How the Commercial Refrigeration Equipment Market in Latin America is Growing
With increasing demand for refrigeration in restaurants, grocery stores, food and beverages industry, and frozen meats imports sector in Latin America (LATAM), the refrigeration equipment market is expanding. According to a P&S Intelligence study, the commercial refrigeration equipment market in Latin America generated a revenue of $1,766.0 million in 2017, and it is expected to advance at a CAGR of 4.5% during the forecast period (2018-2023).
As the intensity of competition among the market players is moderate, the growth of existing and new players is expected to be smooth. Many players are actively cashing in by launching innovative products in the market to meet the growing demand.
As the Latin American commercial refrigeration equipment market advances, these market players will get more opportunities for growth. Increased demand for ready-to-eat food along with a rise in disposable income has opened many doors for new restaurateurs, and retailers of food products.
Another reason for the growth of the Latin America commercial refrigeration equipment market is the demand for ready-to-eat food products by consumers and quick-serve restaurants. Due to the fast-paced life and changing lifestyle, people tend to buy more ready-to-eat products, beverages, and frozen food, as these are easy to cook in short time.
Commercial refrigeration equipment incudes refrigerators and freezers used at hotels, hypermarkets, supermarkets, restaurants, convenience stores, and other commercial spaces for the purpose of storage, merchandizing, and retail. The commercial refrigeration equipment market in Latin America can be segmented on the basis of equipment type, application, end user, and country.
Latin America Commercial Refrigeration Equipment Market Segmentation
Market Segmentation by Application
- Food Service
- Food and Beverage Distribution
- Food and Beverage Retail
- Others (pharmacy refrigeration, genetic preservation, and medical diagnostic applications)
Market Segmentation by End-User
- Hotels/Restaurants & Catering
- Convenience Stores
- Others (hospitals, educational institutions, large pharmaceutical stores, and medical and life sciences)