offering a comprehensive reference on commercial refrigeration.
Overview of Commercial Refrigeration Equipment Market
People across the globe are spending increasingly on various household products, including refrigerators, owing to the rise in standard of living. This is boosting the global commercial refrigeration equipment market.
Companies are increasing their manufacturing capabilities in kitchen fridge & freezers and food truck commercial refrigeration equipment in order to broaden their equipment portfolio. They are providing a complete guide to commercial refrigeration to help end-users grow their business in the food service industry.
Rise in Consumption of Frozen Food Items and Non-alcoholic Beverages Propelling Commercial Food Refrigeration Equipment Market
The global population is inclined toward frozen food items. Rise in preference for frozen food products among working professionals, who have less time to spend on cooking traditional meals, plays a key role in the progress of the food service refrigeration equipment market.
As per data published by the American Frozen Food Institute, a U.S-based organization that represents frozen food and beverage businesses, sale of frozen food witnessed a surge of 21% in 2020.
The non-alcoholic beverage industry has been growing significantly since the last years. This growth is boosting the usage of commercial refrigerators in various commercial places such as airports, hotels, and restaurants. The best commercial refrigerators for restaurants are compact refrigerators, reach-in refrigerators, and under-counter refrigerators. Knowledge about the types of commercial refrigerators and their usage is necessary to make efficient use of refrigeration systems.
Growth in Consumption of Essential Food Items Boosting Demand for Commercial Refrigerators & Freezers
Ice cream is a go-to dairy product for many people. Large numbers of players in the global ice cream industry are introducing a wide range of exciting flavors to cater to the increasing demand of consumers. Thus, growth of the ice cream industry is anticipated to pave the way for the expansion of the commercial refrigeration equipment market. According to the International Dairy Foods Association, a Washington D.C.-based association that deals with dairy food related developments, ice cream manufacturers in the U.S. produced more than 1 billion gallons of ice cream in 2020, a rise of 6% compared to that in 2019.
Demand for essential commodities such as food and grocery items has been rising significantly over the years. Increase in demand for essential commodities is leading to a rise in establishment of retail stores such as supermarkets, convenience stores, and departmental stores. This is anticipated to positively impact the demand for commercial food refrigeration equipment products. As per data released by the United States Census Bureau, an agency of the U.S. Federal Statistical System of Maryland, overall retail and food service sales experienced a growth of 12.9% in 2021.
Rise in trade of seafood products among countries around the world is anticipated to propel the demand for commercial refrigeration equipment, as seafood requires refrigeration to arrest staleness. A brief guide to refrigeration systems for food service is becoming an important part of end-user manuals.
Rise in Number of Supermarkets & Hypermarkets to Augment Commercial Refrigeration Equipment Market
In terms of application, the global commercial refrigeration equipment market has been divided into food service; food retail; food distribution; food production, and others. The hypermarkets & supermarkets sub-segment of the food retail segment is projected to be the largest application of the commercial refrigeration equipment market.
Advanced food refrigeration systems provide practical designs to capture the attention of customers. Changing food consumption trends and rise in international food trade are other factors contributing to the growth of the market. Application of refrigeration in the food industry is being extended to specialty food stores, convenience stores, and food processing industries.
Regional Outlook of Global Commercial Refrigeration Equipment Market
The global commercial refrigeration equipment market is expected to witness high growth in developing countries of Asia Pacific. Rapid urbanization along with diversification of supermarkets, hypermarkets, and food retail chains in developing countries is anticipated to boost the demand for commercial refrigeration equipment during the forecast period. Additionally, the market in the region is fueled by growth in the manufacturing sector and increase in spending on private & public infrastructure development.
Analysis of Key Players in Commercial Refrigeration Equipment Market
The commercial refrigeration equipment market is consolidated, with a small number of large-scale vendors controlling majority of the share. Most of the firms are investing significantly in comprehensive research and development activities. Diversification of product portfolios and mergers & acquisitions are the primary strategies adopted by key players. AB Electrolux, Daikin Industries Ltd., Dover Corporation, Emerson Electric Co., Frigoglass S.A.I.C., Fujimak Corporation, GEA Group AG, Hussmann Corporation, Johnson Controls International PLC, and United Technologies Corporation are the prominent entities operating in this market.