Walk-in Refrigerator Market Report 2024

Where is the largest and fastest growing market for walk-in refrigerator? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The walk-in refrigerator market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $12.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth during the historic period can be attributed to the expansion of the retail and foodservice sectors, increased requirements in the healthcare industry, rising environmental awareness, growth in supply chains, and a surge in the hospitality sector.

The walk-in refrigerator market size is expected to see strong growth in the next few years. It will grow to $16.66 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The projected growth during the forecast period can be attributed to stricter food safety regulations, rising demand in the healthcare sector, the expanding e-commerce market, emerging markets, and growing sustainability initiatives. Key trends expected include technological integration, adoption of energy-efficient solutions, advancements in customization and modular designs, the incorporation of smart technologies, IoT integration, and overall technological advancements.

The growth in the number of restaurants is expected to drive the expansion of the walk-in refrigerator market. Restaurants are commercial establishments where food and beverages are prepared, served, and consumed on-site. The rise in restaurant numbers is attributed to factors such as increased disposable incomes, urbanization, lifestyle changes, tourism growth, the expansion of food delivery services, and greater investment in the food and beverage industry. Walk-in refrigerators benefit restaurants by offering extensive and organized cold storage, which preserves perishable ingredients, minimizes food waste, and ensures adherence to health regulations, thereby boosting operational efficiency. For example, the Census and Statistics Department, a UK-based government agency, reported that total restaurant receipts in the first half of 2023 increased by 47.7% in value and 41.8% in volume compared to the same period in 2022. This trend supports the growing demand for walk-in refrigerators.

Key players in the walk-in refrigerator market are forming strategic partnerships to provide advanced and integrated solutions that address diverse customer needs. These partnerships enhance research and development, expand market reach, and accelerate innovation in the walk-in refrigerator industry. For instance, in May 2021, Arctic Industries, a US-based industrial machinery manufacturer, teamed up with Fischer Group, a US-based food service company. This collaboration aims to boost Arctic Industries' market presence in Southern California and Nevada by leveraging Fischer Group's expertise and customer connections to drive sales and development of walk-in refrigerators.

In February 2024, Kinzie Capital Partners, a US-based private equity firm, acquired Arctic Industries for an undisclosed sum. This acquisition is intended to bolster Kinzie Capital Partners' position in the walk-in refrigerator market by adding Arctic Industries' cold storage manufacturing expertise to its portfolio. Arctic Industries, also based in the US, manufactures a range of products, including walk-in coolers, freezers, cold storage panels, refrigeration systems, and related accessories.

Major companies operating in the walk-in refrigerator market are Panasonic Holdings Corporation, Johnson Controls International plc, Blue Star Limited, Thermo King Corporation, Beverage-Air Corporation, True Manufacturing Company Inc., KPS Global LLC, Master-Bilt Products LLC, Foster Refrigerator, Nor-Lake Inc., Cantek Group, American Panel Corporation, Bally Refrigerated Boxes Inc., Imperial Brown Inc., Delfield Company, Leer Inc., Victory Refrigeration, Polar King International Inc., U.S. Cooler, Koolmax Group Ltd, Arctic Industries Inc., SRC Refrigeration, Industrial Refrigeration Pvt. Ltd., Kolpak, Stericox India Private Limited.

North America was the largest region in the walk-in refrigerator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the walk-in refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the walk-in refrigerator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A walk-in refrigerator is a large, insulated unit used to store perishable goods at low, controlled temperatures. These refrigerators are spacious enough for people to enter and move around inside. They feature heavy-duty doors, shelving, and advanced cooling systems to maintain optimal temperature control and energy efficiency. Walk-in refrigerators are essential in the food and beverage industry, offering ample storage to keep ingredients fresh and prevent spoilage.

The main types of walk-in refrigerators are indoor and outdoor. Indoor walk-in refrigerators are designed for installation inside buildings, providing controlled environments for storing perishable items such as food and pharmaceuticals. Key components include hardware, software, and service, and door types such as insulated flush doors and sliding doors. End-users of these refrigerators include the food processing industry, retail food services, foodservice establishments, healthcare facilities, bars, and other sectors.

The walk-in refrigerator market research report is one of a series of new reports that provides walk-in refrigerator market statistics, including the walk-in refrigerator industry global market size, regional shares, competitors with walk-in refrigerator market share, detailed walk-in refrigerator market segments, market trends, and opportunities, and any further data you may need to thrive in the walk-in refrigerator industry. These walk-in refrigerator market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The walk-in refrigerator market consists of revenues earned by entities by providing services such as design and customization services, installation services, leasing and rental services, training services, temperature monitoring, and calibration services. The market value includes the value of related goods sold by the service provider or included within the service offering. The walk-in refrigerator market also includes sales of walk-in coolers, walk-in freezers, and modular walk-in units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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