Food refrigeration is of primary importance for various households in order to reduce food waste and for food and beverage companies for storing various foods so as to ensure minimum damage to its product. Whether big companies or households the need for cold storages has increased dramatically across various regions and markets. Need of refrigeration does not restrict till the refrigeration industry but also extends to the bio medical sector where storage of cultures under low temperature conditions is highly important and thus creates another demand for refrigerator market. It has helped various Doctors to store and preserve cultures of various viruses for a prolonged duration, helping to find cures and vaccines for a number of diseases. It’s usage has changed the way we preserve and protect goods and products vulnerable to high volatile temperature conditions which otherwise would have had a detrimental impact on the culture.
With the widespread growth in retail outlets the demand for refrigerator display cases have witnessed a substantial increase. With the increase in a ‘fast life’ amongst various consumers the need for food which is nourishing and fast to cook is highly important. The need for Refrigerated Display cases helps various retailers to ensure longer storage of products which helps them in reducing wastage.
With the increase in carbonated soft drink bottles and packaged water bottles the need for cold storage is expected to grow. Also, with emerging economies the growth rates is expected to be greater with respect to mature markets.
Asia Pacific as a region is expected to show the highest growth rate due to its macro-economic fundamentals, increasing per capita income and increasing demand for CSD and water bottles. Regions such as Western Europe and North America are expected to witness modest growth rate due to a high volume in both of these regions.
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With the increase in the retail industry in Eastern Europe, Middle East and Latin America the demand for RDC’s is expected to witness a substantial growth rate hence putting a bullish trend on the Market value.
Refrigeration Industry directly depends on the increase in GDP and increase in per capita income. The increase in non OECD countries in the next decade will result outpace the growth in OECD countries due to greater percentage of population witnessing economic prosperity. Mature markets such as Europe and North America are expected drive the demand for more energy efficient refrigerated cases in order to reduce wastage. Sustainable products will witness a greater acceptance in the industry compared to their inferior counterparts due to more relevance of energy conservation.
Also, there has been a growth in the re-manufactured RDC’s which help in the environmental profile of the industry. Also, with the increase in utilization of commercial applications much needed infrastructure is being developed with greater penetration in matured market such as Europe and North America.
Due to its high demand, the industry is highly fragmented with top 7 players owning not more than 25% of the total market share.
Refrigerated Display Cases: Drivers & Restraints
RDC market is highly dependent on the GDP growth and per capita income as the major governing macro-economic fundamentals. Also, with the purpose of reducing food wastage the demand is expected to increase. With the increase in economic activity it is noticed people desire food that can be easily cooked, which in turn increases the demand for RDC. .
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Refrigerated Display Cases: Region-wise Outlook
Depending on the growth of macro-economic fundamentals the market can be divided into high growth rate regions and mature markets. With a higher increase expected in regions like Asia pacific, Latin America and Middle east the demand is expected to be at a higher rate. Demand from North America and Europe, mature markets is expected to be moderate.
Refrigerated Display Cases: Key Players
Some of the major players in the refrigerated display cases are AHT Cooling systems, Epta Spa, Hussman corporation, Nekano refrigerators co. ltd, ISA Italy etc.
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