The rate of international food trade has picked up speed over the past decades, giving rise to larger volumes of trading in horticulture, processed foods, and seafood. Supplying the proper methods to transport these highly perishable foods and beverages are the manufacturers of commercial refrigeration equipment, thus gaining a higher ground in terms of market growth rate. The promise of growth appears to remain strong over the coming years owing to the growing demand by consumers for food from across the world. There has, for instance, been a significant increase in production rates of aquaculture from Peru and seafood in India, Indonesia, and China due to a growing global demand. This high demand forms the primary driver that Commercial Refrigeration Equipment Market makers can look forward to.
Commercial refrigeration, however, has to compete against the growing scope of alternative cooling solutions, such as temperature-controlled packaging. Most of these alternatives can provide effective cooling solutions that can be availed in many sizes and shapes, thereby causing the usually large area taken up by commercial refrigeration equipment seem more cumbersome.
The overall global Commercial Refrigeration Equipment Market is expected to progress at a CAGR of 9.1% from 2015 to 2022. By the end of 2016, this revenue is expected to reach US$ 39.44 bn, and by 2022 is expected to reach a valuation of US$66.88 bn.
This 153 page report gives readers a comprehensive overview of the Commercial Refrigeration Equipment Market. Browse through Table 50 and Figures 45 to unlock the hidden opportunities in this market:
Asia Pacific, the region that holds the leading food industry in the world, is a key target for most globally prominent commercial refrigeration equipment manufacturers. The fact that economies in this region are also emerging and progressing at a strong pace adds to the demand for food within the region itself, further boosting the need for commercial refrigeration. Additionally, the rising consumer trends based on growing disposable incomes is fuelling the demand for a greater rate of international food and horticulture trading.
North America is another major consumer of foods that require commercial refrigeration. One of the key reasons for this is the promotional work done by the AFFI to increase the consumption of frozen foods in the U.S. North America has a greater proportion of imports over exports of foods, including meat. While this is an advantage for many commercial refrigeration equipment makers, the recent changes in government regulations that will steadily replace older refrigeration systems with modern, greener units are something that each concerned player needs to look out for.
Hotels, restaurants, and the massive chain of transportation and storage that they use for food and beverages constitutes the leading application for Commercial Refrigeration Equipment Market. Freezers, refrigerators, ice machines, refrigerated display cases, and beverage refrigeration equipment are in very high demand across the global food service industry. With equipment such as beverage refrigeration equipment being required by practically every food service avenue, manufacturers of commercial refrigeration equipment also focus on development of components to improve efficiency and reduce space taken.