The expanding food and beverages industry are the key driver of the Asia-Pacific commercial refrigeration equipment market growth. According to a P&S Intelligence study, the sale of such equipment generated a revenue of $14.3 billion in 2017, and the market is predicted to advance at a 9.3% CAGR during the forecast period (2018–2023), ultimately valuing $24.4 billion by 2023.
Commercial refrigeration equipment is extensively used at supermarkets, hypermarkets, restaurants, and shops for merchandizing, retailing, and storing food items.
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On the basis of equipment type, the market is categorized into beverage refrigeration, walk-in coolers, transportation refrigeration equipment, parts, display cases, ice making machineries, and other equipment. Among these, walk-in coolers led the APAC commercial refrigeration equipment market in 2017 with an over-25.0% revenue share.
The growing consumption of frozen food items and increasing number of hypermarkets/supermarkets were the primary reasons behind their dominance. While walk-in coolers will still be the largest market category during the forecast period, ice making machineries will observe the fastest growth.
The rapid growth of the ice making machineries category in APAC would be because of the increasing number of food outlets, cafes, and bars, which would drive their sales. Thus, it is clear that as the food and beverages industry develops, the APAC commercial refrigeration equipment market will also prosper.
As per reports, APAC is the second-fastest growing market for food and beverages in the world, owing to the population boom and increasing number of middle-class individuals. Hence, it is apparent that urbanization would continue driving the market during the forecast period.
This post was originally published on Financial Sector