The Asia Pacific commercial refrigerators market comprises refrigerators and freezers that are used for commercial applications across various industry verticals such as retail, restaurants, hotels, hospitals, educational institutions, and others. Commercial refrigerators offer efficient cooling and preservation of perishable food items and medicines. They enable businesses to store large quantities of goods at optimized temperatures for longer durations. Commercial refrigerator cabinets are designed for heavy-duty use and come equipped with advanced features like adjustable thermostats, auto-defrost, LED displays, multiple storage shelves and drawers, and robust exterior construction.
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 from 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.
The growing demand for preserving perishable food products across industries such as hotels, restaurants, retail stores, and hospitals is driving significant growth in the commercial refrigerators market. Rapid urbanization and increasing consumption of food away from home are further fueling market expansion.
Major players are focused on establishing production facilities and partnering with distributors in emerging countries to cater to the rising demand from Asia Pacific nations. Growing availability of innovative and energy-efficient commercial refrigerator models compliant with performance and safety regulations is boosting the market on a global scale.
Market Key Trends
One of the key driver gaining momentum in the Asia Pacific Commercial Refrigerators Market Demand is the growing adoption of environment-friendly refrigerants. Manufacturers are increasingly investing in research and development of refrigerators using natural refrigerants such as hydrocarbons, carbon dioxide, and ammonia that have low global warming and ozone depletion potential. This is augmenting energy efficiency and sustainability in the commercial food preservation industry.
Porter’s Analysis
Threat of new entrants: High capital investment requirements like manufacturing facilities and extensive distribution network pose barriers for new players to enter the market. Bargaining power of buyers: Commercial refrigeration units have limited numbers of buyers in form of food retailers, restaurants and food processors.
Bargaining power of these buyers is moderate due to customized product requirements.
Bargaining power of suppliers: Presence of large number of component suppliers like compressor, evaporator and condenser suppliers gives buyers moderate bargaining power against suppliers.
Threat of new substitutes: There exist very few substitutes for commercial refrigerators due to their critical function in food storage and display applications.
Competitive rivalry: The market is growing at decent pace attracting new players increasing competition. Market is consolidated with presence of few global and regional players.
Asia Pacific is the largest market for commercial refrigeration units in terms of value. China accounts for major share due to large number of restaurants, supermarkets and other retail chains. Other countries like India, Japan and Southeast Asian nations also have significant demand.
The fastest growing regional market for commercial refrigerators is expected to be Southeast Asia. Countries like Indonesia, Malaysia, Thailand and Vietnam are witnessing rising disposable incomes, rapid urbanization and expansion of organized retail and food service sectors driving refrigeration demand significantly. Increasing investments by global brands in these developing markets will further propel growth.
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