ASIA PACIFIC COMMERCIAL REFRIGERATORS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Asia Pacific Commercial Refrigerators Market Size and Trends

The Asia Pacific commercial refrigerators market is estimated to be valued at US$ 35.08 Bn in 2024 and is expected to reach US$ 61.46 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.

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The Asia Pacific commercial refrigerators market is witnessing significant growth driven by increasing organized retail and food retail sectors mainly in developing economies. Growing food and beverage industry along with expanding modern trade in countries such as India, China is bolstering the demand for commercial refrigeration products. Rapid urbanization coupled with growing working population and rising disposable income levels is also augmenting the market expansion through 2031.

Market Driver - Growing Food and Beverage Industry

The food and beverage industry across the Asia Pacific region has been witnessing significant growth over the past few years with increasing disposable income and changing dietary habits of consumers. Countries like China, India, Japan, and others are producing and consuming more food than ever before which is creating a favorable environment for the commercial refrigerators market.

The growing demand for processed and packaged food items like snacks, dairy products, and ready to eat meals is driving the need for refrigerator units in grocery shops, departmental stores, and quick service restaurants. Many international as well as local food and beverage companies have been investing heavily in setting up new production plants, expanding their distribution networks across tier 1 as well as tier 2 and tier 3 cities. This is generating substantial requirement for cold storage facilities to store and transport perishable items safely without spoilage.

Consumers are increasingly opting for frozen pizzas, burgers, and desserts due to convenience factor which need to be stored in commercial refrigeration units. The dairy industry is another major user of commercial refrigerators as milk, yogurt, and other dairy products require consistent cooling temperatures during storage and transportation to maintain quality and shelf life.

The restaurants business from street food stalls to fine dining restaurants is proliferating rapidly in countries like India, Vietnam, and Indonesia due to Western influence and tourism growth. The growing organized retail sector is also pushing the demand as supermarkets and hypermarkets need reliable refrigerator display units to attract customers.

Increasing Demand for Convenience Stores and Supermarkets

The Asian region is experiencing rising urban population coupled with increasing disposable incomes which is driving more consumers to opt for convenience products and services to save time. This has pushed the growth of convenience stores, small grocery shops and neighborhood supermarkets significantly over last few years. Such stores provide easy access to daily need consumer items as well as food and beverages to time strapped customers.

These modern convenience outlets are well equipped with commercial refrigerator display units of various types and sizes based on their requirement. While small convenience stores use basic under-counter refrigerator units to showcase beverages and dairy items, larger neighborhood supermarkets rely on walk-in cooler rooms and freezer systems to store delicate fruits and vegetables, meats, seafood and other products in controlled thermal conditions for longer shelf life.

As more women are joining the workforce, the need for convenient one-stop shopping experience close to their homes or offices has increased manifold. Supermarkets are stocking up not just staples but also value-added food items, snacks and ready to eat meals to cater to this demand. This trend has empowered the retail sector to expand aggressively across cities as well as tier 2 and tier 3 towns where availability of organized retailers was limited earlier.

Moreover, the ready availability of affordable refrigerator units today and technological advancements allowing higher energy efficiency compared to earlier units are encouraging smaller neighborhood shops as well as start-ups engaged in online food delivery business to utilize commercial refrigeration to showcase and store food items under safe temperatures-controlled environment. All these factors are fueling the commercial refrigerators demand strongly in the region.