Frozen and Processed food is boosting the Commercial Refrigeration Market

The market will grow due to the rapid expansion in the hospitality and tourism industry and the increasing preference of end-consumers who prefer takeout food. The market will see positive growth opportunities due to increasing regulatory pressures, which result in the adoption of refrigerants with lower Global Warming Potentials (GWP) and technological advancements.

Market.us research shows that “The Commercial Refrigeration Equipment Market will grow at a rate of approximately 5.8% to reach USD 65.46 billion by 2032.”

North America was the dominant market for commercial refrigeration equipment in 2021. It is expected to account for more than 32.0% of the revenue share by 2032. The U.S.’s mature retail sector is responsible for the significant growth. Numerous top-rated commercial refrigeration equipment manufacturers are strong in the region. The region is also benefiting from the adoption of smart equipment in commercial kitchens, which has helped to expand its business.

According to Market.us, “One of the key factors behind the rise in frozen and processed foods worldwide is the commercial refrigeration equipment market. The market is driven by the rapid expansion of tourism and hospitality and an increase in international food trade.”

Due to the global outbreak of the COVID-19 virus, strict containment measures were implemented. The temporary suspension of commercial refrigeration equipment production and shipping was necessary. However, the pandemic caused strong demand for vaccine production, and storage, and triggered the need for cold storage solutions to support mass immunizations against the coronavirus. The demand for transport refrigeration equipment is expected to rise in the following year due to increased usage of vaccine storage units.

The global market for commercial refrigeration equipment has been split into four segments: food service, food retail, food distribution, food production, and others. The largest market application for commercial refrigeration equipment is expected to be in the hypermarkets and supermarkets segment of the food retail segment.

Innovative food refrigeration systems offer practical designs that will catch customers’ attention. The market is also growing due to changing food consumption patterns and increased international food trade. The use of refrigeration in the food industry is now being expanded to specialty food stores, convenience shops, and the food processing industries.

Food and beverage is the most important sector in all regions. It generates the highest global GDP annual revenue. This industry provides food and beverage products to customers through its nearly 680,000 retail stores as well as food service outlets. This increases global production and consumption as well as commercial refrigeration equipment sales.

According to the Food and Agriculture Organization (FAO) study, 2017 food sector sales amounted to USD 1.4 trillion. Of this, USD 164 billion was generated by the food and beverages industry. Globally, there is a rising demand for ready-to-eat and consumer food and beverages. This has led to an increase in commercial refrigeration equipment.

The increase in frozen and processed foods worldwide is one of the key factors driving the market growth for commercial refrigeration equipment. The market is driven by the rapid expansion of tourism and hospitality and an increase in international food trade.

In addition, rising living standards and rapid urbanization in the developing world are driving up demand for packaged and processed food. This leads to increased sales of commercial refrigeration equipment. There is also a rising demand for vaccine storage units throughout the cold supply chain to maintain immunization levels.

Cold storage warehouses provide many services in the food logistics sector, including storage of perishable or seasonal foods, export-import logistic facilities along global transport routes, and meeting strategic locations to distribute retail products. This trend is rapidly spreading to other industries worldwide. Market expansion will be possible with a growing number of warehouses.

Rapid urbanization and higher living standards in developing countries are driving increased demand for packaged and processed food. This is leading to higher sales of commercial refrigeration equipment. There is a growing demand for vaccine storage units throughout the cold supply chain to maintain immunization levels.

In the end, Market.us Conclusion, “The market for commercial refrigeration equipment is expected to experience explosive growth due to the rising demand. The growth of the global market for commercial refrigeration equipment is largely driven by the hotel industry.”