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Increasing Consumption of Packaged Food and Beverages to Provide Impetus to Asia Pacific Commercial Refrigerators Market

Press release Description

Albany, New York, October 14, 2016: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a new report, titled “Commercial Refrigerators Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” The report, Transparency Market Research (TMR), predicts that the Asia Pacific commercial refrigerators market valued over US$16.99 bn in 2015 and is poised to touch US$38.83 bn by 2024 end, expanding at a 9.80% CAGR between 2016 and 2024. 

As stated in the study, the growing consumption of packaged beverages and food owing to the increasing hectic lifestyles of individuals in Asia Pacific will drive the demand for commercial refrigerators in this region. In addition, the increasing proliferation of cafes, restaurants, supermarkets, and hypermarkets will positively impact the development of the Asia Pacific commercial refrigerators market. 

Furthermore, the increasing awareness about energy efficiency in consumer appliances as well as the commercial sector has encouraged the utilization of green appliances, thus driving the demand for environment-friendly commercial refrigerators in the region of Asia Pacific. However, the skyrocketing prices of maintenance and procurement involved in the usage of commercial refrigerators may negatively impact the development of this market due to decreased deployment of commercial refrigerators in smaller establishments such as local retailers and cafes in Asia Pacific. 

In terms of type, in 2015, beverage refrigerators led the market with a share of more than 57.2%. The increasing tourism industry is a key factor providing impetus to the development of the segment of beverage refrigerators. However, wine refrigerators will outpace beverage refrigerators due to the increasing consumption of alcohol in the Philippines.  In terms of type, refrigerated display cases are segmented into remote and plug-in refrigerated display cases. Freezers can be categorized into vertical, chest, and ice-cream freezers. 

On the basis of retail channels, in 2015, the segment of hypermarkets held a dominant estimated share of 30.6% in the market. The reason for the superiority of this segment is the increasing introduction of supportive policies, raising the establishment of hypermarkets in Asia Pacific. By country, the China commercial refrigerators market held a share exceeding 33.5% in 2015. This is mainly owing to the economical prices of commercial refrigerators China due to the increasing penetration of both multinational and local manufacturers in this nation. 

Samsung Electronics Co. Ltd., Liebherr Group, Hitachi, Ltd., LG Electronics, Panasonic Corporation, GE Appliances, Haier Electronics Group Co. Ltd., and Fukushima Industries Corporation, among others, are the top players in the commercial refrigerators market in Asia Pacific. 

Browse Full Asia Pacific Commercial Refrigerators Market Report with TOC:

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