Demand for refrigerated display cases has been witnessing steady growth over the last decade supported by increasing competition in the food retailing space and the resulting need for attractive food display and distribution, says the report. Factors such as strong economic growth, rising levels of income, standard of living, and changing food habits in emerging countries, and growing concerns over food safety, are driving demand for refrigerated display cases. Other factors spurring growth include changing demographics, and a shift to natural refrigerants. The commitment to sustain a green environment is by far the most vital factor driving innovation in refrigeration technology, notes Global Industry Analysts. Partnerships are being forged across industries such as food, retail, and supermarkets to design and develop new refrigeration technologies using natural alternatives. Presently, there is a rise in the number of installations of CO2 refrigeration systems in supermarkets and food industries worldwide.
The Eurozone crisis and the resulting slowdown in economic performance in Europe have impacted consumer spending habits. The pressure on consumer confidence coupled with stricter regulatory standards, rising energy costs, and concerns over emissions from refrigerants are all expected to challenge growth in the market. Asia-Pacific, on the other hand, is forecast to witness healthy growth led by ambitious retail expansion plans of big box retailers.
Asia-Pacific represents the fastest growing market worldwide with a compound annual growth rate (CAGR) of 8.9 percent over the analysis period. Growth in the region is led by growing population, shifting preference for frozen and chilled processed and fresh foods, and growing disposable income among urban and rural dweller.
The United States represents the single largest market and is projected to register encouraging growth although lower than the global average. Gains are expected to be fueled by the expansion of restaurants and food retail outlets, steady consumer demand for convenience food, and growing product assortments and choices offered.
Publication date: 8/5/2013