The global walk-in coolers and freezers market is estimated to be worth around USD 9.52 Billion in 2022. With the rising trend of installing customized walk-in coolers and freezers, the overall market is projected to expand at a robust CAGR of 5.7% between 2022 and 2029, reaching a valuation of USD 14.05 Billion by 2029.
| Attribute | Details |
|---|---|
| Walk-in Coolers and Freezers Market Estimated Size in 2022 | USD 9.52 Billion |
| Walk-in Coolers and Freezers Market Projected Size in 2029 | USD 14.05 Billion |
| Walk-in Coolers and Freezers Market Historical CAGR (2014 to 2021) | 4.8% |
| Walk-in Coolers and Freezers Market Value-Based CAGR (2022 to 2029) | 5.7% |
Increasing penetration of walk-in coolers and freezers across developing regions is creating new growth avenues within the global walk-in coolers and freezers market. These refrigeration products are rising in popularity due to their larger capacity to store and preserve sensitive products as well as extend their shelf life.
Regionally, North America will continue to remain the most lucrative market for walk-in coolers and freezers, accounting for the largest share of 25.7% in 2022. Growth in the region is attributable to the rapidly expanding HoReCa sector, continuous advancements in refrigeration technology, and the presence of leading market players.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 5.4% |
| H1,2022 Projected (P) | 5.6% |
| H1,2022 Outlook (O) | 5.1% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 46 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 31 ↓ |
Future Market Insights represents a half-yearly comparison and insightful analysis of the Walk-in Coolers and Freezers market outlook. In a walk-in Cooler and Freezer, the compressor is used to compress the refrigerant, wherein it receives low-pressure gas from the evaporator and converts it into high-pressure gas.
Due to the high operational efficiency and continuous working of walk-in coolers and freezers, it often leads to the failure of the compressor. In application areas such as restaurants, commercial kitchens, supermarkets, and hypermarket stores, the continuous operation and frequent opening and closing of the coolers put a high load on the compressor.
The high compressor failure rate is expected to threaten market opportunities in certain highly efficient application ends.
The global sales for walk-in coolers and freezers witnessed a growth rate of 5.4% over the first half of 2021. Whereas it is estimated and will decline to 5.1% in 2022, due to the Governments taking initiatives to make stringent regulations for maintaining the desired standards of coolers and freezers, for maintenance of temperature, and control of GHG emissions from the freezers. Resultantly, the market is projected to lose negative 31 bps between 2021 and 2022.
Pharmaceuticals and healthcare industries have been witnessing steady growth over the last few years owing to the rising population and growing need for better healthcare faculties.
The increasing aging population is one of the prime factors contributing to the growing pharmaceutical industry while the healthcare industry growth can be attributed to growing government spending and per-capita expenditure. which are projected to drive the market forward in the approaching years.
The global walk-in coolers and freezers market is set to register a healthy CAGR of 5.7% between 2022 and 2029 in comparison to the 4.8% CAGR registered from 2014 to 2021.
Increasing demand for walk-in coolers and freezers across diverse applications such as retail food & beverage stores, pharmaceuticals, chemicals, cold storage warehouses, and hospitals is driving the global walk-in cooler and freezers market.
Walk-in coolers and freezers are standard modular cold storage spaces or room chambers with a walking space for cooling and freezing various products including food, beverages, meat, fruits and vegetables, pharmaceuticals, and chemicals. They have become indispensable parts of modern restaurants, hotels, research labs, supermarkets, and any other place that needs to store fresh, frozen, or pre-cooled products.
The rising adoption of walk-in coolers and freezers for preserving food and other temperature-sensitive products is boosting the growth of the market. It is being estimated that millions of tons of food get wasted globally due to a lack of proper cooling facilities.
During the last few decades, rapid technological advancements in refrigeration technology have paved way for the development of smart and energy-efficient walk-in coolers and freezers with eco-friendly features. The introduction of these innovative products with low global warming potential (GWP) is anticipated to facilitate the growth of walk-in coolers and freezers during the forecast period.
The rising trend of customized coolers and freezers is gaining traction. End-use customers prefer to install customized walk-in coolers and freezers as they provide flexibility and tailor-made options as per specific requirements. The rising inclination towards customized walk-in Coolers and Freezers by end-use industries is expected to help the market players to capitalize in the market.
Moreover, increasing demand from pharmaceutical and bakery segments is anticipated to support the growth of the walk-in coolers and freezers market during the forecast period.
Spurred by the aforementioned factors, the walk-in coolers and freezers market is set to expand 1.5X through 2029.
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The rapid increase in food and beverage production, along with the expansion of cold chain capacities to ensure efficient storage and minimize wastage of food are primary factors driving resulting in the high adoption of industrial walk-in coolers and freezers.
With fast-changing lifestyles and rising disposable income, there has been a rapid shift from FSR (Full-Service Restaurants) to QSR (Quick Service Restaurants). This is positively impacting the growth of walk-in freezers.
Moreover, rising concerns pertaining to food insecurity issue has opened avenues for sales of walk-in coolers and freezers. Countries across the globe are strengthening their cold supply chain infrastructure to minimize the waste of food and beverages.
The rising number of retail industry sectors such as convenience stores, hypermarkets, and supermarkets across the globe is creating demand for better refrigeration solutions such as walk-in coolers and freezers and the trend is likely to continue in the future. These places require proper refrigeration facilities for preserving food products and extending their shelf life.
In addition to this, rising sales of frozen and processed food products through online sales will continue to boost the growth of walk-in coolers and freezers during the forecast period.
Rising Frozen Food Consumption Pushing Demand for Commercial Walk-in Freezers for Sale
As per FMI, the USA will remain the most lucrative market for indoor walk-in coolers and freezers and commercial grades alike. The presence of well-established retail sectors, the growing popularity of customized walk-in coolers and freezers, the rising construction of hotels, and the presence of leading market players will continue aiding sales in the USA
Rising disposable income and changing lifestyles across the country have triggered the sales of frozen and processed food products. A large population in the USA consumes frozen food products either at restaurants or in homes. According to the American Frozen Food Institute (AFFI), frozen food retail sales reached around USD 65.1 billion in 2020, a 21% increase compared to the previous year. This is positively impacting the growth of the walk-in coolers and freezers market across the country.
A maximum number of restaurants and commercial kitchens in the USA have well-maintained commercial walk-in freezers and coolers to keep frozen and refrigerated products in optimal condition.
Moreover, the increasing adoption of portable walk-in coolers and freezers, besides the regular ones, in pharmaceutical and clinical research segments and the rising sales of food products through online platforms will support the growth of the USA market.
Based on the aforementioned factors, a healthy market share of 25.7% has been projected for the North American walk-in coolers and freezers market dominated by the USA in 2022.
Modular Walk-in Coolers and Freezers Remain Highly Sought-after in China
China is one of the lucrative markets for walk-in coolers and freezers. Rapid urbanization coupled with the economic boom across China has created attractive prospects for commercial kitchens and restaurants. This is, in turn driving the modular walk-in coolers and freezers.
The emergence of China as a tech hub has had a profound impact on the sales of walk-in coolers and freezers. Leading players based in China are using modern technologies for developing innovative and eco-friendly products at affordable prices. This has helped in achieving higher sales of walk-in coolers.
Increasing the export of frozen products such as seafood also will continue driving sales of advanced walk-in freezers. According to a report published in the World’s Top Exports (WTEx), China remained the largest exporter of frozen fish, with total frozen whole fish export reaching around USD 2.38 billion in 2020.
Furthermore, the expansion of retail industry sectors along with increasing consumer spending is anticipated to boost the growth of the walk-in coolers and freezers market in China during the forecast period.
A market share of 15.7% has been projected for the East Asia walk-in coolers and freezers market spearheaded by China in 2022.
Blooming Food and Beverage Industry Increasing Sales
As per FMI, the India walk-in coolers and freezers market is poised to exhibit strong growth during the forecast period from 2022 to 2029. Growth in the country is attributable to the rising sales of food products through omni-distribution channels and increasing adoption of indoor and outdoor walk-in coolers and freezers from various industries such as food & beverages, healthcare, and chemicals.
According to the Indian Brand Equity Foundation (IBEF), the food and beverages industry accounted for around 3% of India’s GDP in 2020. India is the second largest populated country in the world. To sustain such an enormous population, the preservation of food has become a necessity.
A large number of outdoor walk-in coolers and freezers are installed in various food outlets, storage facilities, and commercial kitchens.
With rising disposable income and rapid urbanization, there has been a significant rise in the frozen and processed food demand. This is creating lucrative growth opportunities for sales of walk-in coolers and freezers.
Based on the aforementioned factors, the South Asia walk-in coolers and freezers market led by India is set to account for a healthy share of 14.1% in 2022.
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Walk-in Freezers to Remain the Top Selling Products
On the basis of product type, the global walk-in coolers and freezers market is segmented into walk-in coolers, walk-in freezers,s and combo (freezer + cooler). Among these, walk-in freezers remain the top-selling product in the global walk-in coolers and freezers market.
Walk-in freezers are being increasingly employed across various end-use applications including restaurants, research laboratories, and retail sectors to protect sensitive products from bacterial growth and other environmental factors.
However, with the growing popularity of combo walk-in products, the combo segment is anticipated to witness substantial growth over the forecast period.
Ease of Accessibility Triggering the Sales of Indoor Walk-In Coolers and Freezers
Based on the place of use, the walk-in coolers and freezers market is segmented into indoor and outdoor segments. Among these two, the indoor walk-in coolers and freezers segment is projected to maintain its lead in the global market during the forecast period.
Indoor walk-in coolers and freezers offer various features such as ease of accessibility and low cost which makes them ideal for adoption across various end-use applications. Moreover, they are easy to install and are more energy efficient as compared to its counterpart.
The rising adoption of indoor walk-in coolers and freezers for storing and extending the shelf life of perishable products due to their ease of accessibility will continue to boost the growth of the walk-in coolers and freezers market.
Convenience Offered by Self-Contained Walk-in Coolers and Freezers Spurring the Sales
Based on technology, the walk-in coolers and freezers market is segmented into self-contained, remote condensing, and multiple condensing. Among these, the self-contained segment accounts for the majority of the share and is anticipated to continue its dominance during the forecast period.
Self-contained walk-in coolers and freezers offer various advantages such as being more convenient, easy to set up, portable, and incurring low maintenance and service costs. The rising adoption of self-contained walk-in coolers and freezers for storing food products for longer periods of time will continue to boost the growth of the walk-in coolers and freezers market during the forecast period.
Sales of walk-in Coolers and Freezers to Remain Mostly Concentrated in Commercial Kitchens & Restaurants
By application, the walk-in coolers and freezers market has been categorized into cold storage warehouses, breweries, commercial kitchens & restaurants, floral storage, pharmaceuticals, chemicals, research laboratories, hospitals & mortuaries, mobile refrigeration systems, retail food & beverage, and other stores.
The commercial kitchens and restaurants segment will continue to lead the global walk-in coolers and freezers market, accounting for the largest revenue share by 2029. Increasing adoption of walk-in coolers and freezers across commercial kitchens and restaurants is the major factor fueling sales in the global market.
Walk-in coolers and freezers play a crucial role in the bulk storage and display of food products in commercial kitchens and restaurants. They are used to freeze or cool down cooked or raw foodstuffs.
However, with the rapid expansion of retail industry sectors such as supermarkets, convenience stores, and hypermarkets, the retail food & beverages segment is anticipated to grow at a strong CAGR between 2022 and 2029.
The walk-in coolers and freezers market is highly competitive with leading manufacturers constantly upgrading their product portfolio. They have adopted various organic and inorganic strategies such as mergers, partnerships, collaborations, new product launches, and acquisitions to dominate the market. For instance,
| Attribute | Details |
|---|---|
| Historical Data Available for | 2014 to 2021 |
| Forecast Period | 2022 to 2029 |
| Market Analysis | Units for Volume and USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, Poland, China, Japan, South Korea, India, ASEAN, Turkey, and South Africa |
| Key Segments Covered | Product Type, Place of Use, Technology, Door Type, Application, Sales Channel, Mounting Type, and Region |
| Key Companies Profiled | SRC Refrigeration; Parker Hannifin Corp.; TMP Manufacturing Company; Panasonic Corporation; American Panel Corporation; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The walk-in coolers and freezers market is estimated to be worth around USD 9.52 Billion in 2022.
As per FMI, the walk-in coolers and freezers market is forecast to register a CAGR of 5.7% between 2022 and 2029
The walk-in coolers and freezers market grew at a CAGR of 4.8% between 2014 and 2021.
Expansion of the food & beverage industry, growing export of food products, the introduction of eco-friendly products, and the rising need to preserve food from excessive wastage are some of the key trends shaping the growth of the walk-in coolers and freezers market.
The North American walk-in coolers and freezers market is estimated to account for over 25.7% share of the global walk-in coolers and freezers market in 2022.
SRC Refrigeration, Parker Hannifin Corp., TMP Manufacturing Company, Panasonic Corporation, and American Panel Corporation are some of the leading players operating in the walk-in coolers and freezers market.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Volume (Units) Analysis 6. Pricing Analysis 7. Global Market Value (Market Size USD Million) Analysis 8. Market Background 9. Global Market Analysis By Technology 9.1. Self-contained 9.2. Remote Condensing 9.3. Multiplex Condensing 10. Global Market Analysis By Place of Use 10.1. Indoor 10.2. Outdoor 11. Global Market Analysis By Product Type 11.1. Walk-In Cooler 11.2. Walk-In Freezer 12. Global Market Analysis By Application 12.1. Cold Storage Warehouses 12.2. Breweries 12.3. Commercial Kitchen and Restaurants 12.4. Floral Storage 12.5. Retail Food & Beverage Sector 12.5.1. Supermarket 12.5.2. Hypermarket 12.5.3. Convenience Stores 12.5.4. Other Stores 12.6. Pharmaceuticals 12.7. Chemicals 12.8. Research Laboratories 12.9. Hospitals and Mortuaries 12.10. Mobile Refrigeration System 13. Global Market Analysis By Door Type 13.1. Hinged Door 13.2. Power Sliding 14. Global Market Analysis By Sales Channel 14.1. OEM 14.2. Aftermarket 15. Global Market Analysis By Mounting Type 15.1. Floor Based 15.2. Non-floor Based 16. Global Market Analysis By Region 16.1. North America 16.2. Europe 16.3. Middle East and Africa (MEA) 16.4. East Asia 16.5. South Asia 16.6. Oceania 16.7. Latin America 17. North America Market Analysis 18. Latin America Market Analysis 19. Europe Market Analysis 20. South Asia Market Analysis 21. East Asia Market Analysis 22. Oceania Market Analysis 23. Middle East and Africa (MEA) Market Analysis 24. Emerging Countries Analysis 25. Market Structure Analysis 26. Competition Analysis 26.1. Danfoss A/S 26.2. Panasonic Corporation (Hussmann Corporation) 26.3. Welbilt, Inc. 26.4. Standex International Corporation 26.5. Viessmann Refrigeration Systems Oy 26.6. Bally Refrigerated Boxes, Inc. 26.7. Amerikooler LLC 26.8. Systemes Norbec Inc. 26.9. American Panel Corporation 26.10. Huurre Finland Oy 26.11. Arctic Industries Inc. 26.12. TMP Manufacturing Company Inc. 26.13. Refrigerator Manufacturers LLC 26.14. Foster Refrigerators Enterprise, Inc. 26.15. ABN Refrigeration Manufacturing 26.16. Industrial Refrigeration Private Limited 26.17. USA Cooler 26.18. SRC Refrigeration 26.19. Thermo-Kool / Mid-South Industries, Inc. 26.20. Commercial Cooling - Par Engineering, Inc. 27. Research Methodology 28. Assumption & Acronyms
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Walk-in Coolers and Freezers Market
