Glass Door Refrigerators Market to Grow to $13.66 Billion by 2023
Asia Pacific is the largest market for glass door refrigerators
PUNE, India — The global glass door refrigerators market was worth $6.53 billion in 2014 and is expected to reach $13.66 billion by 2023, expanding at a compound annual growth rate (CAGR) of 8.6 percent from 2015 to 2023, according to a new market report published by Transparency Market Research. Asia Pacific was the largest market for glass door refrigerators in 2014. Growth in this region is expected to be driven by urbanization, changes in food consumption habits, a developed food and beverage industry, and retail infrastructure.
Glass door refrigerators are widely deployed in retail channels. This is because this equipment allows for the display of products that require cold storage to drive customer engagement and enhance sales and productivity. Glass door refrigerators are specially designed to display and store. They are commonly used by supermarkets/hypermarkets; grocery stores; hotels/restaurants; catering businesses; nonconventional outlets, such as gas stations; and kiosks/local grocers. The practice of using glass door refrigerators by the biomedical sector for the purpose of storing specimens or drugs is also picking up gradually. This is largely due to the development of advanced refrigerators with critical temperature control features.
For many years, retail channels considered traditional refrigeration systems the only way to store products. With the technological advancements of glass door refrigerators providing more efficiency and functionality, industries are no longer restricted to the use of traditional refrigeration systems and are switching toward glass door refrigerators. The rapid expansion of the retail sector and emergence of new retail networks, along with changing government regulations, has provided necessary momentum for market growth. As a result, demand for both replacement product upgrades and new products are expected to fuel the growth of the glass door refrigerator market over the forecast period. With the proliferation of supermarkets, hotels, and cafes, and changing food consumption trends, demand for glass door refrigerators is expected to soar during the forecast period.
On the basis of capacity, the global glass door refrigerator market is segmented into 0.5 – 3 cubic feet, 3.1 – 6.0 cubic feet, and 6.1 – 9.0 cubic feet. In 2014, among these, glass door refrigerators with a capacity of 3.1 – 6.0 cubic feet were the most preferred refrigerators, and accounted for around 30 percent of the revenue of the overall glass door refrigerators market. Moreover, these refrigerators are expected to expand at a CAGR of 9.4 percent from 2015 to 2023. The most significant factor driving the market for glass door refrigerators with capacities of 3.1 – 6.0 cubic feet is their high demand in hotels, bars, and restaurants due to their high efficiency and small size.
In terms of retail channels, the glass door refrigerators market is segmented into hypermarkets, supermarkets, convenience stores, restaurants, and others. In 2014, hypermarkets held the largest revenue share of around 33 percent of the overall glass door refrigerators market. Moreover, based on the volume of shipments, hypermarkets accounted for the maximum share of around 32 percent of the overall glass door refrigerator market in 2014. Glass door refrigerators deployed in hypermarkets are expected to grow at the fastest CAGR in terms of revenue as well as volume during the forecast period from 2015 to 2023.
Geographically, Asia Pacific is the largest market for glass door refrigerators globally. In 2014, Asia Pacific accounted for around 41 percent of the overall glass door refrigerators market revenue share. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for glass door refrigerators in this region.
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Publication date: 1/19/2016