Rapid growth of the frozen foods market is fuelling the demand for industrial refrigeration systems in Latin America, a segment which is expected to reach USD668.3m by 2019, according to the latest report by Transparency Market Research.
Latin America industrial refrigeration equipment market was valued at USD431.8m in 2012 and is forecast to grow at a CAGR of 6.5% from 2013 to 2019. Different refrigeration equipment used by industrial sector include refrigeration systems, thermal panels, coil and condensers, and parts.
Among these product types, the Latin American market for industrial refrigeration equipment was dominated by refrigeration systems, which accounted for 28.9% revenue share in 2012.
“Geographically, Brazil is expected to remain the single largest market for Latin America industrial refrigeration equipment. Brazilian beverage market has grown rapidly, stimulating the growth of beverage firms which are initiating expansion programs in the region. Further, Mexico is expected to show faster growth compared to Middle America and Southern Cone during the forecast period. In 2012, Brazil and Mexico had collective revenue share of 54.6% of the Latin America industrial refrigeration equipment market,” says Transparency Market Research.