The Walk-In Refrigerator Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Walk-In Refrigerator Global Market Report 2024, The walk-in refrigerator market size has grown strongly in recent years. It will grow from $11.34 billion in 2023 to $12.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to expansion of retail and foodservice, expand in healthcare industry requirements, rise in environmental awareness, increase in supply chains, and surge in hospitality sector.
The walk-in refrigerator market size is expected to see strong growth in the next few years. It will grow to $16.66 billion in 2028 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to increasing food safety regulations, rising demand in healthcare, expanding e-commerce sector, emerging markets, and increasing sustainability initiatives. Major trends in the forecast period include technological integration, adoption of energy-efficient solutions, advancements in customization and modular designs, integration of smart technologies, integration of IoT, and technological advancements.
The increasing number of restaurants is expected to propel the growth of the walk-in refrigerator market going forward. Restaurants refer to commercial establishments where food and beverages are prepared, served, and consumed on the premises. The number of restaurants is increasing due to rising disposable incomes, urbanization, changing lifestyles, tourism growth, the expansion of food delivery services, and increased investment in the food and beverage industry. Walk-in refrigerators help restaurants by providing ample, organized cold storage space that preserves perishable ingredients, reduces food waste, and ensures compliance with health regulations, ultimately enhancing operational efficiency. For instance, according to the Census and Statistics Department, a UK-based government agency, total restaurant receipts in the first half of 2023 increased by 47.7% in value and 41.8% in volume compared to the same period in 2022. Therefore, the growing number of restaurants is driving the walk-in refrigerator market.
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The walk-in refrigerator market covered in this report is segmented –
1) By Type: Indoor Type, Outdoor Type
2) By Component: Hardware, Software, Service
3) By Door Type: Insulated Flush Door, Slide Door
4) By End-User: Food Processing Industry, Retail Food Service, Foodservice Industry, Healthcare Facilities, Bars, Other End-Users
Major companies operating in the walk-in refrigerator market are adopting strategic partnerships approach to offer more advanced and integrated solutions to meet varying customer needs. Strategic partnerships help walk-in refrigerator companies by combining resources and expertise, enhancing research and development capabilities, expanding market reach, and accelerating commercialization, ultimately driving innovation and growth in the walk-in refrigerator industry. For instance, in May 2021, Arctic Industries, a US-based industrial machinery manufacturing company, partnered with Fischer Group, a US-based food service company. The partnership aims to expand Arctic Industries’ market presence in Southern California and Nevada, leveraging The Fischer Group’s expertise and customer relationships to enhance sales and development of walk-in refrigerators.
The walk-in refrigerator market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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