New Analysis: North America, Asia/Pacific to Account for 80% of All New Commercial Refrigeration Equipment Demand Globally Through 2024

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Mar 23, 2021, 10:07 ET

CLEVELAND, March 23, 2021 /PRNewswire/ -- Through 2024, the Asia/Pacific region and North America are forecast to account for 80% of all new commercial refrigeration equipment demand globally, according to a new Freedonia Group analysis:

Global demand for commercial refrigeration equipment is forecast to grow an average of 1.8% annually through 2024.
Though the COVID-19 pandemic contributed to a steep decline in equipment sales in 2020 and continuing weakness in early 2021, the global commercial refrigeration equipment market is expected to improve significantly in 2022.

Swift COVID-19 Response Boost Prospects in Asia/Pacific

Along with China, multiple developing markets in the Asia/Pacific region will register solid gains through 2024, as:

consumer spending on food and beverages rises
new food retail outlets, commercial centers, and institutions are built
local food and beverage processing industries grow
the use of these machines in nontraditional settings increases

Additionally, the Asia/Pacific region has generally handled the COVID-19 pandemic better than most, allowing economic conditions to stabilize and restrictions to be lifted earlier on.

Equipment Upgrades Drive Sales Gains in Mature North American Markets

In North America, the US will account for the bulk of regional market gains, although Mexico and Canada are expected to perform fairly well. North America has considerable commercial refrigeration equipment replacement needs:

Operators in the US and Canada are at the forefront of technological innovation and will continue to invest in the next generation of display cases, refrigerators, freezers, and other equipment – especially as pandemic trends such as online food delivery and curbside grocery pickup will remain widespread even as the pandemic recedes.
In Mexico, market gains will also be aided by a recovery in tourism and as well as by increased consumer spending on foodservice and refrigerated or frozen retail goods.

Want to Learn More?

Global Commercial Refrigeration Equipment is now available from the Freedonia Group. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for global commercial refrigeration equipment sales in US dollars. For each country, product demand is presented for:

display cases (including normal temperature and low temperature; open and closed types; rear access and self-service)
reach-in and walk-in refrigerators and freezers
beverage refrigeration equipment (e.g., drinking fountains, soda fountain equipment, beverage cooling equipment, beer dispensing equipment)
ice machines
refrigerated vending machines
other commercial refrigeration equipment (e.g., dairy coolers, refrigerated food prep stations, blast chillers, mortuary refrigeration units, replacement parts, etc.)

In addition, demand is discussed in terms of market:

food and beverage retail, including convenience stores, mass merchandisers, supermarkets, specialty stores, and any other retail outlets that may sell food and beverages, such as pharmacies or discount stores
foodservice, which is dominated by restaurants and bars (including both limited- and full-service establishments), but also includes dining services offered in a number of other outlets, such as airlines, food trucks, government facilities, company cafeterias, and sports venues
food and beverage production, including processing plants and farms, distributors, and food and beverage warehouses
other markets for commercial refrigeration equipment, including hotels and motels, educational and institutional establishments, office buildings, and pharmaceutical production facilities

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

Press Contact:
Corinne Gangloff
+1 440.842.2400
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SOURCE The Freedonia Group