Growing Demand for Frozen and Processed Food Fuels the North America Commercial Refrigeration Market
The growing demand for frozen and processed food is a key driver propelling the expansion of the commercial refrigeration market. As consumer lifestyles evolve and urbanization rises, there is a notable shift in dietary habits towards convenience, leading to an increased reliance on frozen and processed food products. Commercial refrigeration system plays a pivotal role in preserving the quality and safety of these perishable items throughout the supply chain.With a surge in supermarkets, hypermarkets, and convenience stores globally, the need for robust and energy-efficient refrigeration solutions has intensified. Commercial refrigeration ensures the extended shelf life of frozen and processed foods, reducing food waste and meeting the escalating demand for diverse food options. Further, many brands provide healthy and nutritious frozen food that is gluten-free, organic, low-carb, high-protein, and more.
Additionally, stringent regulations and standards regarding food safety and storage further drive the adoption of advanced commercial refrigeration systems. These systems not only maintain optimal temperature conditions but also incorporate features such as humidity control to preserve the freshness of perishable goods.
The demand for frozen food increased rapidly in the US during the peak of the COVID-19 outbreak in 2020. According to the American Frozen Food Institute (AFFI), frozen food sales increased to US$ 65.8 billion in 2020 from US$ 54 billion in 2019, a rise of 22%. Even in 2022, the demand for frozen food was growing continuously. According to AFFI, in 2022, frozen food sales reached US$ 72.2 billion and increased by 8.6% from sales in 2021. Also, it is seen that, compared to pre-pandemic levels, in 2022, the demand for frozen processed meat, frozen snacks, frozen seafood, and other frozen foods doubled. The sales of frozen processed meat were US$ 4.9 billion in 2022, an increase of 74.3% compared to 2019. Similarly, frozen snack sales reached US$ 3.5 billion in 2022 (a rise of 58.5% compared to 2019), while frozen seafood sales reached US$ 7.1 billion (an increase of 36.9% compared to 2019). The rise in frozen and processed food sales is fueling the market's growth.
North America Commercial Refrigeration Market Overview
The commercial refrigeration system comprises several types of cooling appliances, including refrigerators, freezers, milk coolers, and blast chillers. These appliances are used to store food ingredients or prepared food in restaurants, hotels, cafes, and other establishments. They are also used in supermarkets and retail stores to store vegetables, fruits, meats, beverages, drinks, dairy products, and other food items. In the US, it is seen that processed meat, frozen snacks, frozen seafood, and other frozen foods provided by various brands are considered nutritious and healthy. The growing demand for frozen and processed food in the US is raising the need for commercial refrigeration systems in restaurants, supermarkets, and others. Thus, the growing number of supermarkets and hypermarkets is expected to raise the need for refrigeration systems in the country. The integration of different technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), in refrigeration systems help in the maintenance and diagnosis of problems associated with the usage pattern of the system. Thus, the rising use of refrigeration systems to store food products is fueling the growth of the market.Nort
h America Commercial Refrigeration Market Revenue and Forecast to 2030 (US$ Million)
North America Commercial Refrigeration Market Segmentation
The North America commercial refrigeration Market is segmented based on type, application, door type, and section type.Based on type, the North America commercial refrigeration market is segmented into refrigerators, freezer, heated cabinets, milk coolers, chef bases, full size undercounters, full size prep tables refrigerator and freezers, back bar, blast chillers, and others. The refrigerators segment held the largest share in 2022.
Based on application, the North America commercial refrigeration market is bifurcated into hospitality, and institutional. The hospitality segment held the larger share in 2022.
Based on door type, the North America commercial refrigeration market is segmented into single, dual, and multi. The dual segment held largest share in 2022.
Based on section type, the North America commercial refrigeration market is segmented into single, dual, and multi. The dual segment held the largest share in 2022.
Based on country, the North America commercial refrigeration market is segmented into US, Canada, and Mexico. The US dominated the North America commercial refrigeration market.
Beverage-Air Corp, Hoshizaki Corp, Victory Refrigeration, True Manufacturing Co Inc, Libherr USA Co, Marmon Holding Inc, Traulsen & Co Inc, Turbo Air Inc, Haier Smart Home Co Ltd, and Daikin Industries Inc are some of the leading companies operating in the North America commercial refrigeration market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America commercial refrigeration market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America commercial refrigeration market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America commercial refrigeration market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
Companies Mentioned
- Beverage-Air Corp
- Hoshizaki Corp
- Victory Refrigeration
- True Manufacturing Co Inc
- Libherr USA Co
- Marmon Holding Inc
- Traulsen & Co Inc
- Turbo Air Inc
- Haier Smart Home Co Ltd
- Daikin Industries
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 101 |
Published | February 2024 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 10607.11 Million |
Forecasted Market Value ( USD | $ 16812.25 Million |
Compound Annual Growth Rate | 5.9% |
Regions Covered | North America |
No. of Companies Mentioned | 10 |