Refrigerated Display Cabinets Market Outlook 2024-2033: Growth Potential, Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
Market Overview and Growth Projections
- Current Market Size: The refrigerated display cabinets market was valued at $7.66 billion in 2023.
- Short-Term Growth: Expected to grow to $8.12 billion in 2024, at a compound annual growth rate (CAGR) of 6%.
- Future Outlook: Forecasted to reach $10.26 billion by 2028, with a CAGR of 6.1%.
The refrigerated display cabinets market has shown robust growth in recent years and is set to continue expanding. Factors contributing to this growth include stringent food safety regulations, the retail sector’s expansion, and increased consumer demand for fresh produce and health-conscious options. As online grocery shopping and consumer awareness rise, so does the need for effective refrigeration solutions.
Key Drivers of Growth
- Food Safety Regulations: Stringent regulations ensure high standards in food storage and handling.
- Retail Sector Expansion: Increased number of retail outlets boosts the demand for refrigeration.
- Foodservice Industry Boom: More restaurants, cafes, and food trucks require reliable refrigeration solutions.
- Health Awareness: Rising consumer focus on fresh and nutritious foods drives market demand.
- Online Grocery Shopping: Growth in e-commerce fuels the need for advanced refrigerated display systems.
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Future Trends and Innovations
- Sustainability Focus: Growing emphasis on eco-friendly and energy-efficient technologies.
- Aesthetic and Customizable Solutions: Increasing demand for visually appealing and customizable cabinets.
- Technological Advancements: Adoption of IoT integration, energy-efficient systems, and advanced display technologies like OLED and curved screens.
- Sustainable Refrigerants: Use of propane (R290) as a greener alternative to traditional refrigerants.
The market is evolving with innovations aimed at sustainability and efficiency. Key developments include the use of propane-based refrigerants and advancements in display technology. These innovations help retailers meet environmental standards while enhancing operational efficiency.
Industry Trends and Major Players
Expansion of the Food Service Sector
- Growth Impact: The food service industry’s expansion is a significant driver of refrigerated display cabinet demand.
- Market Statistics: The food service sector’s value increased from $2.11 trillion in 2021 to $2.39 trillion in 2022.
Refrigerated display cabinets are crucial for preserving perishables and attracting customers. The growth in food service establishments, driven by urbanization and changing dining preferences, directly benefits the refrigerated display market.
Sustainable Technologies
- Propane-Based Cabinets: Companies like AHT are leading in sustainable technology with propane-based refrigerated cabinets, improving efficiency and reducing energy consumption.
- Innovative Features: AHT’s KALEA range includes semi-plug-in units that integrate with glycol-water systems, capturing waste heat for space heating and hot water.
The shift towards propane-based systems and other green technologies reflects the market’s commitment to sustainability.
Market Consolidation
- Ronin Equity Partners: Acquired QBD Corp. and Minus Forty Technologies Corp. to consolidate the industry.
- Strategic Move: This acquisition enhances market reach and manufacturing capacity, positioning Ronin Equity Partners as a major player in North America.
Consolidation efforts by major players like Ronin Equity Partners are reshaping the industry landscape, creating stronger, more integrated market leaders.
Market Segmentation
- By Type: Frozen Type, Chilled Type
- By Application: Beverages, Food, Medicine, Other Applications
- By End-Users: Supermarkets, Convenience Stores
Regional Insights
- Asia-Pacific: Largest market in 2023 and anticipated to be the fastest-growing region in the forecast period.
The Asia-Pacific region continues to lead the market, driven by rapid economic growth and increasing consumer demand for refrigeration solutions.
Conclusion
The refrigerated display cabinets market is poised for significant growth, driven by advancements in technology, sustainability, and the expanding foodservice sector. As the market evolves, innovations and strategic consolidations will shape its future, offering new opportunities for growth and development.
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The Refrigerated Display Cabinets Global Market Report 2024 provides comprehensive insights on the refrigerated display cabinets market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the refrigerated display cabinets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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