LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global packaged refrigeration market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global packaged refrigeration market for 2017-2021. It also presents a detailed analysis of the key emerging trends which are expected to influence the market during the forecast period.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “Packaged refrigeration systems are extensively used in residential, commercial, and industrial applications such as food processing, oil and gas, industrial gas processing, fuel transportation and storage, and test chambers and pharmaceuticals applications. The booming retail sector in emerging economies is expected to fuel market growth.”
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global packaged refrigeration market:
- Growth of the commercial refrigeration market
- High demand for frozen food
- Growth of organized retail
Growth of the commercial refrigeration market
The commercial refrigeration market is one of the major demand generating segments of packaged refrigeration. Commercial packaged refrigeration is mainly used by retail outlets, for displaying and storing fresh and frozen food items and beverages. The global commercial refrigeration market offers a variety of products. Walk-in coolers are expected to drive the market over the forecast period.
The growth in the market is due to the changing lifestyles of the population in developing economies and the replacement demand from developed economies such as North America. The re-manufacture of refrigerated display cases also drives the market for commercial refrigeration equipment.
High demand for frozen food
Frozen food is a major application of commercial packaged refrigeration systems. The increasing demand for frozen food will directly impact the demand for packaged systems. The demographic and social trends are putting pressure on the economy for food and shelter. The pressure exerted on food supplies acts as a challenge for both consumers and manufacturers. Hence, the economy will see significant changes in the way frozen foods are perceived by the consumers.
The major reason for the growth of the frozen food market is the changing lifestyle and dynamics of the society. The rising demand for frozen food prompts supermarkets and other retail outlets to store these products, thereby increasing the refrigeration requirement.
“The rising demand for the frozen foods and vegetables in different regions will drive demand for commercial refrigeration, as various types of refrigerators are widely used to store the frozen goods and vegetables,” says Anju.
Growth of organized retail
The rising consumer income level and the expansion of business by several retail brands have positively affected the demand for ice makers. For instance, in the UK, more than 500 grocery stores were opened during the last two years, mostly by brands such as Tesco, Walmart, Asda, and Sainsbury's. With the expansion of business, the need for product procurement and storage will increase, forcing the players to either purchase ice from outside or produce it in-house with icemakers. As these supermarkets operate on a large scale, procuring ice from outside will significantly increase their operational cost. With the rapid growth in supermarkets worldwide, the demand for packaged refrigeration is expected to rise during the forecast period.
Browse Related Reports:
- Global Refrigerated Road Transportation Market 2017-2021
- Global Walk-In Refrigerator Market 2017-2021
- Global Refrigerated Display Cases Market 2016-2020
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