LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial refrigeration equipment market to grow at a CAGR of over 5% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the increasing M&A to expand capacity as one of the key emerging trends in the global commercial refrigeration equipment market. Players in the market compete on various factors such as price and quality. To increase the market share and revenues, players in the market are merging and acquiring other players that offer commercial refrigeration equipment. The market consists of many players, which include regional and international players. Increasing M&A by companies is expected to drive the global commercial refrigeration equipment market during the forecast period and is acting as a major trend for the market.
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In this report, Technavio analysts highlight the increasing demand for frozen food as a key factor contributing to the growth of the global commercial refrigeration equipment market:
Increasing demand for frozen food
During the forecast period, the demand for frozen food is expected to increase. Factors such as the increasing population, strong demand from emerging economies, and increase in number of working women are contributing towards the demand for frozen food. For example, in 2017, the female labor force in France was 46.96% of the total work force, and it was 45.04% in 2000. Similarly, in 2017, the female labor force in Germany was 46.46% of the total work force, and it was 43.75% in 2000. The rising number of working women will lead to less time spent by these women in kitchens, which will increase the demand for frozen food. These factors will lead to the high demand for frozen food, which will influence the demand for commercial refrigeration equipment such as chest freezers and walk-in coolers.
According to a senior analyst at Technavio for engineering tools, “In developing countries, factors such as the increase in income levels and the rising impact of western lifestyles drive the acceptance of frozen food products among consumers. Frozen food can be a suitable alternative for healthy and convenient lifestyles when compared with conventional fresh market food. Consumers are increasingly becoming aware of the benefits of frozen foods.”
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Global commercial refrigeration equipment market segmentation
This market research report segments the global commercial refrigeration equipment market into the following product types (walk-in coolers, display cases, refrigerators for drink, and ice-making machinery), end-users (retail, restaurants, hotels, and catering units), and key regions (the Americas, APAC, and EMEA).
Of the four major end-users, the retail segment held the largest market share in 2017, accounting for nearly 39% of the market. The market share for this end-user is expected to increase by 2022. The fastest growing end-user is restaurants, which will account for nearly 35% of the total market share by 2022.
APAC was the leading region for the global commercial refrigeration equipment market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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