The refrigerated display cases (RDC) market has undergone remarkable growth in recent years Because of increased food retail demand, this expansion is projected to continue in the future years. The rising population and fast urbanization will create huge growth prospects in emerging nations in the future years.
In a new study, Future Market Insights (FMI), ESOMAR-certified market research and consulting business, provides insights into key factors driving demand for Refrigerated Display Cases. The paper investigates the influence of COVID-19 on the industrial and retail industries, as well as global sales of Refrigerated Display Cases in 20+ high-growth markets.
Increased refrigerated display case sales are predicted to raise the market’s valuation to US$ 9.5 billion by 2021.
In a study, Future Market Insights (FMI) forecasted sustained long-term growth for the market. The report examines 20+ high-growing markets, offering specific insights into the growth of the Refrigerated Display Cases Market over the next decade.
The recessionary impacts of COVID-19 on foodservice sector activities reduced demand for refrigerated display cases in 2020. However, with the exception of a few countries, activity in the food and beverage industry has resumed at a good pace following the second quarter of the fiscal year.
With the industry on the mend, the market for refrigerated display cases remains upbeat in the medium and long term. Throughout the forecast period, the retail food and beverage sector will account for more than 70% of refrigerated display case sales, according to the report.
The introduction of high-performance, network-connected chilled display cabinets with real-time cloud access and maintenance will create new business prospects. The market will also gain in the coming years from the introduction of low GWP refrigerants targeted at minimizing environmental concerns.
- Supermarket and hypermarket expansion will continue to be key development drivers, allowing the market to grow at a 5.5 percent CAGR between 2021 and 2031.
- Rising demand for ready-to-eat food is driving sales of refrigerated display cases in supermarkets and hypermarkets across the United States. The country is predicted to control more than 70% of the North American market.
- Growth in Germany and France will be enabled by the expansion of the food service sector.
- Following a period of declining sales in 2020, the United Kingdom will emerge as a strong market, with 3.8 percent year-on-year growth in 2021.
- While China currently holds dominance, Japan will emerge as the leading market in East Asia backed by rising demand for packaged food
“Recent advancements in the food service and retail industries are opening up attractive market prospects. “Consumers’ appetite for add-on options such as real-time maintenance, remote access, and others is increasing, which is projected to drive growth.” “Manufacturers are offering competitive prices and superior technologies to tempt end customers,” says an FMI analyst.
Stringent government rules and regulations limiting the use of refrigerants for cooling are projected to offer up new growth potential for the refrigerated display case industry. The increased emphasis in developed and developing economies around the world on eco-friendly and sustainable refrigerated display cases is creating chances for growth.
The market for refrigerated display cases is fairly competitive, with the top three companies accounting for more than two-thirds of the total market value. These firms are likely to invest in new technology advances and network expansion in order to maintain their market position.
Some of the key players in the market are
- Carrier Corporation,
- Frigoglass SAIC,
- Epta S.p.a. Refrigeration,
- Dover Corporation,
- Haier Group,
- Arneg S.p.A,
- Illinois Tool Works,
- Daikin Industries, Ltd.,
- Fagor Industrial, and others.
The refrigerated display case market is predicted to develop at a moderate rate between 2021 and 2031. However, because it is a mature market, corporations are anticipated to invest more in R&D. Collaboration, mergers, and acquisitions with regional enterprises will remain important strategies for industry participants looking to increase their influence in the regional market.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.