The commercial refrigeration market size was valued at US$ 28.8 billion in 2022 and is expected to reach US$ 49.0 billion by 2030; it is estimated to record a CAGR of 6.9% from 2022 to 2030.
Commercial Refrigeration Market Analyst Perspective
The demand for frozen food increased rapidly in the US during the peak of the COVID-19 outbreak in 2020. According to the American Frozen Food Institute (AFFI), frozen food sales increased to US$ 65.8 billion in 2020 from US$ 54 billion in 2019, a rise of 22%. Even in 2022, the demand for frozen food was growing continuously. According to AFFI, in 2022, frozen food sales reached US$ 72.2 billion and increased by 8.6% from sales in 2021. Also, it is seen that, compared to pre-pandemic levels, in 2022, the demand for frozen processed meat, frozen snacks, frozen seafood, and other frozen foods doubled. The sales of frozen processed meat were US$ 4.9 billion in 2022, an increase of 74.3% compared to 2019. Similarly, frozen snack sales reached US$ 3.5 billion in 2022 (a rise of 58.5% compared to 2019), while frozen seafood sales reached US$ 7.1 billion (an increase of 36.9% compared to 2019). The rise in frozen and processed food sales is fueling the commercial refrigeration market's growth.
Commercial Refrigeration Market Overview:
The commercial refrigeration market comprises several types of cooling appliances, including refrigerators, freezers, milk coolers, and blast chillers. These appliances are used to store food ingredients or prepared food in restaurants, hotels, cafes, and other establishments. They are also used in supermarkets and retail stores to store vegetables, fruits, meats, beverages, drinks, dairy products, and other food items. In the US, it is seen that processed meat, frozen snacks, frozen seafood, and other frozen foods provided by various brands are considered nutritious and healthy. The growing demand for frozen and processed food in the US is raising the need for commercial refrigeration market systems in restaurants, supermarkets, and others. Thus, the growing number of supermarkets and hypermarkets is expected to raise the need for commercial refrigeration market systems in the country. The integration of different technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), in commercial refrigeration market systems helps in the maintenance and diagnosis of problems associated with the usage pattern of the system. Thus, the rising use of refrigeration systems to store food products is fueling the growth of the commercial refrigeration market.
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Commercial Refrigeration Market: Strategic Insights
Commercial Refrigeration Market
-
CAGR (2022 - 2030)
6.9%
-
Market Size 2022
US$ 28.8 Billion
-
Market Size 2030
US$ 49 Billion
Market Dynamics
GROWTH DRIVERS
- Growing Demand for Frozen and Processed Food
- Inclination of Consumers Towards Restaurants and Fast Food
FUTURE TRENDS
- Growing Technological Advancements in Refrigeration Systems
OPPORTUNITIES
- Rising Number of Supermarkets and Hypermarkets
Key Players
- Beverage-Air Corp
- Hoshizaki Corp
- Victory Refrigeration
- True Manufacturing Co Inc
- Liebherr USA Co
- Marmon Holdings Inc
- Traulsen & Co Inc
- Turbo Air Inc
- Haier Smart Home Co Ltd
- Daikin Industries Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Refrigerator
- Freezer
- Heated Cabinets
- Milk Coolers
- Chef Bases
- Full Size Undercounters
- Full Size Prep Tables Refrigerator and Freezers
- Back Bar
- Blast Chillers
- Others
Application
- Hospitality and Institutional
Door Type
- Single
- Dual
- Multi
Section Type
- Single
- Dual
- Multi
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Commercial Refrigeration Market: Strategic Insights
-
CAGR (2022 - 2030)6.9% -
Market Size 2022
US$ 28.8 Billion -
Market Size 2030
US$ 49 Billion
Market Dynamics
- Growing Demand for Frozen and Processed Food
- Inclination of Consumers Towards Restaurants and Fast Food
- Growing Technological Advancements in Refrigeration Systems
- Rising Number of Supermarkets and Hypermarkets
Key Players
- Beverage-Air Corp
- Hoshizaki Corp
- Victory Refrigeration
- True Manufacturing Co Inc
- Liebherr USA Co
- Marmon Holdings Inc
- Traulsen & Co Inc
- Turbo Air Inc
- Haier Smart Home Co Ltd
- Daikin Industries Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type - Refrigerator
- Freezer
- Heated Cabinets
- Milk Coolers
- Chef Bases
- Full Size Undercounters
- Full Size Prep Tables Refrigerator and Freezers
- Back Bar
- Blast Chillers
- Others
Application - Hospitality and Institutional
Door Type - Single
- Dual
- Multi
Section Type - Single
- Dual
- Multi
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Commercial Refrigeration Market Driver:
Growing Demand for Frozen and Processed Food is Helping to Grow the Commercial Refrigeration Market Share
The demand for frozen food consumption has increased in Germany after the COVID-10 pandemic. For instance, according to Deutsches Frozen Institute e. V. (dti) sales statistics of frozen food consumption have increased in Germany. According to the dti report, the per capita consumption of frozen food in 2021 was 46.1 kg, and it increased in 2022 to 47.7 kg, while the consumption of frozen food per household in Germany in 2021 was 92.3 kg and it increased to 96.4 kg in 2022. Such an increase in frozen food consumption is propelling the adoption of the commercial refrigeration market share.
Frozen food is a convenient and popular food option, and the launch of new frozen food products has increased the demand for refrigerator systems. Consumers need to store their frozen food, and a refrigerator is helping them to store frozen foods. In April 2022, Prasuma, one of India’s leading chilled meat and frozen food brands, announced adding new snacks to its frozen food portfolio. The Prasuma has launched frozen Chicken Nuggets, Frozen Veg and Chicken Spring Rolls, Veg and Chicken Mini Samosas, Mutton and Chicken Shammi Kababs, and Mutton and Chicken Seekh Kababs as well as Bacon to its frozen portfolio. Such product launches also help to boost the adoption of commercial refrigerators for frozen food storage.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Commercial Refrigeration Market Segmental Analysis:
Based on product type, the commercial refrigeration market share is segmented 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 the largest share of the market in 2022. Commercial refrigerators are the most essential equipment in the food service industry. They are used to store and preserve food products at safe temperatures, preventing them from spoilage and contamination to keep the products fresh and safe for consumption. In the food service industry, refrigerators are mostly used by food producers, restaurants, supermarkets, grocery stores, catering operations, and other food establishments for the safe storage of high-quality ingredients. By helping preserve food for a long time, refrigerators also help in reducing wastage. Thus, the growing use of refrigerators in the food service industry is fueling the growth of the market.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Commercial Refrigeration Market Country Analysis:
The commercial refrigeration market size is expected to grow from US$ 28,808.00 million in 2022 and is expected to reach US$ 49,015.30 million by 2030; it is expected to grow at a CAGR of 6.9% during the forecast period. In France, a few of the most well-known grocery store chains are Auchan, Carrefour, Intermarché, Leclerc, Monoprix, and Super U. Carrefour is one of the largest supermarket chains in the world. It is present in more than 5,000 locations across France, ranging from modest central shops to enormous rural hypermarkets. Intermarché opened smaller-format supermarkets and larger-format hypermarkets across ~2,000 locations in the nation. Additionally, over 700 hypermarkets across the country are owned by Leclerc, which is France's largest food store in terms of market share. These grocery chains store products that must be kept in a cool environment to avoid spoilage. As a result, the adoption of commercial refrigeration market systems is increasing among these grocery chains in France.
Commercial Refrigeration Market Key Player Analysis:
The commercial refrigeration market analysis consists of players such as 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, and BuSung America Corp.
Commercial Refrigeration Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the commercial refrigeration market. A few recent key market developments are listed below:
- In 2022, Hoshizaki America Inc. received the Kitchen Innovation Award sponsored by the National Restaurant Association. This was evaluated for the efficiency of cold air distribution and the automation of temperature control in the table-type refrigerator for pizza cooking.
Commercial Refrigeration Market Report Scope
| 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 |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Application, Door Type, and Section Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The US held the largest market share in 2022, followed by China.
The key players, holding majority shares, in commercial refrigeration market includes Ali Group S.R.L, Daikin Industries Ltd, Illinois Tool Works Inc., Dover Corporation and AB Electrolux.
Frozen and processed food are raising its demand in the US, driving the US commercial refrigeration system for food service market.
Japan in Asia Pacific region is anticipated to grow with the highest CAGR over the forecast period.
The growing technological advancement in refrigeration systems is expected to propel the growth of the US commercial refrigeration system for food service market during the forecast period.
The Americas vibrating screen market was estimated to be US$ 28.8 billion in the year 2022 and is expected to grow at a CAGR of 6.9%, during the forecast period 2022 - 2030.
The List of Companies - Commercial Refrigeration Market
- Beverage-Air Corp
- Hoshizaki Corp
- Victory Refrigeration
- True Manufacturing Co Inc
- Liebherr USA Co
- Marmon Holdings Inc
- Traulsen & Co Inc
- Turbo Air Inc
- Haier Smart Home Co Ltd
- Daikin Industries Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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