The global prep refrigerators market is expected to be valued at USD 8.2 billion in 2023. Increasing demand for eco-friendly refrigeration solutions bolsters the overall scope for prep refrigerators market and is projected to grow at a CAGR of 4.5% between 2023 and 2033, totaling around USD 12.7 billion by 2033.
| Data Points | Key Statistics |
|---|---|
| Prep Refrigerators Market Value 2023 | USD 8.2 billion |
| Prep Refrigerators Market Projected Value (2033) | USD 12.7 billion |
| Prep Refrigerators Market CAGR (2023 to 2033) | 4.5% |
According to Future Market Insights, the rising adoption of commercial kitchens is one of the key factors driving the demand for refrigeration units, including prep refrigerators, in the food service industry. The growth of the food service industry, particularly in emerging economies, is driving the demand for large-scale food production, which requires specialized equipment such as commercial kitchens.
Commercial kitchens are equipped with specialized tools, equipment, and appliances that are designed to handle the demands of large-scale food production. Restaurants, hotels, catering companies, and other food service businesses that require high volumes of food production, use these kitchens.
Refrigeration units, including prep refrigerators, are a critical component of commercial kitchens as they play a key role in storing and preserving food ingredients and finished products. These units are designed to maintain precise temperature controls and humidity levels, ensuring that food is stored in optimal conditions to maintain its quality and freshness.
The rising adoption of commercial kitchens is particularly evident in emerging economies, where the food service industry is growing rapidly. In these economies, the increasing urbanization and changing lifestyles are driving the demand for food service businesses such as restaurants, cafes, and food trucks, which in turn, is driving the demand for specialized equipment, including refrigeration units, to support large-scale food production.
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The global demand for prep refrigerators is projected to increase at a CAGR of 2.3% during the forecast period between 2018 and 2022, reaching a total of USD 12.7 billion in 2033. According to Future Market Insights, the market was valued at USD 7.8 billion in 2022.
The emergence of eco-friendly refrigeration solutions is becoming increasingly important in the food service industry, as there is a growing focus on reducing carbon footprints and adopting sustainable practices across various industries. The emergence is fueling the demand for energy-efficient and sustainable refrigeration solutions that use natural refrigerants and reduce the impact on the environment.
Traditional refrigeration systems often use synthetic refrigerants that are known to have a negative impact on the environment, such as ozone depletion and global warming. These concerns have been addressed, owing to a growing demand for eco-friendly refrigeration solutions that use natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons. Natural refrigerants are more energy-efficient and have a lower environmental impact than traditional synthetic refrigerants.
Eco-friendly refrigeration solutions also use advanced technologies such as smart controls, LED lighting, and high-efficiency compressors to reduce energy consumption and further reduce the carbon footprint, which not only helps reduce the impact on the environment but also results in significant cost savings for businesses in the foodservice industry.
The demand for eco-friendly refrigeration solutions is expected to continue to grow as more businesses look to adopt sustainable practices and reduce their environmental impact. Government regulations and standards are also driving the adoption of eco-friendly refrigeration solutions, as many countries are implementing policies to reduce greenhouse gas emissions and promote sustainability in various industries.
Growing Popularity of Frozen Foods to Fuel the Market Growth
The increasing demand for frozen foods is a major factor propelling the market growth. Frozen foods are becoming more popular because they offer convenience, longer shelf life, and are often more affordable than fresh produce. Some of the most popular frozen foods include pizzas, frozen vegetables, and ready-to-eat meals.
Businesses in the food service industry, to meet the demand for frozen foods, need to have reliable refrigeration equipment that can keep these products at a constant low temperature to preserve their quality and freshness, which is where prep refrigerators and freezers come in.
Prep refrigerators and freezers are designed to provide a range of temperature options, from above-freezing to sub-zero, to meet the specific needs of different frozen foods. The refrigerators are also designed to maintain a consistent temperature to prevent freezer burn, which can degrade the quality of the food.
Rising Demand for Online Food Delivery Services to Accelerate the Market Growth
The growing demand for online food delivery services is anticipated to augment the demand for commercial kitchens and food service equipment, including refrigeration units, in the food service industry. Online food delivery platforms such as Grubhub, DoorDash, and Uber Eats have transformed the way people order food, making it easier and more convenient than ever before.
Businesses associated with the food service industry are increasingly investing in commercial kitchens to prepare and package food for delivery, as the popularity of online food delivery services continues to grow. The kitchens require specialized refrigeration units, to store and preserve food orders before they are delivered.
Prep refrigerators play a critical role in this process by ensuring that food orders are stored at the optimal temperature to maintain their quality and freshness, which is particularly important for perishable items such as meat, dairy products, and fresh produce.
High Initial Cost of Refrigerators to Restrain the Market Growth
The high initial cost of prep refrigerators is a significant limiting factor for the growth of the market, particularly for small and medium-sized businesses, which may have limited financial resources, making it difficult for them to invest in expensive commercial-grade refrigeration equipment.
Commercial-grade prep refrigerators are designed to meet the unique needs of the food service industry, including precise temperature control, durability, and energy efficiency, but these units can be expensive, with prices ranging from a few thousand to tens of thousands of dollars, depending on the size, features, and brand.
The cost of purchasing and installing a prep refrigerator can be prohibitive, for small and medium-sized businesses. Businesses may also need to pay for installation, delivery, and other associated costs, which can add up quickly, making it difficult for businesses to justify the investment.
Rising Food Service Industry in North America to Fuel the Market Growth
The prep refrigerators market in North America is expected to accumulate a prominent CAGR of 4.4%. The regional market growth is attributed to the increasing demand for frozen and packaged food products, driven by factors such as convenience, longer shelf life, and changing consumer preferences.
The increasing demand for packaged food leads to a growing need for refrigeration units to store and preserve these products, which is expected to foster the demand for prep refrigerators in the region.
The regional growth is also driven, owing to the rising food service industry, due to changing consumer lifestyles, and a growing interest in culinary experiences. The demand for specialized prep refrigerators is expected to increase, with continual growth in the food service industry in the region.
The food service industry in North America is highly regulated, with strict standards for food safety and quality. Prep refrigerators play a critical role in ensuring that food products are stored at the correct temperature, which is essential for maintaining their quality and safety. The demand for these units is expected to increase as businesses look for ways to comply with regulatory requirements and ensure customer satisfaction.
The United States government has launched various initiatives to promote energy efficiency and reduce carbon emissions in the food service industry. For instance, the USA Environmental Protection Agency (EPA) introduced the ENERGY STAR certification program for commercial refrigeration equipment, which encourages businesses to adopt energy-efficient solutions such as prep refrigerators.
Increasing Innovation & Technology in the Region to Fuel the Market Growth
The prep refrigerators market in Asia Pacific is expected to accumulate the highest CAGR of 4.3%. The growth of the regional market is attributed to the factors such as technological advancements in prep refrigerators, with manufacturers introducing innovative features such as touchscreen displays, remote monitoring, and automated temperature controls. These advancements are predicted to boost the demand for newer and more advanced models, as businesses seek to improve efficiency and streamline their operations.
The rise of online food ordering and delivery platforms is another factor expected to create lucrative avenues for prep refrigerators that can store and transport food products safely and efficiently. Businesses are investing in prep refrigerators that can keep food products fresh and at the correct temperature during transit.
There is a growing awareness of the importance of energy efficiency and sustainability in the Asia Pacific, driven by factors such as rising energy costs and increasing environmental concerns, which is anticipated to escalate the demand for energy-efficient and sustainable prep refrigerators that use natural refrigerants and consume less energy.
The Indian government launched various initiatives to promote energy efficiency and sustainability in the food service industry. For instance, the Bureau of Energy Efficiency (BEE) introduced the 'Perform, Achieve and Trade' (PAT) scheme, which encourages businesses to adopt energy-efficient solutions such as prep refrigerators.
Combination Refrigerated Prep Tables Segment to Beat Competition in Untiring Market
On the basis of type, the market is dominated by the combination refrigerated prep tables segment, which is expected to hold a CAGR of 4.3%. One major factor contributing to the growth of the segmental growth includes space-saving design. Combination refrigerated prep tables are designed to maximize the use of limited space in commercial kitchens. The units combine refrigerated storage with a food prep surface, eliminating the need for separate units and saving valuable space.
Combination refrigerated prep tables allow for efficient food preparation by providing easy access to ingredients and reducing the need for frequent trips to separate storage units, which can help improve overall efficiency and productivity in the kitchen. Manufacturers are introducing combination refrigerated prep tables with customizable features such as adjustable shelves, drawers, and doors, which enable businesses to tailor the units to their specific needs and improve their operations.
Businesses are investing in combination refrigerated prep tables that can store and display fresh ingredients, as consumers are increasingly seeking out fresh and healthy food options. The combination prep tables help maintain the quality and freshness of ingredients, which is essential for meeting consumer demand and ensuring food safety.
Online Retail Store Segment to Drive the Prep Refrigerators Market
Based on the Distribution Channel, the Online Retail Store segment is expected to expand at a 4.2% CAGR over the analysis period. One major factor contributing to the segmental growth is convenience, as online retail stores offer a convenient way for businesses to purchase prep refrigerators without the need to physically visit a store, which can save time and effort, particularly for businesses located in remote areas.
Online stores often offer a wider selection of prep refrigerators compared to brick-and-mortar stores, which allows businesses to compare different models and choose the one that best meets their specific needs.
Online retail stores also offer competitive pricing on prep refrigerators, owing to the lower overhead costs associated with operating an online store, which can help businesses save money on their purchase. The demand for prep refrigerators sold through online retail stores is expected to grow, with more and more businesses adopting e-commerce. The trend is expected to continue as businesses seek out more convenient and efficient ways to make purchases.
Prep refrigerators market startup players are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential patients and create a larger customer base. For instance,
Prominent players in the prep refrigerators market are TRUE, Empura, Dover Corporation, Electrolux Professional, The Middleby Corporation, Delfield, Nella, New Air, Atosa, Beverage Air, Turbo Air, Universal, Haier Group, Hoshizaki, and Leader, among others.
Recent Developments:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Market Value in 2023 | USD 8.2 billion |
| Market Value in 2033 | USD 12.7 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Top Type, Refrigeration Method, Distribution Channel, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | TRUE; Empura; Delfield; Nella; New Air; Atosa; Beverage Air; Turbo Air; Universal; Leader |
| Customization & Pricing | Available upon Request |
The Asia Pacific is witnessing significant growth in the prep refrigerators market.
The increasing demand for ready-to-eat meals is driving the sales in Germany.
Booming food service industry and the increasing demand for convenience.
The United States held 25% of the global market share in 2022.
The market is estimated to register an average CAGR of 4.5% through 2033.
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Prep Refrigerators Market
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