Market Overview :
Walk-In refrigerators are very large, insulated, enclosed spaces, used to store frozen foods and other perishable goods. They operate above 0 degree Celsius, and at or below 13 degree Celsius and are primarily used in food service and food sales industry. Rising urbanization and modern lifestyle are the factors that are leading to an increased number of restaurants, bars and grocery stores. According to Statistics Canada, the total food services and drinking places has increased from $5,598,518 in 2017 to $6,103,740 in 2018. Therefore, growing food service industry is playing an important role in the growing demand for walk-in refrigerators as they boost stock longevity, preserves stock through even temperature control and provide ample space.
These refrigerators are increasingly being used in healthcare facilities so as to store vaccines and medicines for a longer time. Thus, rising number of vaccinations are expected to augment the demand for walk-in refrigerators in healthcare facilities. Owing to these factors, the walk-in refrigerator market is expected to grow at a moderate CAGR of 5.60% over the forecast period, further augmented by the burgeoning requirement for refrigerators that not only provide preservation of materials and food but also offer greater energy efficiency for restaurants, bars, grocery stores, and others.There are need to do market research and analysis owing to hugh scope with respective industry.
Walk-In refrigerators market Forecast US$, from 207 to 2023
Impact of Growing Food Service Industry on Refrigerator Market :
Growing propensity of customers towards convenience products and casual dining owing to modern lifestyle is leading to burgeoning food service industry. Rising disposable income is playing an important role in the augmenting trend of casual dining that is leading to an increased number of restaurants, bars and breweries in both the developed and developing countries. In Canada, the annual growth rate of household disposable income increased from 1.15% in 2014 to 3.08% in 2015 (source: OECD Data). Thus, restaurant and grocery shop owners are increasingly investing in walk-in refrigeration systems such as walk-in refrigerators as to provide quality service and food to the customers.
Walk-In Refrigerator Market Share By End Users
By end user, the walk-in refrigerator market is segmented as restaurants, healthcare facilities, grocery stores and food banks, bars and breweries, others. Walk-in refrigerators are commonly known for their advanced technology and are considered as commercial refrigerators with a walking space which is available in athe low and medium temperature range. Restaurants and grocery stores, and food banks held significant market shares in 2017 and 2018 owing to increasing number of super marts and hyper marts in various parts of the world. In addition, rising adoption of walk-in refrigerators in healthcare facilities and rising healthcare expenditure is expected to drive the market for the walk-in refrigerators in the healthcare sector during the forecasted period.
Walk-In Refrigerator Market Share By Geography:
Geographically, the walk-in refrigerator market has been segmented as North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America and Europe held significant market shares in 2017 owing to the high demand for fresh fruits and vegetables in grocery stores.
High consumption of beer supported by presence of a large number of bars and restaurants in these regions is further bolstering the growth of walk-in refrigerator market. APAC will witness a significant CAGR between 2018 and 2023 on account of the booming e-commerce industry in the region. Rising number of bars and restaurants owing to the growing middle class population.