The commercial refrigeration equipment market size in Europe is expected to grow by USD3.68bn during a five-year forecast period. As per a recent report by Technavio, the market will progress at a CAGR of 6.99% from 2022 to 2027. The increasing number of launches related to refrigerated food and beverage products is a major trend in the market.
Consumers increasingly favor food products that offer convenience and shelf life. As a result, food and food service retailers are increasingly offering refrigerated food products with improved shelf lives, to reduce waste and increase profits. For example, Iceland Foods has introduced its own branded frozen food products in its UK supermarkets.
The growing need to increase the shelf life of food products is a key factor driving market growth. The shelf life of food products is highly dependent on factors such as storage conditions. As a result, storing food products at inappropriate temperatures leads to spoilage and loss for food service establishments. In addition, a variety of measures are used to limit microbial growth, including refrigeration, reducing water activity, and including preservatives.
The retail segment is estimated to witness significant growth during the forecast period. Retail businesses have a special need for commercial refrigeration equipment, including supermarkets, convenience stores, grocery stores, and specialty retailers. To ensure the quality, safety, and preservation of perishable foods and beverages, these companies rely heavily on refrigeration systems. Refreshment refrigerators and bar refrigerators are also important refrigerators used frequently in supermarkets, convenience stores, and hospitality establishments.
Meanwhile, the global commercial refrigeration equipment market is estimated to grow at a CAGR of 6.86% between 2022 and 2027 and the size of the market is forecast to increase by USD14.5bn. This report extensively covers market segmentation by end-user (retail, restaurants, hotels, and catering units), product (walk-in coolers, display cases, refrigerators for drinks, ice-making machines, and freezers, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The need to increase the storage life of food products is a key factor driving the global commercial refrigeration equipment market growth.
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