Latin America Commercial Refrigeration Equipment Market to Log 6.9% CAGR from 2012 to 2018
Presently, Latin American countries are displaying steady economic growth, which includes the contribution of a healthy tourism sector as well. Owing to this, the demand for commercial refrigeration equipment is on the rise due to an increasing number of restaurants, hotels, transport hubs, and food processing plants. Moreover, improving trade relations between countries in Latin America and other parts of the world will benefit the growth of this market. The introduction of energy conservation reforms has necessitated replacement or upgrades of older commercial refrigeration equipment. This is bolstering the growth of this market.
Commercial refrigeration equipment is designed and tested with everyday commercial cooling or freezing operations in mind. It is thus designed to store food at specified temperatures in hot kitchens environments that may also entail frequent door openings.
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By product type, the Latin America commercial refrigeration equipment market is segmented into transportation refrigeration equipment, refrigerators and freezers, beverage refrigeration equipment, parts, and other equipment. In Latin America, both domestic and international trade is witnessing an upsurge, which has positive implications on the food and beverages industry here. Thus, the increased trade volume will create opportunities for the transportation refrigeration equipment.
Application-wise, the segments in this market are food service, food and beverage distribution, food and beverage production, and food and beverage retail. Of these, the food service segment exhibits the highest demand for commercial refrigeration equipment, with products such as display cases, vending machines, and beverage refrigeration equipment at the forefront of this market. The report states that food service and food and beverage distribution held a 50% share in the Latin America commercial refrigeration equipment market in 2014. However, food and beverage retail will emerge as the fastest-growing segment in this market.
On the basis of geography, South America stands as the largest regional market for commercial refrigeration equipment thanks to the high population density here. The market’s growth in this region is driven by the increasing installation of new refrigeration equipment in commercial establishments such as retail outlets, restaurants, and cafes for storing food and beverages in bulk.
This region is followed by Central America. However, despite being a multibillion dollar tourism industry, the Caribbean region will not display a high demand for this equipment as compared to South and Central America.
The report profiles top companies that operate in the Latin America commercial refrigeration equipment market, which are Daikin Industries Ltd, Hussmann International Inc., Dover Corporation, Beverage-Air Corporation, Metalfrio Solutions SA, and others.
The Latin America commercial refrigeration equipment market is categorized into the following segments:
Commercial Refrigeration Equipment Market, by Product
Transport refrigeration equipment
Refrigerators and freezers
Commercial Refrigeration Equipment Market, by Application
Food and beverage retail
Food and beverage distribution
Food and beverage production
Commercial Refrigeration Equipment Market, by Geography