The global commercial food refrigeration equipment market is estimated to expand at a CAGR of ~6% during the forecast period, according to a report released by Transparency Market Research, Albany, N.Y.
This study predicts that the refrigerators and freezers segment is estimated to outpace other product types of commercial food refrigeration equipment market by 2027. Increasing networks of foodservice equipment and increasing awareness among commercial restaurants about food preservation are the primary drivers of growth.
Over the last decade, prominent countries in Asia Pacific have witnessed tremendous growth in population. As well, technological developments in commercial refrigeration equipment are expected to boost demand. In addition, increasing food safety and quality regulations along with the increasing consumption of processed food and beverages is expected to further drive the growth of the commercial food refrigeration equipment market.
However, commercial refrigeration equipment consumes high amounts of energy in order to preserve the food, which increases operation costs for small food processors. Commercial refrigeration equipment is not a viable option for small establishments such as grocery stores and local markets due to budgetary constraints. These factors are expected to hamper growth of the commercial food refrigeration equipment market over the forecast period.
Asia Pacific is estimated to experience major growth in the commercial food refrigeration equipment market due to its growing foodservice sector. Also, the growing food distribution network in the region is surging the growth of the commercial food refrigeration equipment market. In developed regions such as North America and Europe, the growing demand for frozen foods plays a significant role in driving sales. This scenario has led to tremendous growth in the demand for blast freezers, walk-in refrigerators and freezers, hinged door merchandisers, etc. The Middle East and South America markets are expected to represent moderate growth in the near future.