The refrigeration coolers market is expected to grow at a CAGR of 3.59%, reaching a market size of US$6.350 billion in 2029 from US$4.961 billion in 2022.
Refrigeration coolers have grown in popularity as the food industry expanded significantly. These coolers, in particular, have gained popularity and are now a great option for ready-to-eat products in various industries, not just commercial ones. Because of their lower adoption rates, the market potential for frozen and processed food products has increased significantly. The use of prepared foods, such as frozen pizzas, snacks, and desserts, has also increased dramatically. A dependable cold storage technology that maintains the chemical composition of food even after months is required for such a food market. With the growth in international trade of these culinary goods, cold storage systems will probably become increasingly necessary in the forecast years.
Refrigeration Coolers Market Drivers
Eco-friendly coolant-based industrial refrigeration coolers have seen a rise in sales worldwide in recent years. Nonetheless, food kept within the refrigeration system may become contaminated due to internal gas leaks. As a result, in the forecast period, wall-in refrigeration cooler systems may become more popular due to a lack of skilled workers and growing safety concerns.
Further, because of environmental risks, manufacturers are now more concerned with global warming potential (GWP) and ozone depletion potential (ODP) than with the thermodynamic properties of their refrigerants. New refrigeration equipment, parts, and technologies are being introduced in response to the demand for refrigerants with lower greenhouse gas profiles worldwide. However, one of the difficult issues facing operators and original equipment manufacturers is the transition to refrigeration systems of the future.
Improved lifetime, color rendition, controllability, design, and stability are among the many areas in which progress has been made. These trends have significantly influenced the acceptance and proliferation of this technology. By increasing efficiency, refrigeration cooling systems are even more energy-saving, which makes them more attractive to final consumers. Enhancing aesthetic appeal in lit areas is only made possible through improved skills of color rendition whereby definite colors are accurately represented. Lowering maintenance costs resulting from prolonged lifetimes also plays a crucial role in reducing the overall maintenance cost of refrigeration cooling systems.
An increase in the number of people working worldwide, the development of products with longer shelf lives, and rising demand from various end users, including fast-food chains' hotels and restaurants, are all significant drivers of the industry. Due to the increasing availability of frozen foods, consumers' purchasing behaviors regarding dietary items have changed, and frozen foods are now a regular fixture on their shopping lists. The proactive and hectic lifestyle of the working class has increased demand for frozen food items. Because they are so convenient, millennial parents have emerged as a significant market niche for frozen dinners. The market for refrigeration coolers is driven by all of these factors, which are connected to the growing demand for beverages, frozen food, and ready-to-eat goods.
The growth of retail chains and channels, such as supermarkets, hypermarkets, and convenience stores, is a key factor propelling the refrigeration cooler market. Moreover, retail chains have advanced to the point where several manufacturers now own their refrigerated storage facilities. Retailers such as Walmart, Spar, Tesco, and 7-Eleven are growing their shops in developed nations like the UK, the US, and Germany and emerging markets such as Argentina, China, and Brazil. This growth of these massive retailers, together with their growing global businesses, is fueling the refrigerated cooler industry’s growth.
The demand for fast-moving consumer goods is related to the need for smart refrigeration, cold storage chain logistics, and transportation. The popularity of online shopping and e-grocery has made refrigeration units necessary for storing and cooling these products. Refrigerated logistics have a finite amount of time to distribute certain commodities due to their fragility. The cost and difficulty of transporting food from a warehouse or retail location to a customer's location have also increased. Meal packages and e-grocery items have sharply increased demand in many countries. The sudden rise in perishable food and consumables has also increased the demand for cold storage space.
Refrigeration Coolers Market Geographical Outlook
The economies of nations like China, India, Japan, and Australia are anticipated to spur rapid market expansion. The last ten years have seen a notable increase in investments and industrialization in Asia Pacific regions, especially in China and India, which has fueled the region's rapid economic growth. For instance, the Indian government has implemented policies to support integrated cold chain management and stimulate private sector facility development, such as profit-linked tax deductions, FDI approval, and other financial assistance. Furthermore, the growing population in APAC generates a high demand for food, creating opportunities for food processing facilities throughout the region and driving up the market for refrigeration coolers.
Refrigeration Coolers Market Key Launches
Segmentation: