Commercial refrigerators are major appliances used in hotels, restaurants and catering services to store perishable food items at optimal temperatures. These refrigerators are designed to maintain temperatures between 32-40 degrees Fahrenheit for fresh and frozen foods. Features like advanced temperature controls, LED lighting, door alarms and anti-microbial liners help reduce spoilage and optimize food safety.
Asia Pacific Commercial Refrigerators Market is estimated to be valued at US$ 35.08 Bn in 2024 and is expected to exhibit a CAGR of 8.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Asia Pacific Commercial Refrigerators Market Companies are Daikin Industries, Fukushima Industries Corporation, GE Appliances, Haier Group, Hoshizaki Corporation, Hitachi, LG Electronics, Liebherr Group, Midea Group, Panasonic, True Manufacturing Co., Inc., Voltas Limited, Marmon Holdings, Inc., Electrolux AB, and Samsung Electronics.
Key opportunities in the market include growing food service sector and restaurant industry across emerging Asian economies. Refrigeration equipment manufacturers are also focusing on green refrigerants and energy efficient refrigerators to meet sustainability goals.
Technological advancements like automated connected refrigerators, cloud-based monitoring systems and intelligent control panels are enhancing food safety, reducing costs and enabling remote management. Use of IoT sensors allows remote data logging, equipment performance monitoring and predictive maintenance.
Market drivers
The key driver for the Asia Pacific Commercial Refrigerators market is strong growth of the food service industry across the region. Rising number of restaurants, quick service brands, hotels and catering services are fuelling demand for commercial refrigeration. Other factors like increasing disposable incomes, urbanization, changing food habits and rising tourism are also contributing to market opportunities. The market is further benefitting from government investments in infrastructure development and tourism promotion across several Asian countries.
Current challenges in Asia Pacific Commercial Refrigerators Market
The Asia Pacific Commercial Refrigerators Market Demand is facing several challenges currently which are hampering its growth prospects. Some of the key challenges include supply chain disruptions caused due to the ongoing COVID-19 pandemic. Manufacturing and transportation of refrigerators have been significantly impacted globally due to lockdowns enforced in several countries. Rising raw material costs are also acting as a major challenge for manufacturers in the region. Important raw materials like steel and plastics which are used for refrigerator manufacturing have witnessed a sharp price increase over the past year affecting production costs. Changing consumer preferences towards energy efficient refrigerators compliant with latest environmental regulations is another challenge. Manufacturers need to frequently upgrade their product offerings to meet the more stringent efficiency standards.
SWOT Analysis
Strength: Strong demand from foodservice sector and retail supermarket chains in developing countries. Growing organized retail sector provides new opportunities.
Weakness: Supply chain disruptions impact manufacturing operations. Rising component costs squeeze profit margins.
Opportunity: Shift towards energy efficient refrigerators offers new prospects. Growing overseas exports to other Asian and African markets.
Threats: Vulnerable to global economic slowdowns affecting consumer spending. Intense competition from global and local players.
Geographical regions
The Asia Pacific region dominates the commercial refrigerators market in terms of value. China is the largest market accounting for more than 25% of total regional sales. Other major country-level markets include India, Japan, Australia and Southeast Asian nations. This is attributed to strong demand from food processing industry, large number of restaurants, convenience stores and retail chains in these developing Asian economies.
The fastest growing regional market for commercial refrigerators in Asia Pacific is expected to be Southeast Asia during the forecast period. Countries like Indonesia, Vietnam, Philippines and Thailand are exhibiting double digit growth rates annually led by robust economic development, expansion of organized retail sector and rising influence of international quick service restaurant chains in these nations. Increasing per capita spending on food consumption outside home is also fueling demand.
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn