Commercial Refrigeration Market Overview, Growth, Trends, Analysis, Research Report (2020-2030)

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.

Commercial Refrigeration Market Analysis

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.

Commercial Refrigeration Market Overview

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.

Customize This Report To Suit Your Requirement

You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities

Get FREE CUSTOMIZATION

Commercial Refrigeration Market: Strategic Insights

• Get Top Key Market Trends of this report.
  This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

Free Sample PDF

Commercial Refrigeration Market Drivers and Opportunities

Growing Demand for Processed and Frozen Food to Favor the Market

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.

Emerging Technologies in Commercial Refrigeration

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.

Commercial Refrigeration Market Report Segmentation Analysis

Key segments that contributed to the derivation of the commercial refrigeration market analysis are XX.

• Based on type, the commercial refrigeration market is divided into refrigerator, freezer, heated cabinets, milk coolers, chef bases, full size undercounters, full size prep tables refrigerator and freezers, back bar, blast chillers, and others. The refrigerator segment held a larger market share in 2022.
• By application, the market is segmented into hospitality and institutional.
• By door type, the market is segmented into single, dual, and multi.
• By section type, the market is segmented into single, dual, and multi.

Commercial Refrigeration Market Share Analysis by Geography

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.

Commercial Refrigeration Market Regional Insights

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.

Commercial Refrigeration Market Report Scope

Commercial Refrigeration Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Beverage-Air Corp
2. National Refrigeration & A/C Products Inc
3. Hoshizaki Corp
4. Victory Refrigeration
5. True Manufacturing Co. Inc
6. Liebherr USA Co

Disclaimer: The companies listed above are not ranked in any particular order.

Commercial Refrigeration Market News and Recent Developments

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:

• Hoshizaki Corporation expanded its global production footprint by investing in one of Latin America's leading commercial refrigeration manufacturers. The Japanese company paid US$ 28 million for an initial 25% investment in Fogel Company in a deal arranged through its US subsidiary. It wants to grow its investment over the next three years until it has a 51% stake in the company, mirroring the strategy it used when purchasing European manufacturer Ozti before. (Source: Hoshizaki Corp, Press Release, February 2024)
• Liebherr USA, Co., Refrigerators and Freezers is proud to announce a new partnership with So-Low Environmental Equipment Co., a leading manufacturer and distributor of scientific and health care cold storage equipment. The collaboration promises to promote growth within the United States while increasing Liebherr’s presence in the medical research, storage, and scientific healthcare markets. Through this alliance, Liebherr Scientific Laboratory products will complement and strengthen the So-Low product portfolio, providing a premium offering to customers. (Source: Liebherr USA Co, Press Release, July 2022)

Commercial Refrigeration Market Report Coverage and Deliverables

The “Commercial Refrigeration Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Commercial refrigeration market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Commercial refrigeration market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Commercial refrigeration market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the commercial refrigeration market
• Detailed company profiles