The Commercial Refrigeration market size is projected to reach US$ 49 billion by 2030 from US$ 28.8 billion in 2022. The market is expected to register a CAGR of 6.9% during 2022–2030. Shift to natural refrigerants and adopting smart technology is likely to remain a key trend in the market.
During the peak of the COVID-19 epidemic in the United States in 2020, demand for frozen food soared dramatically. According to the American Frozen Food Institute (AFFI), frozen food sales climbed by 22% to US$ 65.8 billion in 2020, up from US$ 54 billion in 2019. Even in 2022, the demand for frozen foods was increasing steadily. According to AFFI, frozen food sales reached $72.2 billion in 2022, up 8.6% from 2021. Furthermore, compared to pre-pandemic levels, demand for frozen processed meat, frozen snacks, frozen seafood, and other frozen items is expected to triple by 2022. Sales of frozen processed meat were US$ 4.9 billion in 2022, up 74.3% from 2019. Similarly, frozen snack sales reached US$ 3.5 billion in 2022, up 58.5% from 2019; frozen seafood sales reached US$ 7.1 billion, up 36.9% from 2019. The increase in frozen and processed food sales is driving the commercial refrigeration market's expansion.
Refrigerators, freezers, milk coolers, and blast chillers are some of the cooling appliances available in the commercial refrigeration sector. These devices are used to preserve culinary components or prepared food in restaurants, hotels, cafes, and other establishments. In addition, supermarkets and retail stores utilize them to store vegetables, fruits, meats, beverages, drinks, dairy goods, and other food items. The increasing demand for frozen and processed foods necessitates the installation of commercial refrigeration systems in restaurants, supermarkets, and other establishments.
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Commercial Refrigeration Market: Strategic Insights
Refrigerators, freezers, milk coolers, and blast chillers are among the cooling appliances available in the commercial refrigeration industry. These devices are used to keep culinary ingredients or prepared meals fresh in restaurants, hotels, cafes, and other establishments. In addition, supermarkets and retail stores use them to keep vegetables, fruits, meats, beverages, drinks, dairy products, and other foods. The rising demand for frozen and processed goods necessitates the installation of commercial refrigeration systems in restaurants, supermarkets, and other businesses.
Frozen food is a practical and popular food choice, and the introduction of new frozen food products has boosted demand for refrigeration systems. Consumers need to keep frozen food, and a refrigerator can assist them in doing so. In April 2022, Prasuma, one of India's largest chilled meat and frozen food brands, announced the addition of additional snacks to its frozen food line. Prasuma has expanded its frozen portfolio by introducing frozen Chicken Nuggets, Frozen Veg and Chicken Spring Rolls, Veg and Chicken Mini Samosas, Mutton and Chicken Shammi Kababs, Mutton and Chicken Seekh Kababs, and Bacon. These product developments also help to increase the use of commercial refrigerators for frozen food storage.
Commercial refrigeration is showing no signs of slowing down, with the business constantly adapting to accommodate various new opportunities. Among these, energy efficiency is a growing trend, driven by rising awareness of climate change and the urgent need for sustainable practices. Old, energy-consuming refrigeration unit models are quickly being replaced with more environmentally friendly, energy-efficient alternatives. The utilization of modern technology such as IoT (Internet of Things) is also gaining traction, enabling real-time tracking of temperature, humidity, and other vital elements, thereby adding to energy efficiency and decreasing waste.
Key segments that contributed to the derivation of the commercial refrigeration market analysis are XX.
The geographic scope of the Commercial Refrigeration market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the commercial refrigeration market share in 2022. The region is home to a large consumer base depending on frozen food items in their diet. Moreover, the large number of supermarkets and retail stores in the regions owing refrigeration systems for perishable items is driving the demand in the market.
The regional trends and factors influencing the Commercial Refrigeration Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Commercial Refrigeration Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 28.8 Billion |
| Market Size by 2030 | US$ 49 Billion |
| Global CAGR (2022 - 2030) | 6.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Commercial Refrigeration Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Commercial Refrigeration Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Commercial Refrigeration market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Commercial Refrigeration market are listed below:
The “Commercial Refrigeration Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The commercial refrigeration market size is projected to reach US$ 49 billion by 2030
The Commercial Refrigeration market is expected to register a CAGR of 6.9% during 2022–2030
Beverage-Air Corp, National Refrigeration & A/C Products Inc, Hoshizaki Corp, Victory Refrigeration, True Manufacturing Co. Inc, Liebherr USA Co, Marmon Holdings Inc, Traulsen & Co Inc, Turbo Air Inc, BuSung America Corp. are among the leading payers operating in the Commercial Refrigeration market.
North America dominated the commercial refrigeration market in 2022.
Growing demand for processed and frozen food and strict food safety regulations are expected to drive the Commercial Refrigeration market.
Shift to natural refrigerants and adopting smart technology is likely to remain a key trend in the market.