Report : Asia Pacific Commercial Refrigeration Market Forecast to 2030 - Regional Analysis - by Type (Refrigerator, Freezer, Heated Cabinets, Milk Coolers, Chef Bases, Full Size Undercounters, Full Size Prep Tables Refrigerator and Freezers, Back Bar, Blast Chillers, and Others), Application (Hospitality and Institutional), Door Type (Single, Dual, and Multi), and Section Type (Single, Dual, and Multi)
At 8.0% CAGR, the Asia Pacific Commercial Refrigeration Market is speculated to be worth US$ 17,057.32 million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific commercial refrigeration market was valued at US$ 9,218.56 in 2022 and is expected to reach US$ 17,057.32 million by 2030, registering a CAGR of 8.0% from 2022 to 2030. Rise in online food retailing and food delivery services is among the critical factors attributed to the Asia Pacific commercial refrigeration market expansion.
The growing demand for frozen and processed food is a key driver propelling the expansion of the commercial refrigeration market. As consumer lifestyles evolve and urbanization rises, there is a notable shift in dietary habits towards convenience, leading to an increased reliance on frozen and processed food products. Commercial refrigeration system plays a pivotal role in preserving the quality and safety of these perishable items throughout the supply chain.
With a surge in supermarkets, hypermarkets, and convenience stores globally, the need for robust and energy-efficient refrigeration solutions has intensified. Commercial refrigeration ensures the extended shelf life of frozen and processed foods, reducing food waste and meeting the escalating demand for diverse food options. Further, many brands provide healthy and nutritious frozen food that is gluten-free, organic, low-carb, high-protein, and more.
Additionally, stringent regulations and standards regarding food safety and storage further drive the adoption of advanced commercial refrigeration systems. These systems not only maintain optimal temperature conditions but also incorporate features such as humidity control to preserve the freshness of perishable goods.
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.
Thus, all the above benefits of frozen and processed food are raising its demand, driving the commercial refrigeration system for food service market.
On the contrary, high capital cost and maintenance challenges hampers the growth Asia Pacific commercial refrigeration market.
Based on type, the Asia Pacific commercial refrigeration market is segmented into refrigerators, freezer, heated cabinets, milk coolers, chef bases, full size undercounters, full size prep tables refrigerator and freezers, back bar, blast chillers, and others. The refrigerators segment held 31.8% market share in 2022, amassing US$ 2,934.02 million. It is projected to garner US$ 4,791.15 million by 2030 to expand at 6.3% CAGR during 2022-2030.
Based on application, the Asia Pacific commercial refrigeration market is bifurcated into hospitality, and institutional. The hospitality segment held 60.3% share of the Asia Pacific commercial refrigeration market in 2022, amassing US$ 5,558.05 million. It is projected to garner US$ 10,692.34 million by 2030 to expand at 8.5% CAGR during 2022-2030.
Based on door type, the Asia Pacific commercial refrigeration market is segmented into single, dual, and multi. The dual segment held 54.4% share of Asia Pacific commercial refrigeration market in 2022, amassing US$ 5,018.57 million. It is projected to garner US$ 10,609.96 million by 2030 to expand at 9.8% CAGR during 2022-2030.
Based on section type, the Asia Pacific commercial refrigeration market is segmented into single, dual, and multi. The dual held 46.9% share of Asia Pacific commercial refrigeration market in 2022, amassing US$ 4,323.67 million. It is projected to garner US$ 7,606.41 million by 2030 to expand at 7.3% CAGR during 2022-2030.
Based on country, the Asia Pacific commercial refrigeration market is segmented into China, South Korea, Japan, Australia, India, and the Rest of Asia Pacific. China held 33.4% share of Asia Pacific commercial refrigeration market in 2022, amassing US$ 3,077.16 million. It is projected to garner US$ 6,362.38 million by 2030 to expand at 9.5% CAGR during 2022-2030.
Key players operating in the Asia Pacific commercial refrigeration market are Hoshizaki Corp, True Manufacturing Co Inc, Libherr USA Co, Marmon Holding Inc, Haier Smart Home Co Ltd, and Daikin Industries, among others.
- In May 2023, Hoshizaki Corp commenced sales of 68 models of commercial refrigerators and freezers that use natural refrigerants1 in late May 2023. The 44 refrigerator models and 24 freezer models were all in the value price range and will be sold through Hoshizaki's sales companies.
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