NEW YORK, Sept. 24, 2020 /PRNewswire/ -- Ready-to-eat products have always been an area of interest, and are one of the favorite sectors that attract development in the refrigerator industry. As consumer preference for ready-to-eat products in increasing rapidly, manufacturers are increasing their focus toward the integration of new advancements in refrigeration devices. Along with this, prominent players are focused on acquisitions and mergers with local players or end-use industries such as cold chain, food production, and food retail.
As such, theglobal refrigerated glass door market is estimated to expand at a healthy CAGR of 7% by value during the forecast period of 2020-2030, doubling its size over the next decade.
Key Takeaways from Refrigerated Glass Door Market Study
- The market, in terms of revenue, is mainly prevalent in developed regions such as North America and Europe. The U.S. is the largest independent market for refrigerated glass doors, while China is the largest exporter of refrigerated glass doors.
- Additionally, with the rapidly growing food & beverage industry, there has been a rise in the demand for refrigerated glass doors in developing countries as well.
- The refrigerators & freezers segment is a prominent segment in terms of revenue generation. However, in terms of unit sales, glass door merchandisers are expected to dominate and project significant opportunities in the global refrigerated glass door market throughout the forecast period.
- India and ASEAN are picking up pace in the market, owing to the robust outlook of the refrigeration industry in these countries.
- One of the primary challenges in the refrigerated glass door market is their low replacement rate.
- The COVID-19 pandemic has disturbed the value chain, long-term supply contracts, and supply & demand scenario of the refrigerated glass door market space. The market is estimated to experience V-shape recovery.
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"Over the past few years, there has been substantial change in consumer habits in terms of consumption of beverage products. This can be attributed to significant macroeconomic factors such as increasing disposable income and improvements in the standard of living, which has resulted in an increase in the number of restaurant chains, bars, etc. This factor is aiding the growth of the refrigerated glass door market," says a PMR analyst.
Refrigerated Glass Door Market Landscape Moving toward Consolidation
Several prominent suppliers are involved in the global refrigerated glass door market, such as Panasonic Corporation, Hoshizaki Corporation, Schott AG, Johnson Controls International PLC, Lennox International Inc., and others. Prominent players are focused on acquisitions and mergers with local players and end-use sectors for increased sales and profits.
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What Does the Future Hold?
Over the last decade, there has been significant increase in the number of retail stores across the globe. Major players in the retail sector are expanding their footprints in emerging markets of Asia Pacific, especially in India and China, in order to capitalize on growing consumer spending power in these countries. Additionally, foodservice providers are increasing their capital expenditure on refrigeration systems in order to cater to strong consumer demand for frozen food and chilled products. Also, the number of licensed and franchised stores of limited service restaurants such as McDonald's and Subway is growing, leading to an increase in demand for refrigeration systems. This is expected to lead to high growth of the refrigerated glass door market in developing regions of Asia Pacific, especially India and China, over the forecast years.
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Want to Know More?
PMR has published a market research report on the refrigerated glass door market that contains global industry analysis of 2015-2019 and opportunity assessment for 2020-2030. The report provides insightful analysis of the refrigerated glass door market through three different segments, namely door type, application, and region. The refrigerated glass door market report also provides supply and demand trends and a comprehensive list of suppliers and distributors in the market, along with a detailed overview of the parent market.
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