May 21, 2019

APAC Commercial Refrigeration Equipment Market to Witness the Highest Growth Globally in Coming Years

The APAC commercial refrigeration equipment market is projected to reach $24.4 billion by 2023. Growing food and beverage industry, and increasing urbanization are the key factors driving market growth.

On the basis of end user, the APAC commercial refrigeration equipment market has been categorized into hotels/restaurants & catering, supermarkets, hypermarkets, convenience stores, e-commerce, and others, wherein ‘others’ include hospitals; educational institutions; large pharmaceutical stores; and medical and life sciences. Among these, hotels/restaurants and catering category held the largest market share of 27% in 2017.

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In terms of value, China dominated the APAC commercial refrigeration equipment market, during the historical period and is expected to continue holding the largest share, during the forecast period. This is attributed to growing food and beverage industry in the country.

Additionally, the dairy industry in APAC is expected to record CAGR of 4.2% during 2016-2021, followed by beverage and poultry industry (CAGR of 2.8% and 1.3%, respectively). The trend of eating out is fueling the food and beverage industry, in-turn propelling the demand for commercial refrigeration equipment in food service industry.

Moreover, in the recent years, there has been an increase in import of milk products, seafoods, and alcohol in China, from countries such as New Zealand, the U.S., Brazil, Russia, and Argentina. Also, with increasing population, the demand for meat and dairy products is growing rapidly in the country. According to the U.S. department of agriculture (USDA), China imported double the volume of meat during 2013-14 as compared to early 2000.

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Some of the other key players operating in the APAC commercial refrigeration equipment marketinclude Daikin Industries Ltd., Illinois Tool Works Inc., Johnson Controls International Plc, Fujimak Corporation, and Emerson Electric Co.

APAC Commercial Refrigeration Equipment Market Segmentation

Market Segmentation by Equipment Type

  • Beverage Refrigeration
  • Walk-in Coolers
  • Transportation Refrigeration Equipment
  • Parts
  • Display Cases
  • Ice Making Machineries
  • Other Equipment (vending machines, cryogenic equipment, and liquid chiller)

Market Segmentation by Application

  • Food Service
  • Food and Beverage Distribution
  • Food and Beverage Retail
  • Others (pharmacy refrigeration, genetic preservation, medical diagnostic applications)