In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors fueling the demand for Refrigerated Display Cases. The report tracks the global sales of Refrigerated Display Cases in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the manufacturing and retail industry in general.
Increasing refrigerated display cases sales are set to enable the market’s valuation to reach US$ 9.5 Bn in 2021. Future Market Insights (FMI) in a study has predicted stable long-term growth for the market. The report offers an analysis of 20+ high-growth markets, providing detailed insights on Refrigerated Display Cases Market growth that will evolve in the next decade.
The demand for refrigerated display cases declined in 2020, due to the recessionary effects of COVID-19 on the foodservice sector activities. However, barring a few countries, the activities in the food and beverage industry have resumed at a healthy rate post Q2 of the financial year.
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With the sector undergoing a recovery mode, the immediate as well as long-term growth outlook of refrigerated display cases the market remains positive. According to the report, the retail food and beverages sector will continue accounting for over 70% of sales of refrigerated display cases through the forecast period.
The introduction of high performance and connected refrigerated display cases with real-time cloud access and maintenance will create lucrative growth opportunities. In the coming years, the market also will gain from the launch of low GWP refrigerants aimed at lowering environmental challenges.
Key Takeaways
- Expansion of the supermarkets and hypermarkets will remain a chief growth driver, enabling the market to rise at a 5.5% CAGR between 2021 and 2031
- Rising demand for ready-to-eat food is fuelling refrigerated display cases sales across supermarkets and hypermarkets in the U.S. The country is expected to account for over 70% of the North American market
- Expansion of the foodservice sector will enable growth in Germany and France
- The U.K. will emerge as a strong market, exhibiting 3.8% y-o-y growth in 2021 after a period of decelerating sales in 2020
- While China currently holds dominance, Japan will emerge as the leading market in East Asia backed by rising demand for packaged food
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“Recent developments in food service and food retail sectors are creating lucrative prospects for the market. Consumers’ inclination towards add-on features like real time maintenance, remote access, and others is increasing, which is expected to give tailwinds to growth. In order to woo end users, manufacturers are therefore providing competitive price offering and advanced technologies,” says FMI analyst.
The implementation of stringent government norms and regulations on the use of refrigerant for cooling is estimated to create high growth avenues for the refrigerated display case market. The increasing focus on eco-friendly and sustainable refrigerated display cases in developed and developing economies across the globe is creating growth opportunities.
Competitive Landscape
The refrigerated display cases market is fairly competitive, with key players accounting for over two-thirds of the overall market value share. These players are likely to invest in new technology developments and the expansion of their networks to maintain their market share.
Some of the key players in the market are
- Carrier Corporation,
- Frigoglass SAIC,
- Epta S.p.a. Refrigeration,
- Dover Corporation,
- Haier Group,
- Arneg S.p.A,
- Illinois Tool Works,
- Daikin Industries, Ltd.,
- Fagor Industrial, and others.
The refrigerated display case market is likely to grow at a moderate pace from 2021-to 2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities. Collaboration, mergers and acquisitions with regional companies will remain key strategies adopted by market players as they aim at expanding their footprint in the regional market.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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