In 2022, the global walk-in coolers and freezers market is expected to be worth approximately $9.52 billion USD. With the increasing trend of installing customised walk-in coolers and freezers, the overall market is expected to grow at a 5.7% CAGR between 2022 and 2029, reaching a valuation of US$ 14.05 Bn by 2029.
According to FMI, the United States will continue to be the most profitable market for both indoor walk-in coolers and freezers and commercial grades. The presence of well-established retail sectors, the growing popularity of customised walk-in coolers and freezers, rising hotel construction, and the presence of leading market players will all help sales in the United States.
Furthermore, rising adoption of portable walk-in coolers and freezers in pharmaceutical and clinical research segments, as well as rising sales of food products through online platforms, will support the growth of the US market. Based on the aforementioned factors, a healthy market share of 25.7% has been projected for North American walk-in coolers and freezers market dominated by the U.S in 2022.
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Digitalization and smart technologies continue to influence numerous product developments and demand-side dynamics, and walk-in coolers and freezers are no exception. As consumers show marked preference for efficient yet custom-sized units, manufacturers are leveraging technological advancements to develop unique product features that fulfil specific customer requirements.
“Walk-in coolers and freezers are witnessing transformations under the influences of smart technologies and digitalization, and consumer preference for customized yet efficient equipment has led manufacturers to emphasize application-specific features in new product development”.
According to the study, key players in the walk-in coolers and freezers market also remained focused on improving energy efficiency of their products, considering the continuous changes in energy conservation standards for various commercial and industrial equipment including walk-in coolers and freezers. These players are continuously putting efforts on improving quality of their offerings, while investing in innovative developments that would yield substantial improvements for customers.
Walk-in coolers and freezers with self-contained refrigeration continue to account for higher share as compared to remote condensing and multiplex condensing. Considering the suitability of self-contained refrigeration in almost any application along with ease of service and maintenance, this category also continues to witness higher innovation and investments.
According to the study, the walk-in coolers and freezers market shows a high level of fragmentation, and therefore, several market players are focusing on forging strategic alliance with other players to improve their market shares. Manufacturers are also focused on offering products that can be custom designed to fit any settings along with several add-on features to increase convenience and ease-of-use.
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FMI’s research study also offers a long-term perspective and thorough analysis on opportunities present in the walk-in coolers and freezers market for the period between 2022 and 2029. As per the study, the global walk-in coolers and freezers market is projected to register a CAGR of 5.6% during the forecast period.
Gains Remain High from Commercial Kitchens & Restaurants
Walk-in coolers and freezers continue to gain high traction from commercial kitchens and restaurants, which are widely used to preserve raw foods and grocery items. As international fast food chains and café outlets continue to explore opportunities in various attractive destinations, demand of walk-in coolers and freezers has been on an upward swing across the globe.
North America and Europe have been the early adopters of commercial kitchens and restaurants; however, they are reaching their saturation point. Walk-in cooler and freezer manufacturers are tapping into opportunities in developing countries in East Asia, where multi-cultural environment, changing eating habits, and rising disposable income have opened avenues of growth for commercial kitchens and restaurants. Moreover, walk-in coolers and freezers market in East Asia is likely to take over the Europe market in the future.