The burgeoning requirement for ready-to-eat food products is propelling the worldwide demand for commercial refrigeration equipment. Due to their surging disposable income and increasing popularity of the Western lifestyle, the middle-class populace, particularly in the Eastern countries, is increasingly consuming ready-to-eat food products.
These changes in the food consumption habits of people are fueling the development of several hypermarkets, restaurant and food chains, and supermarkets across the world. Moreover, in order to cater to the rising customer demand for ready-to-eat foods, even unorganized restaurants and small grocery stores are improving their infrastructure and using large refrigeration systems, thereby propelling the advancement of the global commercial refrigeration equipment market.
Besides, the surge in the organized food retail sector is also expected to fuel the industry at a CAGR of 3.0% from 2020 to 2030 (forecast period). This sector is expanding rapidly in Brazil, India, and China, because of the rapid urbanization in these countries. For example, the urban population in China is predicted to rise from 782 million in 2016 to nearly 1.4 billion by 2025.
Likewise, the population of urban people in India is predicted to grow from 438 million in 2016 to nearly 1.4 billion by 2023-end. The surge in the urban population in these countries is predicted to propel the deployment of commercial refrigeration equipment in hypermarkets, mid-sized grocery stores, tier I and tier II restaurants, and food processing facilities.
Therefore, the sales of commercial refrigeration equipment are certain to rise in the coming years, primarily because of the mushrooming number of restaurants and fast-food joints and the increasing demand for ready-to-eat and frozen foods all over the world. This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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