The Middle East and Africa (MEA) commercial refrigeration equipment market are expected to grow at a CAGR of 7.7% during the forecast period with its market size predicted to reach USD 5.2 billion by 2024. The increasing import of frozen meat products, rising demand for ready-to-eat food and beverages, and the mounting number of organized retail shops are the major factors leading to the high demand for commercial refrigeration equipment in the MEA market.
Increasing demand for ready-to-eat food and beverages to fuel the growth of the commercial refrigeration equipment market
With the changing lifestyle and concentrating population in urban areas across the region, the demand for ready-to-eat food has increased multi-fold over the last decade. With the advancements in processing technologies and packaging industry, the ready-to-eat foods are readily available. Large FMCG companies, as well as domestic unorganized players, are exploring the opportunities in the processed food industry. The strengthening economic condition of the region has provided opportunities for processed food industry players in the market.
Display cases to witness the fastest growth in the commercial refrigeration equipment market
Based on equipment type, the commercial refrigeration equipment market is segmented into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, display cases, parts, ice-making machinery, and others. The other equipment includes vending machines, cryogenic equipment, and liquid chillier. Of all the equipment types, the highest growth in the demand for the display cases has been observed over the last five years which is anticipated to remain the highest among all the commercial refrigeration equipment types during the forecast period.
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Foodservice refrigeration equipment is being widely adopted by end-users
The commercial refrigeration equipment market based on application is segmented into food and beverage distribution, food service, food, and beverage retail, and others. Among all these segments, food service refrigeration is expected to witness the highest demand for this refrigerator equipment during the forecast period.
Based on end-user, the commercial refrigeration equipment market is segmented into hotels/restaurants & catering, convenience stores, supermarkets, hypermarkets, e-commerce, and others. Among these segments, supermarkets are the largest end-user of refrigeration equipment in a commercial application.
United Technologies Corporation, Johnson Controls International PLC, Daikin Industries Ltd., Dover Corporation, AB Electrolux, Illinois Tool Works Inc., Frigoglass S.A.I.C., AHT Cooling Systems GmbH, and Ali Group S.r.l. a Socio Unico is some of the major players operating in the commercial refrigeration equipment market.