by The commercial refrigerators market in Asia Pacific is projected to witness significant growth on account of expanding food and beverage industry across developing economies. Commercial refrigerators are majorly utilized in restaurants, hotels, grocery stores, convenience stores and other food retail outlets for food preservation and storage. The appliances offer storage capacities ranging from undercounter to full-size and come equipped with advanced features such as LCD display, temperature control system, LED lights and cash drawers. Moreover, growing demand for innovative commercial refrigeration systems in the Asia Pacific region is anticipated to augment the market expansion during the forecast period.
Asia Pacific Commercial Refrigerators Market is estimated to be valued at US$ 35.08 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Asia Pacific Commercial Refrigerators Market Companies are Daikin Industries, Fukushima Industries Corporation, GE Appliances, Haier Group, Hoshizaki Corporation, Hitachi, LG Electronics, Liebherr Group, Midea Group, Panasonic, True Manufacturing Co., Inc., Voltas Limited, Marmon Holdings, Inc., Electrolux AB, and Samsung Electronics.
The key opportunities in the market include growing organized retail sector and increasing number of food joints and quick-service restaurants across developing nations. Rapid urbanization and rising middle-class population are encouraging massive infrastructure developments which is driving the demand for commercial refrigeration equipment.
The market is witnessing increasing global expansion by various manufacturers on account of latent growth opportunities in emerging economies. Key players are focusing on contract manufacturing, joint ventures and acquisitions to consolidate their market presence. Additionally, favorable Government policies supporting ‘Make in India’ and ‘Made in China 2025’ initiatives are attracting heavy investments in the Asia Pacific commercial refrigerators industry.
Market drivers
The major driver for Asia Pacific Commercial Refrigerators Market Demand is rapid urbanization. Growing urban population has led to proliferation of modern retail channels, food service industry and cold storage facilities which increases the demand for advanced commercial refrigeration solutions. According to World Bank, the urban population in Asia Pacific region is expected to surpass 60% by 2030 thereby creating widespread demand for commercial refrigerators. Other key drivers include rising food processing industry and increasing exports of marine, meat and dairy products from countries like India and China.
PEST Analysis
Political: The Asia Pacific region commercial refrigerators market is influenced by government regulations and standards regarding food quality and safety. Governments implement standards for energy efficiency of refrigerators and promote their adoption through subsidies.
Economic: Factors such as rising disposable incomes, growing retail sector, increasing purchasing power, and demand for processed and frozen foods are driving the commercial refrigerators market in Asia Pacific. Expansion of the foodservice industry also supports market growth.
Social: Changes in consumer lifestyle and preferences are influencing the commercial refrigerators market. Rising health awareness increases demand for fresh and safe food options. Growing young population and workforce boosts consumption of food and beverages outside homes.
Technological: Advancements in refrigeration technologies improved energy efficiency and reduced environmental footprint of commercial refrigerators. Features such as connectivity and smart controls are gaining popularity. Use of natural refrigerants and integrated renewable energy solutions help meet sustainability goals.
Regions Where Market is Concentrated
The commercial refrigerators market in Asia Pacific is concentrated in China, Japan, and India in terms of value sales. This is due to the large population and growing food retail and foodservice industry in these countries. Particularly in China, rapid urbanization, increasing incomes, and emerging cold chain infrastructure have propelled demand for commercial refrigeration equipment.
Fastest Growing Region
The Southeast Asian countries are projected to be the fastest growing regional market for commercial refrigerators in Asia Pacific. Factors such as rising middle class, expanding organized retail and quick service restaurants, increasing foreign direct investment in food manufacturing and processing are fueling refrigeration requirements in the ASEAN region. Indonesia, Vietnam, and Thailand showcase strong growth potential for commercial refrigerators market.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
