Post-lockdown, the market witnessed a rise in the number of dine-outs as majority of the consumers preference towards restaurant foods. According to the survey conducted by the National Restaurant Association in 2021, around half of the adults surveyed plan to eat on-premises at a restaurant or fast-food place. 36% of adults want to sit inside the restaurant, and 25% want to sit at a table outside. Further, the demand for dine-outs is more from baby boomers than Gen Z adults and millennials. In addition, it is seen that most women like to eat on-premises than men. Also, out of all the surveyed adults, 88% of them said that they enjoy going to restaurants, and 85% said that they like to go out to a restaurant with family or friends as they consider it a better way to spend their leisure time than cooking at home. Moreover, it is also seen that people crave more for restaurant food as they feel they cannot duplicate flavour and taste in the home kitchen. Furthermore, it is also seen that most adults like to order from restaurants or fast food for delivery, takeout, or through a drive-thru. In result, the count of the restaurant service providers has witnessed significant increase, which created the need for new commercial refrigeration market refrigeration system to store the food inventory fresh and healthy. Thus, the growing inclination of consumers toward restaurant food is fueling the growth of the commercial refrigeration market share for the food service.
The commercial refrigeration market size is segmented on the basis of type, application, door type, and section type. In terms of type, the commercial refrigeration market size is segmented into refrigerators, freezers, heated cabinets, milk coolers, chef bases, full-size undercounters, full-size prep table refrigerators and freezers, back bars, blast chillers, and others. Based on application, the commercial refrigeration market size is bifurcated into hospitality and institutional. By door type, the market is segmented into single, dual, and multi. Based on section type, the commercial refrigeration market is segmented into single, dual, and multi.
Commercial Refrigeration Market: Key Findings of Study
Europe region held the largest commercial refrigeration market share in 2022. Europe consists of several developed economies, such as Germany, France, Italy, the UK, and Russia. The increasing adoption of digitalization across Europe is not only influencing different industries to maximize their capabilities but also experiencing high adoption of advanced solutions across the region. This is helping refrigerator manufacturers increase profitability by expanding distribution platforms. The demand for cooling that is implemented by commercial refrigeration market share is driven by the increasing need in commercial building spaces such as malls and food counters.
Because of the presence of large food and beverage production enterprises, the European market is expected to grow significantly. The growing number of quick service restaurants, fast food counters, and cold chain centers is driving the market in Europe. Food and beverage manufacturers invest in modern commercial refrigeration market systems to keep food fresh and frozen. Furthermore, the European governments' implementation of severe food safety standards is creating a great need for these devices to maintain food goods hazard-free. For instance, in 2023, according to the Irish Food Board, there were 1,828 subway counters (which is 82% of all subway locations), 1,020 KFC, and 1,396 McDonald's outlets in the UK. Therefore, such a rising number of stores is driving the demand for commercial refrigeration market.
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