Commercial Refrigeration Equipment Market to Grow at 5.7% CAGR from 2015-2020
Market is being driven by the growth of the supermarket, hypermarket, and organized food retail chains
NEW YORK — The global commercial refrigeration equipment market was valued at $29.6 billion in 2014 and it is expected to reach $40.9 billion by 2020, according to a report from P&S Market Research. The firm forecasts the market to grow at a compound annual growth rate (CAGR) of 5.7 percent, in terms of value, from 2015 to 2020.
The commercial refrigeration market is being driven by the growth of the supermarket, hypermarket, and organized food retail chains. According to Institution of Mechanical Engineers, in the year 2014, 25 percent of total food production in developing countries was wasted mainly due to improper refrigeration. In Africa, about 50 percent of the food and vegetables are wasted due to the lack of commercial refrigeration equipment.