With the expansion of leading retail supermarkets, the demand for glass door refrigerators has witnessed a new high. The proliferation of restaurants, cafes, pharmacies, and convenience stores are also adding significantly to the growing demand for these refrigerators. As per TMR’s estimations, the opportunity in glass door refrigerators is projected to expand at a CAGR of 8.60% between 2015 and 2023 and rise from a value of US$6.5 bn in 2014 to a value of US$13.7 bn the end of the forecast period.
The rising food and beverage industry in Asia Pacific is expected to increase the application of these refrigerators considerably in the coming years. Technical developments are also projected to boost the demand for them in the near future.
Glass Door Refrigerators with Capacity of 3.1 – 6.0 cu ft. Leads in Revenue Generation
Mostly, glass door refrigerators with a capacity ranging from 0.5 to 3.0 cu ft., 3.1 to 6.0 cu ft., and 6.1 to 9.0 cu ft. are available in the global market. Refrigerators with capacities of 6.1 to 9.0 cu ft. find high demand in hypermarkets, supermarkets, and convenience stores, owing to which, they have acquired the leading position among all glass door refrigerators in terms of consumption. However, the refrigerators with a capacity ranging from 3.1 to 6.0 cu ft. are the key contributors to the overall revenue generated in the market.
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Meanwhile, the key manufacturers of glass door refrigerators have started to focus on enhancing the efficacy of refrigerators with capacities ranging 0.5 to 3.0 cu ft. and 3.1 to 6.0 cu ft., which is expected to influence the demand for these refrigerators in the coming years considerably.
Glass Door Refrigerators Reports Key Demand in Asia Pacific
Regionally, the global market for glass door refrigerators is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific has been leading the consumption of glass door refrigerators across the world for the last few years. In 2014, it accounted for a share of more than 40% in the overall demand for these refrigerators.
In terms of opportunity, glass door refrigerators are likely to find the fastest growth in Asia Pacific at a CAGR of 9.50% during the period from 2015 to 2023, rising from US$2.6 bn in 2014 to US$6 bn by the end of the forecast period. Australia, Japan, China, India, and South Korea are the leading consumers of glass door refrigerators in this region. The rapid increase in the food and beverage industry in these nations is expected to keep the demand for these refrigerators high in Asia Pacific over the forthcoming years. Other regional markets are also anticipated to report healthy growth in the demand for these refrigerators.
At the front of the worldwide glass door refrigerators market are Beverage-Air Corp., Hussmann International Inc., Carrier Technologies, and Dover Corp. Other prominent manufacturers of glass door refrigerators are Epta Refrigeration, Standex, Innovative DisplayWorks Inc., Beverage-Air Corp., Haier Inc., Lennox Int., and Manitowoc Co. Inc.
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Growing Demand for On-The-Go Foods to Boost the Growth Prospects of the Glass Door Refrigerators Market
The glass door refrigerators market is estimated to rake in tremendous growth opportunities across the assessment period of 2015-2023. The rising disposable income and the hectic work schedules of a massive chunk of the global populace will serve as prominent growth factors.
- The food and beverage industry has witnessed extensive developments over the years. The consumption of convenience foods has increased substantially. This aspect is increasing the sales of glass door refrigerators to a great extent. Thus, all these factors bring immense growth prospects.
- Glass door refrigerators are the type of refrigerators having glass panels instead of regular ones. These panels are useful for the consumer to see, decide, and buy any product he wants. In addition, these doors do not dent or scratch easily. These factors will increase the growth rate of the glass door refrigerators market.
- The increasing influence of urbanization across numerous regions has led to an increase in the number of malls and hypermarkets around many regions. These stores use glass door refrigerators on a large scale. The escalating number of malls and hypermarkets is directly proportional to the growing demand for glass door refrigerators. Densely populated countries like India and China are witnessing an increase in the number of shopping malls and convenience stores. This aspect will propel the growth rate to a considerable extent.
- The SARS-CoV-2 outbreak has ruined the growth prospects of the glass door refrigerators market immensely. The pandemic situation forced many countries to impose lockdown restrictions. These restrictions resulted in the shutting down of factories and production units, eventually leading to a decrease in the production and demand for glass door refrigerators. Nevertheless, the relaxations offered in the lockdown restrictions will prove to be a boon for the players in the glass door refrigerators market.
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