LONDON--(BUSINESS WIRE)--The global refrigerated display cases market is expected to grow at a CAGR of just above 5% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global refrigerated display cases (RDC) market for 2016-2020. By product type, this market is segmented into plug-in RDC market and remote RDC market.
With a high percentage of the female demographic participating in the global workforce, there is a shift in lifestyle and dynamics of the society. This is creating a high demand for frozen food, which is prompting supermarkets and other outlets to stock these products. Thus, there is a high demand of RDCs to display their products and drive sales.
Technavio’s research study segments the global RDC market into the following regions:
- APAC
- Europe
- North America
- ROW
APAC: largest RDC market
APAC is the largest and the fastest-growing geographical segment in the global RDC market. The presence of growing countries like India and China, has made APAC a prime destination for RDC investors. The economic development in the region has considerably increased disposable income and transformed consumer lifestyles, while rising purchasing power of consumers has resulted in a clear increase in demand for frozen and packaged foods.
Abhay Sinha, one of the lead analysts at Technavio, says, “APAC will witness the fastest growth rate due to the expansion in retail and hotel industries. The major vendors in the market in APAC are focusing on product innovations to cater to the needs of customers. With the changing consumer tastes and preferences, and rising average per capita income, the RDC market in APAC will grow further over the forecast period.”
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Europe
Europe is home to a large share of consumers, producers, and exporters of commercial refrigerators. RDCs are the second largest segment of the commercial refrigeration market in Europe, after beverage coolers. The RDC market in Europe is dominated by Western European countries. Emerging economies Central and Eastern Europe are expected to see an increase in the demand for RDCs with the rise in investments in commercial refrigerators.
Another major driver of market growth over the forecast period is the increase in the off-trade consumption of beverages. Consumers are increasingly purchasing beverages from hypermarkets and supermarkets (off-trade) instead of going to restaurants, bars, and pubs. This will increase the installation of vertical cabinets in retail outlets.
North America
The RDC market is expected to grow at a slower rate in North America when compared to other regions. In 2015, 32% of the overall expenditure of households in North America was on refrigerators and freezers. The market growth in the region will be driven by the investments made by end-users in product renovations and the replacement markets for RDCs.
There was a shift from restaurants and bars to home-based activities among consumers during the 2008-2009 recession. Despite economic recovery, the trend has prevailed. This has led to release of products with interesting and innovative features, like LED powered RDCs.
ROW
“ROW has the most economically diverse populations, from high income countries in the Middle East to the economically backward African countries. The market has evolved to suit the needs of consumers from all backgrounds and has introduced various products that in all cost brackets”, says Abhay
The market in the Middle East will exhibit a CAGR of over 5.5% during the forecast period. High disposable income in the UAE, Kuwait, Qatar, and Saudi Arabia has improved the lifestyle of consumers, driving the demand for packaged food items and other convenience products.
The top vendors in the global RDC market highlighted in the report are:
- AHT Cooling Systems
- Carrier
- EPTA
- Metalfrio Solutions
Browse Related Reports:
- Global Refrigerated Cabinet Market 2016-2020
- Global Refrigerated Market 2016-2020
- Global HVAC Refrigerant Market 2016-2020
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