Refrigerated Counter Market: Rising Demand across Hospitality Sector to Help Market Tread along Promising Growth Path
The vendor landscape of the global refrigerated counter market features an intensely competitive nature, with the leading five companies collectively accounting for over 62% of the market and the rest of the market consisting of a large number of medium- and small-scale players, observes Transparency Market Research in a recent report. With the aim of strengthening their positions, leading players are focusing on expanding their product portfolios, consumer bases, and geographical territories via divestments, mergers, and acquisition.
Transparency Market Research, in one of its recent report, states that the global refrigerated counter market will clock in a promising 8.4% CAGR over the period between 2016 and 2024 in terms of volume. The market is expected to register a 7.7% CAGR over the said period and rise from a valuation of US$4.5 bn in 2015 to US$8.7 bn by 2024.
Of the key end-use areas for refrigerated counters, the segment of system catering accounted for a massive 80.9% of the overall market in 2016. Within the segment, quick service restaurants are likely to contribute the dominant share to the global refrigerated counter market over the report’s forecast period. The massive rise in a number of world-leading quick service restaurants across emerging economies and expansion of chain in homelands has benefitted the market for refrigerated counters in the recent past and will continue to be a key force driving the market towards a healthy growth path in the near future as well.
From a geographical standpoint, the report states that the market for refrigerated counters in regions such as Asia Pacific and North America will continue to be highly promising. While the market in North America will retain its leading stance in terms of the top contributor of revenue to the global market, the market in Asia Pacific will emerge as the most lucrative one, with an impressive 10.1% CAGR over 2016 and 2024.
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One of the key factors expected to boost the global sales of refrigerated counters includes the tightening grip of regulatory bodies on the food production, processing, and transportation industries. So as to bring down the prevalence of food-borne diseases, food safety organizations in several countries have introduced stringent norms for food preparation and storage, which also includes the use of refrigerated counters to keep food at low temperatures thus mitigating the possibility of production of microbes in the food products.
The market is also likely to massively benefit from the rapid expansion of several international food chains across the globe. As most food chains require a variety of refrigerates equipment to keep food products sourced in bulk safe for consumption for longer durations, the rising numbers of food chains will prove to be a key driver for the market in the next few years. However, the high base cost and total cost of operation of high-end refrigerated counters could act as a restraint for the market, reining in its growth prospects to a certain extent.