Latin America walk-in cooler & freezer is projected to reach US$ 2,827.7 million by 2034 from US$ 1,383.7 million in 2023. The sales of walk-in coolers & freezers in LATAM are forecast to expand at a CAGR of 6.8% from 2024 to 2034.
Key Insights on the Walk-in Coolers & Freezers Sector of Latin America
The demand for walk-in coolers & freezers in Latin America is expected to create an absolute growth opportunity of US$ 1,444.0 million during the period between 2024 and 2034. This growth is attributed to the following factors:
| Attributes | Key Insights |
|---|---|
| Industry Size in 2023 | US$ 1,383.7 million |
| Estimated Industry Value in 2024 | US$ 1,473.1 million |
| Projected Industry Revenue by 2034 | US$ 2,827.7 million |
| Value-based Industry CAGR from 2024 to 2034 | 6.8% |
| Collective Value Share: Top 2 Countries (2024E) | 78.1% |
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Sales of walk-in coolers & freezers recorded a CAGR of 3.2% between 2019 and 2023. The total industry size accounted for US$ 1,383.7 million in 2023.
Latin America is expected to evolve with changing consumer preferences and industry dynamics, presenting opportunities for many businesses requiring cold storage solutions, such as commercial food chains, pharmaceuticals & healthcare, cold storage warehouses, etc.
| Historical CAGR (2019 to 2023) | 3.2% |
|---|---|
| Forecast CAGR (2024 to 2034) | 6.8% |
Future Scope: Increased demand for ready-to-eat meals and frozen foods is expected to drive walk-in coolers & freezer adoption in convenience stores and supermarkets owing to the rising urbanization & busy lifestyle. The trend of online grocery delivery is booming, impacting the industry positively for walk-in coolers & freezers in LATAM. These services add flexibility and recurring revenue, facilitating easier penetration in Latin America.
Increasing Focus on the Agricultural Sector: Substantial growth of the agricultural sector is a pivotal factor contributing to the growth of the walk-in cooler and freezer in LATAM. The region's vast agricultural output, including fruits, vegetables, and meat products, requires a sophisticated cold chain infrastructure for storage and transportation to prevent spoilage and contamination. Walk-in refrigeration systems play a critical role in maintaining the quality and freshness of these agricultural products, prompting heightened adoption within this sector.
Government & Private Companies' Investments in Cold Chain Facilities: Rising government and private investments in commercial refrigeration in Latin America to improve the overall infrastructure for storage and distribution. Cold chain investments also benefit the agricultural sector by reducing post-harvest losses. This support is also encouraging farmers and producers to adopt better storage practices, increasing the overall demand for walk-in cooler & freezer.
Growing Demand in the Retail Industry: Rising urbanization is driving the demand for quick and easy access to a variety of fresh and frozen products at a single stop. This shift is propelling the requirement for efficient coolers and freezers in supermarkets and convenience stores, also driven by a need to comply with food safety regulations, ensuring that food products meet quality standards throughout the supply chain.
Principal Consultant
The Need for Precise Temperature Control for Pharmaceutical Products
A pivotal driver of walk-in cooler & freezer demand is the imperative need for precise temperature control, particularly driven by the stringent requirements to uphold the efficiency of pharmaceutical products. The pharmaceutical industry relies heavily on maintaining specific temperature ranges for storing medications and vaccines to ensure their stability and effectiveness. This necessity propels the demand for advanced cooling solutions, such as walk-in coolers and freezers equipped with cutting-edge temperature control technology.
These solutions not only safeguard the integrity of pharmaceuticals but also cater to the broader healthcare sector, creating a significant demand. Furthermore, as healthcare infrastructure in Latin America continues to expand, the call for reliable and sophisticated cooling systems is anticipated to witness sustained growth, bolstering the overall demand for the walk-in chiller freezer industry in LATAM.
High Replacement Sales Due to Outdated Equipment Standards
As industries across the region strive to modernize their infrastructure, many businesses in sectors such as retail food services, cold storage warehouses, and commercial kitchens find themselves compelled to upgrade their existing walk-in refrigeration systems.
The push for compliance with evolving industry standards, technological advancements, and the need for energy-efficient solutions contribute to a surge in replacement sales. End users are seeking cutting-edge walk-in coolers and freezers that not only adhere to the latest standards but also offer improved performance, reducing operational costs and environmental impact.
High Rate of Compressor Failure
Several factors, including irregular maintenance practices, power fluctuations, and environmental conditions, can cause the malfunction of compressors, leading to disruptions in the cooling systems and resulting in temperature inconsistencies. The frequency of compressor failures not only poses operational challenges for businesses relying on these refrigeration units but also increases maintenance costs and downtime.
Another factor limiting the adoption of industrial refrigeration in Latin America is limited access to skilled technicians for timely repairs and replacements. Addressing this restraint requires focusing on improving maintenance protocols, enhancing technical expertise in the field, and investing in advanced technologies that offer more reliable and durable compressors.
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The table below shows the estimated shares of the top two countries. Brazil and Mexico are set to record higher CAGRs of 6.8% and 7.1%, respectively, through the forecast period 2024 to 2034.
| Countries | CAGR (2024 to 2034) |
|---|---|
| Brazil | 6.8% |
| Mexico | 7.1% |
Brazil is estimated to hold a significant share of 48.2% in 2024 and is expected to continue its dominance throughout the forecast period, growing at a steady rate of 6.8%. The sales of walk-in coolers & freezers in Brazil are anticipated to grow from US$ 666.8 million in 2023 to US$ 1,366.9 million by 2034.
The following factors are driving Brazil walk-in coolers & freezers sales:
Mexico commands a substantial presence as the leading country for warehousing, holding around 30% of the overall regional share in 2024. Mexico is expected to play a pivotal role in driving significant growth and opportunities for walk-in coolers & freezers by following a 7.1% CAGR through 2034. It is expected to remain among the top two countries of walk-in coolers & freezers in Latin America, with expected valuations of US$ 860.0 million by 2034.
Growth of the pharmaceutical industry, a hub for manufacturing and industrial activities, interest, and investments from global players in Mexico signifies the region's potential growth owing to a favorable environment in Mexico to expand their operations and cater to the growing demand for walk-in coolers & freezers.
As per the analysis, commercial kitchens & restaurants hold a share of 32.4% in 2023. It is projected to reach a size of US$ 868.5 million by 2034, with a steady growth rate of 6.2% during the forecast period.
| Top Segment by End Use | Commercial Kitchen & Restaurants |
|---|---|
| CAGR (2024 to 2034) | 6.2% |
Demand for walk-in coolers and freezers in Latin America for commercial kitchens and restaurants is witnessing a notable upswing due to various contributing factors.
Based on technology, the self-contained category is anticipated to dominate over other technologies till 2034. It is set to exhibit a CAGR of 6.8% during the forecast period.
| Top Segment by Technology | Self-contained Cooling Technology |
|---|---|
| CAGR (2024 to 2034) | 6.8% |
Latin America's competitive landscape is fragmented, with leading players accounting for about 15% to 25% of the market. The presence of established players from North America and Europe shows a competitive landscape with high-quality standards of walk-in coolers and freezers. Manufacturers are focusing on emphasizing research and development activities to introduce products with lower GWP and GHG emissions and modular designs to gain a competitive advantage.
Leading manufacturers are collaborating with research institutions and healthcare providers to understand and address their unique needs for temperature control. Meanwhile, new manufacturers are focusing on technological advancements in insulation materials and refrigeration systems catering to diverse temperature requirements, leading to a demand for specialized walk-in cooler & freezer. Also, they are highlighting the use of recycled materials and low-carbon manufacturing processes for the growing demand for green solutions.
Recent Developments
| Attribute | Details |
|---|---|
| Estimated Industry Size (2024) | US$ 1,473.1 million |
| Projected Industry Size (2034) | US$ 2,827.7 million |
| Anticipated Growth Rate (2024 to 2034) | 6.8% |
| Historical Data | 2019 to 2023 |
| Forecast Period | 2024 to 2034 |
| Quantitative Units | Value (US$ million) and Volume (Units) |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Industry Segments Covered | Place of Use, Sales Channel, Technology, End Use, Country |
| Regions Covered | Latin America |
| Key Countries Covered | Brazil, Mexico, Argentina, Chile, Rest of LATAM |
| Key Companies Profiled | Panasonic Corporation (Hussmann); Welbilt, Inc; Danfoss A/S; USA Cooler; SRC Refrigeration; TMP Manufacturing Company; American Panel Corporation; Arctic Industries Inc.; Amerikooler LLC; Commercial Cooling - Par Engineering, Inc.; Thermo-Kool; Bally Refrigerated Boxes, Inc; Nor-Lake Inc.; Air Services & Refrigeration Specialties Inc; Refrigerator Manufacturers, Inc.; Everidge; Master-Bilt; Imperial Brown; Polar King. International, Inc. |
The industry recorded a valuation of US$ 1,221.8 million in 2019 in Latin America.
The Latin America industry value is estimated to reach US$ 1,473.1 million in 2024.
Demand for walk-in cooler & freezer in Latin America is anticipated to rise at 6.8% CAGR through 2034.
The sales of walk-in cooler & freezer in Latin America are set to reach US$ 2,827.7 million by 2034.
Commercial kitchen & restaurant segment is expected to record a 6.2% CAGR through 2034.
1. Executive Summary 1.1. Latin America Market Outlook 1.2. Supply Side Trends 1.3. Demand Side Trends 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Product USPs / Features 5. Latin America Market Demand Analysis 2019 to 2023 and Forecast, 2024 to 2034 5.1. Historical Market Volume (Units) Analysis, 2019 to 2023 5.2. Current and Future Market Volume (Units) Projections, 2024 to 2034 5.3. Y-o-Y Growth Trend Analysis 6. Latin America Market - Pricing Analysis 6.1. Country Pricing Analysis By Place of Use 6.2. Cost Teardown Analysis 7. Latin America Market Demand (in Value or Size in US$ Million) Analysis 2019 to 2023 and Forecast, 2024 to 2034 7.1. Historical Market Value (US$ Million) Analysis, 2019 to 2023 7.2. Current and Future Market Value (US$ Million) Projections, 2024 to 2034 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Market Background 8.1. Macro-Economic Factors 8.1.1. Latin America Economy Outlook 8.1.2. Latin America Food Service Market Growth 8.1.3. Latin America Pharmaceutical Market Growth 8.1.4. Latin America Agricultural Sector Overview 8.1.5. Latin America Cold Storage Logistics Industry 8.2. Forecast Factors 8.3. Value Chain 8.3.1. Product Manufacturers 8.3.2. End Users 8.3.3. Avg. Profitability Margins 8.4. COVID-19 Crisis – Impact Assessment 8.4.1. Current Statistics 8.4.2. COVID-19 Impact Analysis by Country 8.5. Market Dynamics 8.5.1. Drivers 8.5.2. Restraints 8.5.3. Opportunity Analysis 8.6. PORTER’s & PEST Analysis 8.7. Patent Analysis 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Place of Use 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) and Volume Analysis By Place of Use, 2019 to 2023 9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Place of Use, 2024 to 2034 9.3.1. Indoor 9.3.2. Outdoor 9.4. Market Attractiveness Analysis By Place of Use 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) and Volume Analysis By Sales Channel, 2019 to 2023 10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Sales Channel, 2024 to 2034 10.3.1. OEM 10.3.2. Aftermarket 10.4. Market Attractiveness Analysis By Sales Channel 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Technology 11.1. Introduction / Key Findings 11.2. Historical Market Size (US$ Million) and Volume Analysis By Technology, 2019 to 2023 11.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Technology, 2024 to 2034 11.3.1. Self-Contained 11.3.2. Remote Condensing 11.3.3. Multiplex Condensing 11.4. Market Attractiveness Analysis By Technology 12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End use 12.1. Introduction / Key Findings 12.2. Historical Market Size (US$ Million) and Volume Analysis By End use, 2019 to 2023 12.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By End use, 2024 to 2034 12.3.1. Retail Food Services 12.3.1.1. Supermarket 12.3.1.2. Hypermarket 12.3.1.3. Convenience Stores 12.3.1.4. Other Stores 12.3.2. Cold Storage Warehouse 12.3.3. Breweries 12.3.4. Commercial Kitchen & Restaurants 12.3.5. Pharmaceuticals 12.3.6. Research laboratories 12.3.7. Hospitals & Mortuaries 12.4. Market Attractiveness Analysis By End use 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Country 13.1. Introduction 13.2. Historical Market Size (US$ Million) and Volume Analysis By Country, 2019 to 2023 13.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Country, 2024 to 2034 13.3.1. Brazil 13.3.2. Mexico 13.3.3. Argentina 13.3.4. Chile 13.3.5. Rest of Latin America 13.4. Market Attractiveness Analysis By Country 14. Brazil Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 14.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 14.4.1. By Sub-Country 14.4.1.1. North Brazil 14.4.1.2. Northeast Brazil 14.4.1.3. Central-west Brazil 14.4.1.4. South-east Brazil 14.4.1.5. South Brazil 14.4.2. By Place of Use 14.4.3. By Sales Channel 14.4.4. By Technology 14.4.5. By End use 14.5. Market Attractiveness Analysis 14.5.1. By Sub-Country 14.5.2. By Place of Use 14.5.3. By Sales Channel 14.5.4. By Technology 14.5.5. By End use 15. Mexico Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 15.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 15.4.1. By Sub-Country 15.4.2. Baja California 15.4.3. Northern Mexico 15.4.4. Central Mexico 15.4.5. Gulf Coast 15.4.6. Pacific Coast 15.4.7. Southern Mexico 15.5. Market Attractiveness Analysis 15.5.1. By Sub-Country 15.5.2. By Place of Use 15.5.3. By Sales Channel 15.5.4. By Technology 15.5.5. By End use 16. Argentina Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 16.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 16.4.1. By Sub-Country 16.4.1.1. The Andes 16.4.1.2. The North 16.4.1.3. The Pampas 16.4.1.4. Patagonia 16.4.2. By Place of Use 16.4.3. By Sales Channel 16.4.4. By Technology 16.4.5. By End use 16.5. Market Attractiveness Analysis 16.5.1. By Sub-Country 16.5.2. By Place of Use 16.5.3. By Sales Channel 16.5.4. By Technology 16.5.5. By End use 17. Chile Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Pricing Analysis 17.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 17.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 17.4.1. By Sub-Country 17.4.1.1. Far North 17.4.1.2. Near North 17.4.1.3. Central Chile 17.4.1.4. South 17.4.1.5. Far South 17.4.2. By Place of Use 17.4.3. By Sales Channel 17.4.4. By Technology 17.4.5. By End use 17.5. Market Attractiveness Analysis 17.5.1. By Sub-Country 17.5.2. By Place of Use 17.5.3. By Sales Channel 17.5.4. By Technology 17.5.5. By End use 18. Rest of Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023 18.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2024 to 2034 18.4.1. By Place of Use 18.4.2. By Sales Channel 18.4.3. By Technology 18.4.4. By End use 18.5. Market Attractiveness Analysis 18.5.1. By Place of Use 18.5.2. By Sales Channel 18.5.3. By Technology 18.5.4. By End use 19. Market Structure Analysis 19.1. Market Analysis by Tier of Companies 19.2. Market Concentration 19.3. Market Share Analysis of Top Players 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive 20.3.1. Dover Corporation 20.3.1.1. Overview 20.3.1.2. Product Portfolio 20.3.1.3. Profitability by Market Segments (Product/Channel/Country) 20.3.1.4. Sales Footprint 20.3.1.5. Strategy Overview 20.3.2. Panasonic Corporation (Hussmann) 20.3.3. Welbilt, Inc 20.3.4. Danfoss A/S 20.3.5. USA Cooler 20.3.6. SRC Refrigeration 20.3.7. TMP Manufacturing Company 20.3.8. American Panel Corporation 20.3.9. Arctic Industries Inc. 20.3.10. Amerikooler LLC 20.3.11. Commercial Cooling - Par Engineering, Inc. 20.3.12. Thermo-Kool 20.3.13. Bally Refrigerated Boxes, Inc 20.3.14. Nor-Lake Inc. 20.3.15. Air Services & Refrigeration Specialties Inc 20.3.16. Refrigerator Manufacturers, Inc. 20.3.17. Everidge 20.3.18. Master-Bilt 20.3.19. Imperial Brown 20.3.20. Polar King. International, Inc. 21. Primary Insights 22. Assumptions and Acronyms Used 23. Research Methodology
Industrial Automation
January 2024
REP-GB-18820
317 pages
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Walk-in Cooler & Freezer Industry Analysis in Latin America
