Asia Pacific Commercial Refrigerators Market Insights Forecasts to 2033

• The Asia Pacific Commercial Refrigerators Market Size was valued at USD 33.23 Billion in 2023.
• The Market is Growing at a CAGR of 8.28% from 2023 to 2033
• The Asia Pacific Commercial Refrigerators Market Size is Expected to Reach USD 73.59 Billion by 2033

The Asia Pacific Commercial Refrigerators Market is Anticipated to Reach USD 73.59 Billion by 2033, growing at a CAGR of 8.28% from 2023 to 2033.

Market Overview

The Asia Pacific commercial refrigerators market refers to the industry of producing, distributing, and utilizing refrigeration equipment for commercial use in different industries, such as food service, retail, and healthcare. It encompasses a large variety of refrigeration systems that include reach-in refrigerators, walk-in coolers, display refrigerators, and freezer units. These systems are used mainly for preserving, storing, and displaying perishable goods such as food and beverages, pharmaceuticals, and other temperature-sensitive products. Demand for commercial refrigerators is mainly driven by a growing food service industry, expansion of retail sectors, and increased demand for temperature-controlled storage solutions in healthcare. The Asia Pacific region has seen governments take initiatives to encourage energy-efficient appliances and reduce environmental impact. Regulations that support the use of eco-friendly refrigerants and energy-efficient refrigeration systems have led to the development of advanced, sustainable solutions in the commercial refrigeration market. For instance, India has taken steps to encourage the construction of sustainable cold chain infrastructure to decrease food waste and enhance food safety. The market is shifting toward more economical and environmentally friendly refrigeration options as a result of these government initiatives.

Report Coverage

This research report categorizes the market for the Asia Pacific commercial refrigerators market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific commercial refrigerators market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Asia Pacific commercial refrigerators market.

Driving Factors

Expanding the food service industry and increased need for the region's perishables are driving the market. A rapidly urbanizing society with a growing middle-class population has a relatively high consumer spend on food and beverages that directly increases their requirement for refrigeration. The business of generating further profits is not only looking towards cost reduction but also regarding incorporating energy-efficient and environmentally friendly refrigeration solutions. The growing awareness of food safety standards and the increasing adoption of organized retail also significantly contribute to market growth.

Restraining Factors

Commercial refrigerators in Asia Pacific have high initial costs, making them a deterrent for small or medium-sized enterprises. Additionally, installation and maintenance are costly for businesses.

Market Segmentation

The Asia Pacific commercial refrigerators market share is classified into product type, distribution channel, and end-user.

• The reach-in refrigerators segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The Asia Pacific commercial refrigerators market is segmented by product type into reach-in refrigerators, walk-in refrigerators, under-counter refrigerators, beverage refrigerators, and others. Among these, the reach-in refrigerators segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This is due to their practicality, versatility, and space efficiency. Ideal for limited floor space establishments like restaurants, small grocery stores, and cafes, they offer quick access to stored items, efficient inventory management, and meet food safety regulations. Their energy efficiency, ease of maintenance, and various configurations contribute to their dominance.

• The direct sales segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the distribution channel, the Asia Pacific commercial refrigerators market is divided into direct sales and indirect sales. Among these, the direct sales segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Direct sales provide business customers with personalized refrigeration solutions, including post-sale services and maintenance. This is valued in diverse markets as manufacturers can build a strong relationship with end-users, control the quality of their products, and provide expert guidance, especially in high-performance, energy-efficient systems.

• The food service segment accounted for the fastest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The Asia Pacific commercial refrigerators market is segmented by end-user into food service, grocery stores & supermarkets, healthcare, hospitality, and others. Among these, the food service segment accounted for the fastest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Urbanization, increasing disposable incomes, and lifestyle changes are raising the demand for dining out and food delivery services, thereby creating a need for efficient refrigeration in restaurants, hotels, supermarkets, and catering businesses. Demand is also emerging from developing markets such as China, India, and Southeast Asia. Food safety regulations, ready-to-eat meals, and high-quality food products require reliable refrigeration systems.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific commercial refrigerators market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Samsung Electronics

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Asia Pacific, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Asia Pacific commercial refrigerators market based on the below-mentioned segments:

Asia Pacific Commercial Refrigerators Market, By Product Type

• Reach-In Refrigerators
• Walk-In Refrigerators
• Undercounter Refrigerators
• Beverage Refrigerators
• Others

Asia Pacific Commercial Refrigerators Market, By Distribution Channel

• Direct Sales
• Indirect Sales

Asia Pacific Commercial Refrigerators Market, By End-User

• Food Service
• Grocery Stores & Supermarkets
• Healthcare
• Hospitality
• Others