Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The increasing population in the US is also raising the need for different food products and other groceries. As supermarkets and hypermarkets provide all these items under one roof, their demand among the population is increasing. In addition, as people have a hectic work life, supermarkets and hypermarkets help them purchase all the required items in one place, thus, saving them time. Because of all these benefits, the country's demand for supermarkets and hypermarkets is increasing.
Commercial Refrigeration Market in terms of revenue was estimated to be worth $28.8 billion in 2022 and is poised to reach $49.0 billion by 2030, growing at a CAGR of 6.9% from 2022 to 2030 according to a new report published by The Insight Partners.
Due to increased demand for fast foods, Various food chains are expanding their presence in Germany. In June 2021, Papa John's International, Inc., an American pizza restaurant chain, expanded its presence in Germany. Papa John's International, Inc., in collaboration with its franchise partner PJ Western Group, plans to expand its footprint in Germany, opening 250 restaurants over the next seven years. Such fast-food chain restaurant openings propel the adoption of the commercial refrigeration market.
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Global Commercial Refrigeration Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 28.8 Billion in 2022 |
| Market Size Value by | USD 49.0 Billion by 2030 |
| Growth rate | CAGR of 6.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments Covered | Type, Door Type, Section Type, Application, and Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country Scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report Coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Hence, various supermarket giants in the country, such as Kroger Co., Costco, and Walmart, are working on the construction of their new stores. For instance, in January 2023, Walmart-owned Sam's Club announced that it would be opening more than 30 new stores in the US in the next five years. Out of this, the next store is expected to open in Florida in 2024. The company is working on the expansion after seeing sharp growth in sales and membership during the COVID-19 pandemic. Similarly, in March 2023, Kroger Co. announced that it would be opening three new Kroger supermarkets in North Texas in 2024. These stores will be located in Fort Worth, Plano, and Melissa, Texas. Also, in December 2022, Costco announced its plan to open 24 new stores both in the US and internationally by the end of 2023. Out of these 24 stores, the company will be opening 15 stores in the US. This growing number of supermarkets and hypermarkets will raise the need for refrigeration systems to store different food products such as meat, seafood, drinks, vegetables, and fruits. Thus, the rising number of supermarkets and hypermarkets is expected to create a lucrative opportunity for the growth of the US commercial refrigeration market.
Commercial Refrigeration Market: Application Overview
Based on application, the Commercial Refrigeration market share is segmented into hospitality and institutional. The hospitality segment accounted for a larger share of the commercial refrigeration market size in 2022. The hospitality segment in the commercial refrigeration market share is anticipated to grow significantly during the forecast period due to established hotels, cafés, and restaurants in the country. For instance, as per the National Restaurant Association (NRA), there were approximately 1 million restaurants in the US in 2020, including Full-Service Restaurants (FSRs) and Quick Service Restaurants (QSRs), which have a considerable demand for refrigeration equipment.
Commercial Refrigeration Market: Competitive Landscape and Key Developments
Beverage-Air Corp, National Refrigeration & A/C Products Inc, Hoshizaki Corp, Victory Refrigeration, True Manufacturing Co Inc, Liebherr USA Co, Marmon Holdings Inc, Traulsen & Co Inc, Turbo Air Inc, and BuSung America Corp are among the key commercial refrigeration market players profiled in the report. Several other essential Commercial Refrigeration market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed commercial refrigeration market insights, which can help major players strategize their growth.
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Global Commercial Refrigeration Market - Key Industry Dynamics:
Drivers
- Growing Demand for Frozen and Processed Food
- Inclination of Consumers Towards Restaurants and Fast Food
Restraints
- High Capital Cost and Maintenance Challenges
Opportunities
- Rising Number of Supermarkets and Hypermarkets
Future Trends
- Growing Technological Advancements in Refrigeration Systems
Recent Developments:
In 2022, Hoshizaki released the RTS-90SND series of desktop showcases. It is a desktop showcase used in restaurants. It has a high-efficiency compressor and energy-saving control.
Go through further research published by The Insight Partners:
Industrial Refrigeration System Market - Global Analysis and Forecast to 2030
Ammonia Refrigerant Market - Global Analysis and Forecast to 2030
Refrigerator Thermometer Market - Global Analysis and Forecast to 2030
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