Glass Door Refrigerators Market Finding Oppurtunities in Emerging Countries,Expected To Reach US$13.66 bn by 2023
The intense competition between small-scale regional manufacturers characterizes the competitive landscape of the global market for glass door refrigerators, finds TMR. The market demonstrates a highly fragmented structure with just a few established names, including Dover Corp., Hoshizaki Int., Carrier Corp., and Hussman Int.
Emerging economies are the current target of the leading manufacturers of glass door refrigerators to sustain the competition. As key retail chains are focusing aggressively on expanding in developing countries, these players are seeing potential opportunities for growth in these regions.
Worldwide Proliferation of Supermarkets Boosts Glass Door Refrigerators Market
“The rapid proliferation of retail supermarkets across the world is the key driving force behind the significant growth of the market for glass door refrigerators,” reveals an analyst at TMR. With the increasing competition in the retail sector, supermarkets, hypermarkets, and convenience stores are compelled to utilize glass door refrigerators to keep their products visible in order to ensure their sales.
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Looking forward, the emerging economies are likely to present ample growth opportunities to glass door refrigerators manufacturers. Stimulated by the saturation in the developed nations of Europe and North America, a number of retail chain operators are targeting the emerging economies of Asia and South America for further growth.The global leaders in the retail sector, including the U.S.-based WalMart, France-based Carrefour, the U.K.-based Tesco, and Germany-based Metro are now expanding to developing economies such as Brazil, India, and China. The entry of such retail supermarkets in these countries are likely to help their domestic glass door refrigerators evolve considerably, supporting the local manufacturers.
On the flip side, the availability of alternative cooling solutions is anticipated to negatively influence the demand for these refrigerators in the near future. As compared to large refrigeration systems, alternative cooling solutions, such as temperature-controlled packaging systems and cold chain solutions are highly preferred among small-scale retailers on account of their low cost.
Hypermarkets to Remain Leading Distribution Channel for Glass Door Refrigerators
“Glass door refrigerators are registering a remarkable rise in in their global demand,” finds TMR. Analysts estimate the opportunity in these refrigerators to increase from US$6.5 bn in 2014 to US$13.7 bn by 2023, expanding at a CAGR of 8.60% during the period from 2015 to 2023.Currently, Asia Pacific leads the demand for glass door refrigerators across the world. At a CAGR of 9.50% between 2015 and 2023, it is expected to register the fastest growth in the coming years. In 2014, Asia Pacific held an opportunity of US$2.6 bn in glass door refrigerators, which is likely to increase to approximately US$6 bn by the end of 2023.
Glass door refrigerators with a capacity of 3.1 to 6.0 cu ft. were the most preferred refrigerators in 2014 and are expected to remain the same during the forecast period. Hypermarkets will remain the leading distribution channel for these refrigerators in the coming years.
The study presented here is based on the findings of a report by Transparency Market Research (TMR) titled “Glass Door Refrigerators Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
Asia Pacific leads Demand for Glass Door Refrigerators
Emerging Economies to Present Ample Growth Opportunities to Glass Door Refrigerator Manufacturers
Intense Competition between Small-Scale Regional Manufacturers Characterizes competitive landscape