Study: Commercial refrigeration equipment market to witness growth from foodservice sector
The foodservice application sector will dominate the market, with shipments forecast to exceed 4.5 million units by 2024.
The U.S. commercial refrigeration equipment market, which approached $10 billion in revenue in 2017, is expected to witness growth due to growing foodservice sector, according to a report produced by Global Market Insights, Shelbyville, Del.
The foodservice application sector will dominate the market, with shipments forecast to exceed 4.5 million units by 2024. Meanwhile, industry growth from food and beverage production applications is forecast to grow at 2.5% CAGR, particularly due to the production of milk and dairy products.
The European commercial refrigeration equipment market is characterized by the increasing trade of perishable products such as milk and milk products and fruit.
Asia Pacific’s commercial refrigeration equipment market is expected to witness growth due to rapidly growing GDP and emerging middle class in countries such as India and China. Increasing disposable income and increasing number of women professionals is also increasing the consumption of frozen foods in the region. The growing seafood industry in Japan, South Korea, China and Malaysia will augment the industry growth.
The India commercial refrigeration equipment market is expected to grow at over 5% CAGR in terms of revenue over the forecast timespan due to the growing demand for frozen food.
The growing demand for the transportation refrigeration equipment is also expected to propel the commercial equipment refrigeration market due to increased trade of food products.