Refrigerated Display Cases Market is expected to grow at a CAGR of 6.2% during 2017-2027
Market Study on the Global Refrigerated Display Cases Market: The Market is Driven by the Increasing Preference for Dining-out Culture and Changing Consumer Preference Towards Quick Service Restaurants
Future Market Insights recently published a report titled “Refrigerated Display Cases Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment, 2017 – 2027.” Refrigerated display cases are commercial refrigeration equipment used at food & beverage retail outlets, such as bakeries, dairy stores, grocery stores, wine shops, convenience stores, supermarkets and food service providers, such as hotels, restaurants and cafes. They comprise glass door food & beverage merchandise, bakery display merchandise, deli display merchandise, open display merchandise, multi-deck display cases for beverage and fresh produce, countertop display cases, island cases and wall-sited cases.
In terms of value, the global refrigerated display cases market is expected to grow at a CAGR of 6.2% during the forecast period. The global refrigerated display cases market was valued at US$ 8,412.4 Mn in 2016, and is projected to grow significantly to reach US$ 16,042.7 Mn by 2027 due to rapid growth of modern grocery stores and increasing demand for pre-packed frozen foods and frozen meet.
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In this report, FMI has segmented the global refrigerated display cases market on the basis of product type, construction, end users, and regions. By product type, the refrigerated display cases market is sub-segmented into plug-in device, and remote-operated device. By construction, the refrigerated display cases market is sub-segmented into horizontal, vertical, and hybrid. Based on end users, the refrigerated display cases market is sub-segmented into food services sector, and retail food & beverages sector.
The increasing adoption of plug-in type display cases from small- and medium-size retail stores and growing demand for chilled and frozen products are the major factors driving the growth of refrigerated display cases market. In terms of value, the plug-in device sub-segment is projected to register more than 55% of the market share at the end of 2017 in the global refrigerated display cases market. Moreover, low price range, low maintenance cost and ease of operation of plug-in display device are the major factors driving the demand for refrigerated display cases. Furthermore, the remote-operated device segment is expected to create a higher increment $ opportunity over the forecast period, as compared to the plug-in device segment. The growing trend of supermarkets and convenience stores will robustly supplement the growth of the refrigerated display cases market. In terms of volume, the remote-operated device sub-segment of refrigerated display cases market is expected grow at a relatively higher CAGR, as remote-operated devices are the preferred choice for small and medium retail, grocery & bakery stores.
Based on end users, the retail food & beverages sector sub-segment is expected to grow at a decent CAGR of 6.4% over the forecast period due to the expansion of supermarkets, hypermarkets, and convenience stores in developing countries in refrigerated display cases market. Furthermore, the retail food & beverages sub-segment is also expected to capture a large share in the global refrigerated display cases market. In terms of value, the retail food & beverages sub-segment is expected to create an incremental opportunity of US$ 5,992.5 Mn during the forecast period in the refrigerated display cases market.
Furthermore, the global refrigerated display cases market has been segmented into seven major regions, namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). In terms of value, the Asia Pacific excluding Japan refrigerated display cases market is estimated to expand with a CAGR of 9.0% over the forecast period. This growth is attributed to rapid urbanization and rising income levels in countries, such as India, China and South Korea and due to increasing demand for frozen food. Furthermore, the refrigerated display cases market in North America is projected to increase by 1.6X between 2017 and 2027 due to the significant increase in the consumption of frozen foods and refrigerated drinks in the region.
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The key participants covered in the report of the global refrigerated display cases market include Johnson controls, Epta S.p.a. Refrigeration, Sanden Corporation, Lennox International Inc., Illinois Tool Works, Frigoglass S.A.I.C., United Technologies Corp., AHT Cooling Systems GmbH, Dover Corporation, Arneg S.p.A, and Panasonic Corporation (Hussmann).
Key Developments in Global Refrigerated Display Cases Market
- In year 2017, Arneg expanded its 17th manufacturing plant in Russia, covering an area of 20,000 sq m. Arneg Russia will be able to escalate its range of products, including cold rooms, shelving systems, and multi-deck racks, for the display of food and non-food items
- In May year 2016, Panasonic Corporation announced plans to set up a refrigerator manufacturing facility in India.
- In Year 2016, Frigoglass SAIC strengthened its product portfolio with hybrid solutions in Africa and set the foundations for developing appealing, competitive coolers.