Europe is a leader in the global RDC market, accounting for a share of 31.6% of the overall market revenue in 2020. The region is expected to maintain its leading position throughout the forecast period. From a growth perspective, Asia-Pacific is anticipated to exhibit highest growth, with a CAGR of 9.9% during the forecast period.
According to a new report published by Allied Market Research, titled, “refrigerated display cases market by product type and product design: global opportunity analysis and industry forecast, 2022–2031,” the global refrigerated display cases market size was valued at $12,985.7 million in 2020, and is projected to reach $37,139.8 million by 2031, registering a CAGR of 9.8% from 2022 to 2031.
Refrigerated display cases (RDCs) are the specially designed refrigerators used to store and display perishable food products. They are commonly used by food & beverage retailers such as hypermarkets, supermarkets, hotels, cafes, and others.
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The market is expected to grow at a notable pace over the next five to six years, owing to factors such as expanding organized retail sector including supermarkets and hypermarkets, changing food preferences of people, evolving lifestyles and increasing disposable incomes. Moreover, a plethora of new developments in small scale food and retail sector and inclination toward food safety concerns are expected to boost demand for RDCs in the future. Owing to emission of greenhouse gases such as CFCs and HFCs in existing RDCs, various changes are now being adopted with regards to compressor design, specifically in North America and Europe.
The refrigerated display cases market is segmented on the basis of product type, product design, and region. On the basis of product type, the market is divided into plug-in RDCs and remote RDCs. The plug-in RDC segment dominated the market with a revenue share of around 7% in 2020, owing to reduction in operational cost, low installation time, and high energy efficiency.
By product design, the vertical design segment held a major share in the market. The segment is estimated to exhibit fastest growth during the forecast period. With widespread growth in small and medium sized retail outlets, demand for vertical RDCs has witnessed a substantial increase. Horizontal RDCs are expected to exhibit a notable growth trend during the forecast period, owing to their growing demand in organized large size retail food stores. Hybrid RDCs, which have dual temperature control system have been gaining adoption, especially with increase in demand from cafes and quick service restaurants.
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Europe was estimated to be the highest revenue generating region in the RDC Market in 2020, owing to the high adoption of refrigeration solutions in the food and beverages retail market. The continuous growth of super and hyper markets is demonstrating a key driver for development of the Europe refrigerated display cases market. Super and hyper markets represent an accountable share of the refrigerated display cases market and development of huge chains, for instance, Tesco in the UK, is guaranteeing establishment of new equipment.
Key players operating in the market include some of the leading players in the global market include Metalfrio Solutions S.A, Lennox International, Dover Corporation, Illinois Tool Works Inc., Hussmann Corporation, AHT Cooling Systems GmbH, Epta S.p.a Refrigeration, Frigoglass S.A.I.C, Hoshizaki International, and ISA Italy S.r.l, Verco Limited. Product launches and mergers & acquisitions have emerged as prominent strategies adopted by leading players. Currently, these companies are focusing on development of energy efficient and eco-friendly RDCs. Companies on the basis of acquisitions and collaborations with new entrants, are working toward maintaining their lead in the market.
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Key Findings of the Study
- Plug-in refrigerated display held the major share in the market accounting around 71.9% of the total refrigerated display cases market.
- The vertical segment held major share in the market and is expected to remain dominant throughout the forecast period.
- Europe accounted for more than half of the total share in 2020
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