Sales of refrigerated display cases are set to reach US$7.6 billion (£5 billion) globally over the next five years, analysts have forecasted.
Demand for refrigerated display cases has been witnessing steady growth over the last decade supported by increasing competition in the food retailing space and the resulting need for attractive food display and distribution.
Factors such as strong economic growth, rising levels of income, standard of living and changing food habits in emerging countries, as well as growing concerns over food safety, continue to drive demand for refrigerated display, according to a report from Global Industry Analysts Inc.
Other factors spurring growth include changing demographics and the shift to natural refrigerants. The commitment to sustain a green environment is by far the “most vital” factor driving innovation in refrigeration technology, the company said.
Growth between now and 2018 will be heavily driven by the Asia-Pacific region, which is predicted to grow faster than Europe, with both domestic and commercial sales factored in.
Global Industry Analysts predicts Asia-Pacific will see a compound annual growth rate of 9% over the next five years.
The US remains the single largest market for refrigerated displays and while it continues to grow it is not expected to keep up with the global average.
Gains are anticipated to be fuelled by the expansion of restaurants and food retail outlets, steady consumer demand for convenience food, and growing product assortments and choices offered.