US-based research firm Global Industry Analysts has released a new report into the global refrigerated display cases market, taking into account the impact of the Covid pandemic.
The “Refrigerated Display Cases – Global Market Trajectory & Analytics” report estimates that the sector will reach US$10.4bn by 2026, from a base of US$7.6bn last year.
This represents a CAGR of 5.6% over the analysis period, which is an increase from the last research into this market, released by Reportlinker last year, which predicted a 5.1% CAGR.
The company’s report covers product type segments including plug-in and remote-operated, and end-use including retail food and beverages and foodservice.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, Global Industry Analysts readjusted growth predictions in the remote-operated segment to a revised 4.9% CAGR for the next 7-year period.
The research firm believes that plug-in refrigerated display cases represent the fastest growing product type in the global refrigerated display cases market, with the lower capital expenditure driving widespread adoption of the systems among smaller and mid-sized outlets who have limited budgets. Plug-in RDCs enable faster installation, besides being easier to move about within the store, thereby giving store owners the freedom to change floor plans as per convenience or the latest retail market trends.
Geographically, the refrigerated display cases market in the US is estimated at US$1.7bn this year. China, the world’s second largest economy, is forecast to reach a projected market size of US$1.2bn by the year 2026, trailing a CAGR of 8.4% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.4% CAGR.
Global Industry Analysts reported that in the food and beverage end-use sector, the commercial foodservice market comprising hotels, restaurants and caterers, is emerging into a potent demand driver for RDCs. Factors driving demand in this end use sector include growing awareness over the importance of visual merchandising as a cost effective way to boost retail sales and its role in encouraging impulse buying among customers; the large and ever-growing network of food retailing stores; rising consumer disposable incomes, growing spends on packaged and prepared foods and seismic lifestyle changes encouraging consumption of frozen food products.
Also apparently driving market growth are continuous technology developments which are encouraging equipment replacements and upgrades. Stricter food-safety regulations and quality standards are also driving up the commercial value of advanced RDC models that can preserve food hygienically at specified conditions without microbial or other types of contamination.
Global Industry Analysts’ report covers manufacturers including Afinox, Arneg, Epta, Hoshizaki, ISA, Viessmann and Williams.