Refrigerated Display Cases Market Expected to Reach $20.8 Billion by 2022
Growing food safety concerns are expected to boost the demand
PORTLAND, Ore. and PUNE, India — The global refrigerated display case market is expected to garner $20.8 billion by 2022, with a compound annual growth rate (CAGR) of 9.8 percent during 2016 to 2022, according to a new report published by Allied Market Research titled "Global Refrigerated display cases Market - Opportunities and Forecasts, 2015-2022." Due to its well-established food and beverage retail sector, Europe dominates the global refrigerated display case market in terms of revenue, with a share of around 32 percent in 2015.
The market is expected to grow at a notable pace over the next five to six years, owing to factors such as expanding organized retail sector including supermarkets and hypermarkets, changing food preferences, evolving lifestyles, and increasing disposable incomes. Moreover, a plethora of new developments in small-scale food and retail sector, and inclination towards food safety concerns, are expected to boost the demand for refrigerated display cases in the near future. Owing to emission of greenhouse gases like chlorofluorocarbons (CFCs) and hydrofluorocarbons (HFCs) in existing refrigerated display cases, various changes are now being adopted with regards to compressor design, specifically in North American and European countries. For instance, 2015 fluorinated gas (F-gas) regulations in Europe have boosted the demand for replacement and retrofitted cases.
The refrigerated display case market is segmented by product type and product design. Plug-in and remote refrigerated display cases are the two key product types available in the market, of which the former enjoys a higher adoption. In 2015, the plug-in refrigerated display case segment constituted over 70 percent of the total market revenue, with an anticipated CAGR of 10.1 percent from 2016 - 2022. Plug-in refrigerated display cases are more space and energy efficient, compared to remote refrigerated display case. Moreover, initial capital investment requirements for installation for these product types are lower than remote refrigerated display cases.
Vertical refrigerated display cases dominate the market in the product design segment, constituting around three-fifths of the market revenue in 2015. The segment is estimated to exhibit the fastest growth during the forecast period. With widespread growth in small and medium sized retail outlets, the demand for vertical refrigerated display cases has witnessed a substantial increase. Horizontal refrigerated display cases are expected to exhibit a notable growth trend during the forecast period, owing to their growing demand in organized large size retail food stores. Hybrid refrigerated display cases, which have dual temperature control system, have been gaining adoption, especially with increasing demand from cafes and quick service restaurants.
Europe is a leader in world refrigerated display case market, accounting for a share of 32.6 percent of the overall market revenue in 2015. The region is expected to maintain its leading position throughout the analysis period. From a growth perspective, Asia-Pacific is anticipated to exhibit the highest growth, with a CAGR of 11.8 percent during the forecast period.
KEY FINDINGS OF THE REFRIGERATED DISPLAY CASES MARKET
Europe was estimated to be the highest revenue generating region in the refrigerated display case Market in 2015, owing to the high adoption of refrigeration solutions in the food and beverages retail market. Ongoing developments, urbanization, change in food habits, and increasing standards of living have promoted the use of refrigerated display cases in Asia-Pacific, which is expected to grow at the fastest rate from 2016-2022. Plug-in refrigerated display cases segment dominated the refrigerated display case Market, and are expected to witness the highest CAGR of 10.1 percent during 2016-2022.
For more information, visit Global Refrigerated Display Cases Market Report
Publication date: 12/9/2016