Latin America Commercial Refrigeration Equipment Market by Equipment Type (Walk-in Coolers, Beverage Refrigeration, Transportation Refrigeration Equipment, Display Cases, Parts, Ice Making Machineries), by Application (Food Service, Food & Beverage Distribution, Food & Beverage Retail), by End-User (Supermarkets, Hypermarkets, Hotels/Restaurants & Catering, Convenience Stores, E-commerce), by Country (Brazil, Mexico, Argentina, Colombia, Chile, Peru) -Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
The Latin American commercial refrigeration equipment market is expected to reach $2,295.4 million by 2023, the growth in the market can be attributed to the growing food and beverage industry, predominantly in countries such as Brazil and Mexico. The consumption of ready-to-eat products, beverages, and frozen food is increasing in Latin America, which is further boosting the demand for commercial refrigeration equipment.
On the basis of equipment type, the Latin American commercial refrigeration equipment market has been categorized into walk-in coolers, beverage refrigeration, transportation refrigeration equipment, parts, display cases, ice making machineries, and other equipment, wherein ‘other equipment’ includes vending machines, cryogenic equipment, and liquid chiller. Walk-in coolers equipment was the largest category in terms of value in 2017. However, the market for ice making machineries is expected to witness the fastest CAGR, during the forecast period. This can be mainly attributed to the rising demand from grocery stores for the preservation of perishable products, such as meat, poultry, and fish.
Based on end-user, the Latin American commercial refrigeration equipment market has been categorized into supermarkets, hotels/restaurants and catering, hypermarkets, convenience stores, e-commerce, and others, wherein others category includes hospitals, educational institutions, large pharmaceutical stores, and medical and life sciences. Supermarkets held the largest share in the market accounting for 26.2% share in 2017. The increase number of supermarkets in Brazil and increasing food retail sales through supermarkets in Chile are the major factors driving the market in the region.
The economies in Latin America faced slow growth during 2013–2016, owing to global oil crisis and geopolitical instability in countries such as Brazil and Venezuela. Despite sluggish growth in the region, tourism industry witnessed the growth, driven by region’s diversity and natural resources as well as various government initiatives to promote tourism industry.
For instance, Colombia introduced tax incentives and relaxed other regulations, for bringing hotel chains such as Hilton, Hyatt, and Marriott into the country. This has led to increase in hotel construction in the region. For instance, 212 hotel projects and around 34,550 guestrooms in Brazil are in pipeline, in comparison to Colombia which has 63 hotel projects and around 9,500 guestrooms in pipeline. Growing economic stability, and rising tourism sector are further projected to boost the hospitality sector in the region. This is expected to support the Latin American commercial refrigeration equipment market growth.
Product launches were one of the key developments observed in the commercial refrigeration equipment market in Latin America. United Technologies Corporation broadened its product portfolio and is expected to consolidate its market position in the region, where it currently holds a market share of over 5%.
Some of the key players operating in the Latin American commercial refrigeration equipment market are Electrolux AB, Daikin Industries Ltd., Metalfrio Solutions, Dover Corporation, United Technologies Corporation, Johnson Controls International PLC, Hussmann Corporation, AHT Cooling Systems GmbH, Lennox International Inc., and Illinois Tool Works Inc.
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