The commercial refrigeration industry is ever expanding thanks to a rise in the demand for energy efficient products. A constantly evolving industry means that the global food service and refrigeration market is set for a compound annual growth rate of 4.8% between now and 2020. Such rapid growth could mean that by the time we reach the year 2020, the global refrigeration market would be worth an estimated £28,565 million GBP.
Why the Sudden Growth?
This growth has been put down to a number of factors, with the demand for energy efficient ways to store frozen goods being one of the biggest influencers. This rise in demand from moth the pharmaceutical market and food industry has meant that sales of portable blast freezers and cold store units has risen dramatically, adding to the growth of the overall global market.
Hotels, hospitals, restaurants, schools and local distributors have all started to benefit from the multitude of advantages that blast freezers offer. This awareness of blast freezing is another one of the main reasons why the global market has become so successful over recent years. With such a wide choice of cold storage available, from miniature units to large walk-ins, even small and medium size organisations can afford to take advantage of what’s on offer.
Which Industries have seen growth?
Walk-ins are most popular in the pharmaceutical industry and with larger businesses thanks their super-fast freezing times. The ability to freeze large quantities of a product in less than 72 hours provides more efficient vaccine storage, as well as fresher, tastier food produce. Mini blast freezers and cold stores are better for smaller businesses such as local restaurants, schools and cafes. This efficiency works on a much smaller level and gives small organisations the opportunity to offer a wider range of products on their menus.
Changing health and safety regulations and greater customer awareness has also put the squeeze on a range of diverse markets. This has meant that companies and organisations are going above and beyond what they legally need to, to keep their products cold or frozen. In an effort to impress their customers and put their businesses above the rest, these markets have helped cold store sales to flourish.
Where are the biggest areas of growth?
One of the biggest areas leading the way in cold store market is North America. Their diverse and ever expanding markets are helping to drive the wider, global market into a new era of prosperity. Alongside this, other areas such as India, Latin America, and several parts of Europe appear to be following in their footsteps, meaning that the blast freezer and cold store expansion shows no signs of slowing down anytime soon.
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