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Written by Shalu Dhama » Updated on: October 23rd, 2024
IMARC Group’s report titled “Commercial Refrigeration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″ offers a comprehensive analysis of the industry, which comprises insights on the commercial refrigeration market trends. The global market size reached US$ 29.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
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Factors Affecting the Growth of the Commercial Refrigeration Industry:
Governments and international bodies are implementing strict guidelines for food storage and handling to prevent foodborne illnesses and ensure public health. These regulations mandate specific temperature and storage conditions for different types of food products, necessitating reliable and precise refrigeration solutions. The need for compliance is encouraging food-related businesses, including manufacturers, retailers, and food service providers, to invest in advanced refrigeration systems. These regulatory pressures are not only increasing the demand for new, compliant refrigeration equipment but also driving the market towards more sophisticated and controllable systems capable of maintaining precise conditions for food preservation.
The convenience and efficiency of online shopping are driving the demand for cold storage solutions, especially for perishable goods like food and beverages. This trend necessitates an extensive cold chain infrastructure, including refrigerated warehousing and transportation, to maintain product quality and safety during delivery. Additionally, the rise of dark stores or local fulfillment centers dedicated to online shopping orders requires efficient refrigeration systems to handle a diverse range of products. This is driving innovation and investment in the refrigeration sector as businesses strive to meet the logistical challenges and customer expectations of rapid and reliable delivery of fresh and frozen products.
There is a growing demand for products with longer shelf lives and no preservatives as consumers become more health-conscious and informed about the benefits of fresh food. This trend is encouraging retailers and food service providers to invest in advanced refrigeration systems that can effectively extend the freshness and nutritional value of perishable goods like fruits, vegetables, dairy products, and meat. The demand for organic and locally sourced food which often requires precise and efficient refrigeration due to the absence of preservatives. Additionally, consumers are seeking transparency in food sourcing and handling, prompting businesses to adopt refrigeration solutions that ensure product quality and safety from farm to table, thereby fostering trust and loyalty among consumers.
Leading Companies Operating in the Global Commercial Refrigeration Industry:
Commercial Refrigeration Market Report Segmentation:
By Product Type:
Chest refrigeration is the most prevalent product type due to its cost-effectiveness, spacious storage capacity, and suitability for a wide range of businesses, making it a popular choice among industry professionals.
By End Use:
Full service restaurants, quick service restaurants, and Hotels hold the largest market share due to their extensive food storage and preservation needs, driven by the demand for fresh ingredients and efficient cooling solutions in the foodservice industry.
Regional Insights:
Asia-Pacific’s dominance in the market can be attributed to its rapid economic growth, increasing urbanization, and a burgeoning food industry, which drive the demand for refrigeration solutions in the region.
Global Commercial Refrigeration Market Trends:
Modern refrigeration systems are increasingly incorporating internet of things (IoT) capabilities, allowing for remote monitoring and control. This technological advancement enhances efficiency by enabling real-time tracking of temperature, humidity, and system performance. This trend is particularly appealing in sectors like food service and healthcare, where precise temperature control is critical.
The rising emergence of modular refrigeration units offers flexibility, allowing establishments like restaurants, supermarkets, and healthcare facilities to scale or modify their refrigeration systems based on changing requirements or business growth. This trend is particularly useful in urban areas where space constraints are a common issue. Customizable and modular refrigeration systems enable businesses to optimize their storage solutions efficiently, ensuring both space utilization and energy efficiency.
Other Key Points Covered in the Report:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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