Future Market Insights (FMI), in its new report, estimates worldwide sales of walk-in coolers and freezers at US$ 8.6 billion in 2019. Widespread consumer acceptance of frozen and processed food, along with a steep rise in the demand for efficient refrigeration facilities to store and maintain the shelf life of these products, allude to a brighter future for the walk-in coolers and freezers market.
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- The global walk-in Coolers and Freezers market was valued at ~US$ 8 Bn in 2019.
- The walk-in Coolers and Freezers market is anticipated to witness robust growth with a CAGR of ~5% over the forecast period of 2019–2029.
- 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 increased 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.
- 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.
- The commercial kitchen & restaurants segment is anticipated to create prominent demand for walk-in coolers & freezers, followed by retail food & beverage outlets.
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, the demand for walk-in coolers and freezers has been on an upward swing across the globe.
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 a multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, the walk-in coolers and freezers market in East Asia is likely to take over the European market in the future.
According to the study, newer trends and rapid expansion of the 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 a factor has forced the manufacturers to innovate and enhance the visual appearance of their products without compromising on the operational functions.
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Steady Gains Ensued by Norms and Trade
Environmental concerns top the list when it comes to cooling technologies. Sensing the urging requirement for sustainable solutions, manufacturers are investing in R&D for low GWP refrigerants, even enhancing the energy efficiency of walk-in coolers and freezers. Global food production is on the record high, as is the demand for food worldwide.
As the global trade for a diverse range of foods grows unabated, demand for solutions to keep these products fresh, while retaining their shelf-life is paramount. This has considerably complemented the adoption of walk-in coolers and freezers specifically for ready-to-eat food, frozen food, frozen ready meals, and fresh meat products.
Macro-economic aspects such as urbanization and industrialization will also have notable impacts on the walk-in coolers and freezers landscape in the long run.
- Walk-in Cooler
- Walk-in Freezer
- Combo (Freezer + Cooler)
Place of Use
- Remote Condensing
- Multiplex Condensing
- Power Sliding
- Manual Sliding
- Cold Storage Warehouse
- Commercial Kitchen & Restaurants
- Floral Storage
- Research laboratories
- Hospitals & Mortuaries
- Mobile Refrigeration System
- Retail Food & Beverage
- Convenience Stores
- Other Stores
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa (MEA)
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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 a 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 setting along with several add-on features to increase convenience and ease of use.