Trends and opportunities in the сommercial refrigeration market

World 24.05.2024

Source: The DairyNews

In the dynamic landscape of the food and beverage industry, prioritizing food safety and quality assurance remains paramount for companies. This imperative extends to commercial refrigeration systems, where strict adherence to safety standards is crucial to preserve perishable products and mitigate the risk of foodborne illnesses.

Trends and opportunities in the сommercial refrigeration market

Market Insights:

According to recent findings, the global commercial refrigeration market exhibited robust growth, with a valuation of $29.6 billion in 2023. Projections suggest a promising trajectory, poised to reach $56.2 billion by 2035, boasting a notable CAGR of 5.6% from 2024 to 2035. This growth is primarily attributed to heightened awareness of health and wellness, propelling the demand for refrigeration solutions.

Key Drivers:

Growing demand for frozen and chilled foods
Technological advancements in refrigeration systems
Expansion of food retail chains

Opportunities:

Rising demand for energy-efficient solutions
Development of eco-friendly refrigerants

Challenges:

High initial investment costs
Maintenance expenses

Segment Insights:

Product Type: Chest refrigeration segment held the highest market share in 2023, driven by its capability to store perishable items effectively. The others segment is anticipated to witness the fastest growth, fueled by business expansion in emerging economies and the need for efficient cooling systems in smart cities and data centers.
End User: Supermarket and hypermarket segment dominated in 2023 and is expected to maintain its leadership status. However, the others segment, including catering services, event services, bakery, bars, and pubs, is projected to register rapid growth, driven by increased demand in various sectors.

Regional Outlook:

Asia-Pacific: Led the market in 2023 and is projected to maintain dominance, driven by lifestyle changes and a growing working population.
LAMEA: Anticipated to witness the fastest CAGR, attributed to rapid growth in the food & beverage market, spurred by changing consumer lifestyles.
Europe: Expected to reach $9,921.0 million by 2028, indicating substantial growth potential in the region's commercial refrigeration market.

This comprehensive report provides valuable insights for stakeholders navigating the evolving commercial refrigeration landscape, highlighting key trends, opportunities, and challenges shaping the industry's trajectory.