Increasing Demand for Frozen Food Drives Growth In Commercial Refrigeration Equipment
Technavio has published a new market research report on the global commercial refrigeration equipment market from 2018-2022. Analysts figure that it will expand at a compound annual growth rate of over 5%.
During the forecast period, the demand for frozen food is expected to increase. Factors such as increasing population, strong demand from emerging economies, and the increase in the number of working women are contributing towards rising consumption of frozen products. For example, in 2017, the female labor force in France was 46.96% of the total work force – up from 45.04% in 2000. Similarly, in 2017, the female labor force in Germany was 46.46% of the total labor pool, compared with 43.75% in 2000.
The rising number of working women will result in less time available to prepare food in home kitchens, which will increase sales of convenience frozen fare. These factors will lead to ongoing increases in demand for frozens, which will influence the market for commercial refrigeration equipment such as chest freezers and walk-in coolers.
According to a senior analyst at Technavio: “In developing countries, factors such as the increase in income levels and the rising impact of Western lifestyles drive the acceptance of frozen food products among consumers. Frozen food can be a suitable alternative for those with healthy and convenient lifestyles when compared with conventional fresh market food. Consumers are increasingly becoming aware of the benefits of frozen foods.”
Technavio’s report segments the global commercial refrigeration equipment market the following product types (walk-in coolers, display cases, refrigerators for drink, and ice-making machinery); end-users (retail, restaurants, hotels and catering units); and key regions (the Americas, APAC, and EMEA).
Of the four major end-users, the retail stores held the largest market share in 2017, accounting for nearly 39% of the business. The market share for this end-user segment is expected to increase by 2022. The fastest growing end-user component is restaurants, which will account for nearly 35% of the total market share by 2022, according to Technavio.
APAC was the leading region for the global commercial refrigeration equipment market in 2017, accounting for a share of nearly 39%. It is expected to continue dominating the market through 2022, registering the highest growth rate.
More information about the report is available by visiting the Technavio Research website: www.technavio.com