NEWARK, Del, April 28, 2023 (GLOBE NEWSWIRE) -- The global reach-in refrigerator market is likely to reach a valuation of US$ 38.6 Billion in 2023. According to Future Market Insights, the market is expected to grow at a 4.32% CAGR from 2023 to 2033, anticipated to be valued at US$ 58.94 Billion by the end of 2033.
Globally, the number of retail stores has significantly increased during the past ten years. In order to take advantage of the rising purchasing power of consumers, major businesses in the retail industry are increasing their presence in emerging markets throughout the Asia Pacific.
Meeting the high consumer demand for frozen food and chilled goods, food service operators are increasing their capital expenditure on refrigeration equipment.
The expansion of licensed food and franchised locations for quick-service eateries has increased demand for reach-in refrigerators. Various governmental and non-governmental organizations around the world provide rebates to refrigerator systems and equipment manufacturers for incorporating energy-efficient and environment-friendly manufacturing techniques.
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Reach-In refrigerator replacement rates are declining, and life expectancy is estimated to be seven or more years which is good news for customers and end users. However, the manufacturing or supply side including equipment and component manufacturers, may encounter difficulties due to a decline in production rate on an annual basis. Therefore, strict government regulations regarding the usage of natural refrigerants over fluorocarbons may also pose problems.
North American region is said to dominate the reach-in refrigerator market with maximum revenue share. The importance of penetration of ice in the food business, coffee shops, bars, and lounges acts as a major factor in the enlargement of the reach-in refrigerator market. The regional market extension is expected to be driven by a rise in the adoption of modular kitchens with high-tech appliances in the commercial and residential sectors.
Key Takeaways:
The global Reach-In Refrigerators Market grew at a CAGR of 3.9% from 2018 to 2022
- Manufacturers decrease the labor shortage by 30 to 50% resulting in a decrease in demand for the reach-in refrigerator market.
- The north American market for reach-in refrigerators holds 85% of the market share.
- Top mounted type of installation is said to dominate the market share of the reach-in refrigerator market
- Online retail store is said to dominate the reach-in refrigerators market.
Competitive Landscape:
Some of the prominent players in the global market are-
- Avantco Refrigeration
- Beverage-Air
- Delfield
- Valpro
- Grista
- Summit
- Trufrost
- Traulsen
- HOSHIZAKI Corp.
- Danfoss
Some of the important developments of the key players in the market are:
- In March 2023, —Accucold, a division of Felix Storch, Inc. (FSI), expanded its lineup of purpose-built vaccine refrigeration with the industry’s dominant selection of cold storage equipment certified to the NSF/ANSI 456 Vaccine Storage Standard. Available in 9 sizes from 1 to 18 cu.ft., the Accucold Pharma-Vac Performance Series has been tested by an ANSI-accredited third-party laboratory to conform to the latest standard.
- In January 2023, Traulsen will showcase its TF Flex Drawer under-counter refrigerator/freezer that allows drawer temperature to be changed from cooling to freezing at the touch of a button. Each drawer can operate at a different temperature setting.
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global Reach-In Refrigerators Market providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in Reach-In Refrigerators, the market is segmented based on major Compressor Installation type (Bottom Mounted, Top Mounted), Freezer (Freezer on bottom, freezer on top, freezerless), Door type (Glassdoor, Pass through, Half door, Solid door), By Distribution channel (Offline stores, Hypermarkets / Supermarkets, Multi brand store, Department store, Discount store, Specialty store, Online retail store) and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Key Segments Profiled:
By Compressor installation:
- Bottom mounted
- Top mounted
By Freezer:
- Freezer on bottom
- Freezer on top
- Freezer-less
By Door Type:
- Glassdoor
- Pass through
- Half door
- Solid door
By Distribution Channel:
- Offline stores
- Hypermarkets / Supermarkets
- Multi-brand stores
- Department store
- Discount store
- Specialty store
- Online Retail Store
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Table of Content (TOC):
1. Executive Summary | Reach-in Refrigerators Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Compressor installation
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Compressor Installation, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Compressor Installation, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Compressor Installation, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Compressor Installation, 2023 to 2033
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