Global demand for commercial refrigeration equipment is increasing

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As reported by a research realized by Freedonia Group, global demand for commercial refrigeration equipment is forecast to increase 4.7 percent annually through 2018 to $36.5 billion. Advances will be bolstered in large part by ongoing industrialization efforts in many of the world’s developing countries, especially China and India. The rising ownership level of household refrigerators and freezers in the developing world will stimulate demand, since ownership of these products spurs consumer interest in refrigerated and frozen foods and drives retail food outlets to refrigeratorICONinvest in more refrigeration equipment to be able to stock such items. Among developed nations, recovering economic conditions will drive demand, as purchases of commercial refrigeration equipment were postponed through much of the 2008-2013 period due to the global economic downturn. Considering the most important markets, China will continue to be the world’s fastest growing market for commercial refrigeration equipment. The country is home to the world’s largest population base, and as China continues to develop its food and beverage industry, demand for commercial refrigeration equipment will rise significantly. In addition, China’s efforts to establish a more functional cold chain with chilled warehouses and storage facilities will be a key contributor to growth. Many of the world’s developing countries are prioritizing cold chain development and refrigerated capabilities in retail settings. Rising standards of living are driving demand for fresh food products to a level that is unachievable with many current infrastructures.