Walk-in Coolers and Freezers Market Is Anticipated To Witness A Robust Growth CAGR Of ~5% Over Forecast Period Of 2019–2029 Post

Digitalization and smart technologies continue to influence numerous product developments and demand-side dynamics, and walk-in coolers and freezers are no exception. As consumers show marked preference for efficient yet custom-sized units, manufacturers are leveraging technological advancements to develop unique product features that fulfil specific customer requirements.

1. The global walk-in Coolers and Freezers market was valued ~US$ 8 Bn in 2019.
2. The walk-in Coolers and Freezers market is anticipated to witness a robust growth with a CAGR of ~5% over the forecast period of 2019–2029.
3. South Asia and East Asia markets are expected to remain prominent regional markets in the global walk-in Coolers and Freezers market.
   • Rapid urbanization in India and China resulting in an increase in commercial restaurants and retail food outlets chain in the region, which is expected to drive the sales of walk-in Coolers and Freezers market.
4. The South Asia market is expected to lead the walk-in Coolers and Freezers market in terms of CAGR growth, registering a growth of ~7% CAGR over the forecast period.
   • The growth is primarily driven by growing retail food outlets and franchises, cold storage warehouses, and restaurant chains in India and other ASEAN countries.
5. The commercial kitchen & restaurants segment is anticipated to create prominent demand for walk-in coolers & freezers, followed by retail food & beverage outlets.

According to the study, key players in the walk-in coolers and freezers market also remained focused on improving energy efficiency of their products, considering the continuous changes in energy conservation standards for various commercial and industrial equipment including walk-in coolers and freezers. These players are continuously putting efforts on improving quality of their offerings, while investing in innovative developments that would yield substantial improvements for customers.

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Gains Remain High from Commercial Kitchens & Restaurants

Walk-in coolers and freezers continue to gain high traction from commercial kitchens and restaurants, which are widely used to preserve raw foods and grocery items. As international fast food chains and café outlets continue to explore opportunities in various attractive destinations, demand of walk-in coolers and freezers has been on an upward swing across the globe.

Regional Analysis:

North America and Europe have been the early adopters of commercial kitchens and restaurants; however, they are reaching their saturation point. Walk-in cooler and freezer manufacturers are tapping into opportunities in developing countries in East Asia, where multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, walk-in coolers and freezers market in East Asia is likely to take over the Europe market in the future.

According to the study, newer trends and rapid expansion of retail food & beverage sector also represent a significant source of demand for walk-in coolers and freezers. Picture-perfect stores are gaining high preference among today’s consumers, especially millennials obsessed with social media platforms. Such factor has forced the manufacturers to innovate and enhance the visual appearance of their products without compromising on the operational functions.

Walk-in coolers and freezers with self-contained refrigeration continue to account for higher share as compared to remote condensing and multiplex condensing. Considering the suitability of self-contained refrigeration in almost any application along with ease of service and maintenance, this category also continues to witness higher innovation and investments.

According to the study, the walk-in coolers and freezers market shows a high level of fragmentation, and therefore, several market players are focusing on forging strategic alliance with other players to improve their market shares. Manufacturers are also focused on offering products that can be custom designed to fit any settings along with several add-on features to increase convenience and ease-of-use.

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