The global commercial food refrigeration equipment market is projected to experience significant growth, with its value expected to reach USD88.2b by 2034, up from USD44.3bn in 2023.
This expansion represents a steady CAGR of 6.6% over the forecast period, according to a study by Transparency Market Research.
Several factors are driving this market growth. Increasing urbanization and population growth are leading to changing consumer lifestyles, with a notable trend towards frozen and convenience foods. This shift is primarily due to time constraints that limit people’s ability to prepare fresh meals, thereby boosting demand for refrigeration systems.
Food manufacturers are responding to this trend by increasing their reliance on cold storage solutions. These systems not only extend the shelf life of food products but also cater to the growing consumer demand for ready-to-eat options. This key driver is expected to fuel the expansion of the commercial food refrigeration equipment ecosystem.
The development of the non-alcoholic food and beverage sector is another factor contributing to the increased demand for commercial food refrigeration equipment. Additionally, the growing need for refrigeration units in various sectors such as airports, restaurants, and hotels is likely to create new opportunities for businesses in this industry.
The expanding global ice cream market is also anticipated to positively impact the commercial food refrigeration equipment market. Furthermore, as more players enter the ecosystem, the demand for commercial food refrigeration systems is expected to rise accordingly.
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