Due to the growth in the food and beverage industry, because of the rising demand for ready-to-eat products and surging export of frozen foods, and recovery in the hospitality sector in Latin America (LATAM), the demand for refrigeration equipment is rising here for commercial purposes. As a result, the LATAM commercial refrigeration equipment market value, which stood at $1,766.0 million in 2017, is expected to witness a 4.5% CAGR during 2018–2023 (forecast period), to reach $2,295.4 million by 2023.
Walk-in coolers, transportation refrigeration equipment, display cases, beverage refrigeration, parts, and ice making machinery are the categories under the equipment type segment. During the historical period (2013–2017), the walk-in coolers category held the largest share due to the increasing demand for such systems in the regional food and beverage sector. The fastest growth in the LATAM commercial refrigeration equipment market will be experienced by the ice making machinery category during the forecast period owing to the rising demand for such equipment from grocery stores for poultry, meat, and fish preservation.
Browse detailed – Latin America Commercial Refrigeration Equipment Market Revenue Estimation and Growth Forecast Report
On the basis of end user, the market divisions are supermarkets, hypermarkets, e-commerce, hotels/restaurants & catering, convenience stores, and others, which includes hospitals, large pharmaceutical stores, educational institutions, and medical and life sciences. Among these, supermarkets dominated the market in 2017 because of the rising sales of food products through these stores, the numbers of which are themselves increasing in the region. During the forecast period, e-commerce is expected to have the highest CAGR owing to the shift in the preference of people to buy ready-to-eat and frozen foods online.
The biggest LATAM commercial refrigeration equipment market trend is natural refrigerants. With the coming into force of the F-gas regulations and signing of the Montreal Protocol, countries are shifting from gases containing fluorine to natural refrigerants, as the latter lead to less ozone depletion. As a result, the usage of propane (R290) is increasing in built-in systems and smaller pieces of equipment. Similarly, carbon dioxide (CO2) is becoming a popular refrigerant for remote cooling systems and engine rooms, especially systems with semi-hermetic compressors.
