Refrigerated Display Cases Market

What are the Historical and Future Prospects for Refrigerated Display Cases Market?

According to the report, the global refrigerated display cases market has seen a steady and continuous rise in the demand in the retail food and beverage sector. This is common trend observed in both developed and developing countries owing to high growth in number of retail outlets. Moreover, based on design, vertical/multideck RDC segment is likely to grow at rapid pace particularly in the food and beverage industry.

Other equipment manufacturers or OEMs have been facing challenges in terms of compliance of refrigerant regulation implemented by various government organizations. Manufacturing of low global warming potential (GWP) refrigerant has always been one of the prime concerns of researchers, which in turn is creating difficulties for end-use industries. Hence manufacturers are concentrating on more sustainable options for providing industry specific applications to fulfil the consumer requirements. According to FMI’s analysis, refrigerated display cases sales have grown at 1.5% CAGR between 2016 and 2020.

Urbanization has significantly increased dependence on storage and transportation of food & beverages. Customers are looking for food services that can complement their fast-paced lifestyle, which has caused increase in the number of quick service restaurants. This has been a key factor creating growth opportunities for refrigerated display cases sales.

Also the expansion of retail sector, including supermarkets, hypermarkets and convenience stores will create growth opportunities. These sales channels require proper utilization of space and at the same time maintenance of the interior environment. This has pushed the demand for refrigerated display cases with remotely located condensers so that there is no heat dissipation in the store interior and at the same time more storage space is available.

Owing to the ongoing crisis caused by COVID-19 pandemic, the production and supply chain activities have seen a minor set-back yet the demand will improve with the economic recuperation post the period of curbs following the pandemic. The COVID-19 pandemic has caused severe impact on the global economy at various levels and the impact is seen on retail industry as well.  The refrigerated display cases market growth is also projected to be affected by the COVID-19 pandemic crisis and is expected to witness a significant plunge in demand in 2020.

With a number of project and order cancellations in regions like Europe, East Asia and South Asia-Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects global Refrigerated Display Cases Market to grow at 5.5% CAGR through 2031.

Will Emerging Applications in Quick Service Restaurants Influence Demand?

Increasing urbanization has significantly increased dependence on storage and transportation of food & beverages. Moreover, substantial increase in the number of quick service restaurants worldwide is lucrative high growth opportunities for the market.

Rising per capita income and urbanization, increased participation of women in the workforce are some of the key factors leading to growing demand for QSRs, followed by casual dining. In India and China, in particular, the quick service restaurant industry is thriving, which will also spearhead the sales of refrigerated display cases in these countries.

Why R&D is Key to Market Consolidation?

Leading manufacturers in the global refrigerated display cases market are significantly investing in research and development activities to manufacture more advanced and energy efficient products. Competitive price offering, increase in end user satisfaction on the performance, use of advanced technologies are some of the key trends encouraging research and development activities.

Increasing research and development activities through collaboration or partnerships with local manufacturers and distributors also will help manufacturers to strengthen their footprint. Establishing supply chain networks in emerging countries coupled with long term partnerships with regional distributors plays pivotal role for the diversification of channel reach. These strategic tie-ups will not only help market players to expand their footprint but will create a conducive environment to conduct research initiatives.

Country-wise Insights

How big is the Opportunity in Germany?

FMI has projected Germany to remain one of the most remunerative markets throughout the course of the forecast period. One of the key factors supporting growth is the expansion of the food and beverage sector in the country. Germany also is one of the leading consumer markets around the globe, which has resulted in higher adoption of refrigerants related regulations and protocol which infect is one of the key reasons which is expected to accelerate the total sales of Refrigerated Display Cases in the forecast period. Despite a worrying start, the second half of 2020 provided a steady picture of the market. Although there were issues related to supply chain and raw material supply but after second half of 2020 picture started to change.

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What are the market prospects in India?

India refrigerated display cases market is the largest market in South Asia & Pacific. The demand for refrigerated display cases is expected to be high during the forecast period due to the expansion of the supermarkets and retail sector in India. India is one of the fastest growing countries, wherein urbanization is happening at a fast pace. Also, it is the second largest in terms of population worldwide, owing to that reason food and beverage industry is growing, which in turn is fuelling the demand for Refrigerated Display Cases.

In addition, government organization are implementing international regulation for the use of type of refrigerant in Refrigerated Display Cases which may hamper sales figures. However, when seen from future perspective, this decision will creating positive growth prospects for the Refrigerated Display Cases market growth.

Which Segment is Expected to Flourish in the U.S. and Why?

Remote type refrigerated display cases is the fastest growing segment in the U.S. market. Presence of a flourishing supermarket culture and the increasing number of HoReCa projects will support growth in the U.S. over the forecast period. This will in turn fuel the demand for refrigerated display cases in the country. The U.S. has been exhibiting increasing demand for ready-to-eat meals. This has been one of the key drivers of growth in the country.

According to the Food Industry Association, there were nearly 38,307 supermarkets in the U.S. in 2018. With the number forecast to rise further, the U.S. will continue spearheading sales of refrigerated display cases in North America.

How is Japan backing growth in East Asia Refrigerated Display Cases Market?

Japan is expected to emerge as the leading market for refrigerated display cases in East Asia by the end of 2031. The presence of some of the leading manufacturers will support growth in the country. Besides this, the expansion of the food and retail sectors will bode well for the market.

The Food Export Org has identified Japan as the third largest market for packaged food, following the U.S. and China. With the country’s food service sector forecast to exhibit consistent growth, Japan will remain a lucrative pocket for the sales of refrigerated display cases.

What is the Scope for Expansion GCC Countries?

On the back of increasing population and the expansion of the food and beverage industry in UAE and Saudi Arabia, refrigerated display cases manufacturers have been registering substantial growth opportunities. This trend is expected to persist over the forecast period. The substantial increase in investment for the development of retail sector in the countries coupled with increasing prominence of supermarkets, hypermarkets and convenience stores is paving the way for refrigerated display cases market growth.

Arabian Business recently published a news that as per the Dubai Chamber of Commerce and Industry, retail sales in the UAE is expected to reach US$ 58 Bn by the end of 2021. With remarkable expansion on cards for the UAE retail sector, it will present a conducive environment for the expansion of the refrigerated display cases market in the coming years.

Category-wise Insights

Why are Remote Refrigerated Display Cases in High Demand?

Expansion of supermarkets, hypermarkets and convenience stores, which demand proper utilization of available space and at the same time maintenance of the interior environment of the space will fuel the demand for remote refrigerated display cases. These cases are enabled by latest technologies such as remotely located condensers so that there is no heat dissipation in the store interior and at the same time, more storage space is available.

Remote based refrigerated display cases has very low system energy consumption and large user volume. The new advanced feature with implementation of IOT solutions allows remote monitoring and controlling of the RDCs.

Which end-use industry has predominant share in the Global market?

Retail food and beverage sector has dominance over the global refrigerated display cases market in the end-use industry segment. This is due to the increasing demand from fuel station stores, supermarkets, hypermarket and discount stores in new and upcoming retail food and beverage activities across the globe. In past few years retail sector has witnessed substantial growth, which is fuelling the demand for refrigerated display cases. In terms of design, the demand for vertical cases is expected to be higher.

Competitive Landscape

The refrigerated display cases market is a highly competitive market owing to presence of a large number of manufacturers. The leading players account for more than two third of the global market share. Some of the players are focusing to carve a niche for particular penetrated area. There is also immense focus on innovation and product launches.

Some of the leading companies operating in the market are:

• Carrier Corporation
• Danfoss A/S
• Frigoglass SAIC
• Epta S.p.a. Refrigeration
• Dover Corporation
• Haier Group
• Arneg S.p.A
• Illinois Tool Works
• Daikin Industries, Ltd.
• Fagor Industrial
• CAREL INDUSTRIES S.p.A.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of the Report

Key Questions Answered in the Report

• Which is the most lucrative market for Refrigerated Display Cases?

  Europe currently leads the global market for refrigerated display cases. Sales in Europe will account for nearly 25% of the total demand in global refrigerated display cases market between 2021 and 2031.

• Which is the top-selling type of Refrigerated Display Case?

  Remote refrigerated display are in high demand due to their versatile applications.

• Who is the leading End User of Refrigerated Display Cases?

  Refrigerated display cases are widely used in the retail food and beverage.

• Which are some of the leading companies providing Refrigerated Display Cases?

  Some of the leading companies manufacturing Refrigerated Display Cases are Carrier Corporation, Daikin Industries, Ltd., Danfoss A/S, Figoglass, Haier Group, etc.

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• Is this research conducted by Future Market Insights?

  Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst

• What research methodology is followed by FMI?

  FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology

• Who are the respondents for primary research?

  FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

• What are the sources of secondary research?

  FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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Refrigerated Display Cases Market

Type

• Plug-In Refrigerated Display Cases
• Semi Plug-In Refrigerated Display Cases
• Remote Refrigerated Display Cases

Design

• Vertical Refrigerated Display Cases
• Horizontal Refrigerated Display Cases
• Hybrid Refrigerated Display Cases

By End Use

• Food Service Sector
  • Quick Service Restaurants
  • Bakeries
  • Hotels
  • Others
• Retail Food & Beverage Sector
  • Fuel Station Stores
  • Hypermarkets
  • Supermarkets
  • Discount Stores

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• MEA