CLEVELAND, March 20, 2021 /PRNewswire/ -- Global sales of commercial refrigeration equipment declined 11% in 2020 and will remain weak in early 2021 due to the COVID-19 pandemic, as it:
- restrained consumer spending, restricted mobility of people, disrupted equipment supply chains, and reduced fixed investments
- wreaked havoc on foodservice operators, one of the largest markets for commercial refrigeration equipment
However, sales will improve significantly in 2022 as the effects of the pandemic recede, with nations that handled the pandemic better than others – such as China and South Korea – likely to experience a stronger recovery through 2024. Multiple trends will support recovery at the global level, including:
- population growth and increasing personal incomes in developing regions, boosting consumer spending on food and beverage products
- expanding consumer preference for fresh and high-quality frozen foods
- growing use of advanced refrigeration technologies in mature markets to improve performance and reduce the environmental impact of refrigerants
- a shift from fairly basic models to more sophisticated commercial refrigeration machinery in Eastern Europe and developing middle-income countries in the Asia/Pacific and Africa/Mideast regions
Global Demand for Commercial Refrigeration Equipment to Reach $35 Billion in 2024
Global commercial refrigeration equipment sales are forecast to grow 1.8% annually through 2024:
- Although demand for commercial refrigerated equipment will generally grow at an above average in the developing countries of Central and South America, the Asia/Pacific, and the Africa/Mideast region, the markets in these areas will remain small due to underdeveloped electrical grids and widespread poverty.
- In North American and Western Europe, opportunities will be limited by the large amount of commercial refrigeration equipment already in use and prolonged weakness in nonresidential investment.
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Global Commercial Refrigeration Equipment is now available from the Freedonia Group. Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for global commercial refrigeration equipment sales in US dollars. For each country, product demand is presented for:
- display cases (including normal temperature and low temperature; open and closed types; rear access and self-service)
- reach-in and walk-in refrigerators and freezers
- beverage refrigeration equipment (e.g., drinking fountains, soda fountain equipment, beverage cooling equipment, beer dispensing equipment)
- ice machines
- refrigerated vending machines
- other commercial refrigeration equipment (e.g., dairy coolers, refrigerated food prep stations, blast chillers, mortuary refrigeration units, replacement parts, etc.)
In addition, demand is discussed in terms of market:
- food and beverage retail, including convenience stores, mass merchandisers, supermarkets, specialty stores, and any other retail outlets that may sell food and beverages, such as pharmacies or discount stores
- foodservice, which is dominated by restaurants and bars (including both limited- and full-service establishments), but also includes dining services offered in a number of other outlets, such as airlines, food trucks, government facilities, company cafeterias, and sports venues
- food and beverage production, including processing plants and farms, distributors, and food and beverage warehouses
- other markets for commercial refrigeration equipment, including hotels and motels, educational and institutional establishments, office buildings, and pharmaceutical production facilities
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SOURCE The Freedonia Group