The commercial refrigeration market is projected to grow from USD45.6bn in 2023 to USD62.7bn by 2028, at a CAGR of 5.8%, according to Marketsandmarkets.
The expansion of retail chains, supermarkets, and convenience stores on a global scale drive the demand for commercial refrigeration systems. The requirement of a reliable and efficient refrigeration infrastructure to preserve perishable goods and meet customer demands is expected to boost the market growth.
Frozen food products, such as frozen fruits, vegetables, meats, and ready-to-eat meals, require specialized freezing & refrigeration during distribution to ensure they remain frozen until they reach consumers. These factors are expected to boost the market growth in the next 5 years.
The advent of refrigeration has allowed convenience stores to store packaged foods & beverages for extended periods without spoilage. The rising number of convenience stores can be attributed to the increasing preference for packaged food items and beverages and the rising per capita income of consumers. The growth of the food preservatives market in China and India is also expected to contribute to the increased consumption of commercial refrigeration in convenience stores.
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