Commercial refrigerators are majorly utilized by restaurants, cafes, hotels, retail shops and food processing industries to store food items at required temperatures. These refrigerators are available in different sizes and temperature ranges as per the storage requirement. The demand for commercial refrigerators is increasing across Asia Pacific region owing to growth of organized retail sector, rapid urbanization and rising number of food outlets. The food service industry in Asia Pacific has been witnessing exponential growth over the past few years driven by changing lifestyles and increasing consumer spending on food consumed outside homes.
The 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. These players are focusing on new product launches catering to diverse temperature ranges and sizes. For instance, in 2023 True Manufacturing launched its reach-in commercial refrigerators equipped with eco-friendly refrigerants for sustainable food storage solutions.
The Asia Pacific region presents significant growth opportunities for commercial refrigerators owing to increasing number of organized retail stores, restaurants, food outlets and quick service restaurants. Countries like China, India are witnessing rapid expansion of modern trade channels and food service industry supplemented by growing urban population. This is driving the demand for energy efficient and smart commercial refrigeration solutions across the region.
Key players are also exploring opportunities to expand their geographical footprint across emerging Asia Pacific economies. For example, in 2022 Panasonic partnered with Anthropic to launch AI-powered restaurant refrigerators in India allowing automated inventory management and energy optimization. Likewise, LG Electronics expanded its commercial refrigerator portfolio in Southeast Asian countries like Vietnam and Indonesia to cater to the growing demand from HORECA segment.
Market Drivers
One of the major drivers for Asia Pacific Commercial Refrigerators Market Growth is food service industry and retail sector in developing countries. Fast paced urbanization, rising middle class population and changing food consumption patterns are fueling the establishment of new restaurants, cafes, quick service brands across Asia Pacific region. This is catalysing the demand for advanced commercial refrigeration solutions for food storage and preservation in desired temperatures.
Market Restrain
High installation and maintenance cost of commercial refrigerators poses a major challenge, especially for small businesses in price sensitive Asia Pacific markets. Continuous technology upgradation leads to shorter product life cycles requiring replacement of old refrigeration units after few years. Furthermore, complexities involved in refrigerant leak detection and repairs increase the operational cost of commercial refrigerators. This acts as a key restrain for widespread adoption of technologically advanced products.
Segment Analysis
Commercial refrigerators market can be segmented based on end-use into restaurants, convenience stores, hotels, cafes and others. Among these, restaurants dominate the market as commercial refrigerators find widespread application in large scale food service and quick service restaurants for food storage and preparation. Rise in number of food joints and restaurants especially in developing countries of Asia Pacific is driving the demand for commercial refrigerators.
Commercial refrigerators market can also be segmented based on product type into door refrigerator, drawer refrigerator and walk-in refrigerator/freezer. Drawer refrigerators segment is fastest growing owing to benefits like easy access, loading and organization. Increasing demand for drawer refrigerators in commercial establishments like convenience stores and multi-cuisine restaurants is a key factor propelling the growth of drawer refrigerators segment.
Global Analysis
Asia Pacific dominates the global commercial refrigerators market and is expected to continue its dominance in coming years, growing at a CAGR of around 8.5% during forecast period. Countries like China, India and Japan hold significant market share in Asia Pacific commercial refrigerators market led by thriving food service industry and rapid infrastructure development. Rapid urbanization and increasing disposable income are driving more people to dine out in Asia Pacific region which is augmenting the demand for commercial refrigerators from restaurants and cafes. North America and Europe hold substantial market share and are major importers of commercial refrigerators from Asia Pacific countries.
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About Author:
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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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