Their findings come from observing the increased growth in all areas of the commercial cold store market. This includes areas such as mobile refrigeration equipment, blast freezing units, mini cold store units and many others.
Commercial cold stores are generally used for the storage of food and drink and it is believed this is where much of the growth is to come from. Supermarkets, independent retailers, caterers, restaurants and non-profit organisations all rely on commercial cold storage to survive.
Why the surge?
The increased generation in revenue is thought to come from a number of factors including changing consumer habits and worldwide trade.
A sharp increase in demand for speciality food shops and supermarkets across the globe is a huge driving force behind the rise, which stood at 36.63 billion dollars in 2015. Changing food trends and a demand for specialist ingredients can also be seen as a contributing factor.
Potential problems for the industry
One major factor that could affect both retailers and cold storage suppliers in the near future is stricter environmental regulations and issues with energy efficiency.
Whilst it is likely that these factors will have some impact of the markets overall growth, more efficient warehouse consolidation and a continued growth of cold chains will likely offset this.
Overall, it is up to individual companies to ensure that these limiting factors don’t hinder their chances to grow in this rapidly expanding industry.
The US is one of the biggest players in the commercial refrigeration industry and can expect to see steady growth throughout the next few years. A high concentration of restaurants and food outlets in places such as Texas and Florida are creating this increase in cold storage demand.
In the US in general, a continued growth in demand for frozen foodstuffs, as well as higher disposable income and a desire for more energy efficient products, will be responsible for commercial growth.
Other areas that have experienced a surge in the market thanks to rapid retail expansion include India and China. Alongside this, advances in cold store technology have seen countries like Russia, Brazil and Taiwan burst onto the cold storage scene in spectacular style.
The regional market in Latin America has seen by far the biggest increase in commercial refrigeration demand but faces problems due to their resilience to trade globally.
As for Europe, Germany is currently seeing the largest market growth. However, the rest of Europe is also expected to grow steadily leading up to 2021, as long as environmental restrictions can be managed by businesses.
Trade with emerging countries, such as Korea and South Africa, seems to be the key to successful growth in the commercial refrigeration industry, suggesting now is the right time to invest and grow overseas.
If you’re interested in what cold storage can do for your business, get in touch with CRS today on 0800 085 2298. Alternatively, leave us a message and we’ll get back to you.