Transparency Market Research (TMR) states that the Latin America commercial refrigeration equipment market indicates a highly consolidated competitive landscape. The top six players in the overall market were Lennox International, Metalfrio Solutions, United Technologies Corp., Illinois Tool Works, Dover Corp., and Daikin Industries Ltd in 2016. This cream of the crop accounted for a share of 92% in the overall market in same year. Mergers and acquisitions along with collaborations will be the focus of these companies to improve their geographical reach and product portfolio in the near future.
According to the research report, the Latin America commercial refrigeration equipment market is estimated to reach a valuation of US$1,619.0 mn by the end of 2025 from US$927.4 mn in 2016. During the forecast period of 2017 and 2025, the Latin America market is projected to progress at a CAGR of 6.50%.
Brazil to Lead Latin America Commercial Refrigeration Equipment Market
Commercial refrigeration is used in applications such as food services, food and beverage distribution, food and beverage retail, and food and beverage production. Of these, the food and service application segment is projected to lead the pack over the forecast period. In terms of countries, Brazil is projected to dominate the Latin America commercial refrigeration equipment market as the country accounted for a share of 38% in the overall market in 2016.
The increasing consumption of preserved food items and growing demand for packaging have been pivotal in shaping the trajectory of the Latin America commercial refrigeration equipment market. The market is also being driven by the steady rise in the production of various kinds of food items, canning of food items, and improving trade opportunities that includes import and export. Countries such as Mexico, Chile, Argentina, and Brazil are expected to be major contributors to the soaring consumption of livestock and poultry-based products such as beef, chicken, turkey, and pork.
Demand for Stored and Preserved Food Items to Propel Overall Market
Mushrooming hotels, retail outlets, and warehousing are also encouraging the Latin America commercial refrigeration equipment market in more ways than one. The demand for commercial refrigeration is expected to soar in the coming years as the café culture garners pace. The rising disposable incomes and growing expenditure on groceries has also proven instrumental to the incipient growth of the Latin American commercial refrigeration equipment market.
The trend of storing food has been the fanning the flames of growth for the Latin America commercial refrigeration market. The need for storing food items to cater to the requirements of tourists and travelers has also influenced the overall market in a positive manner. Brazil is projected to be the highest contributor to the market as it is the heart of the tourism industry in Latin America. Mexico is projected to follow suit as the demand for ready-to-eat food items and frozen foods continues to escalate in the country. The challenges in the Latin America commercial refrigeration equipment market are pertaining to economics and infrastructure.
This review is based on Transparency Market Research’s report, titled “Commercial Refrigeration Equipment Market (Product Type - Transportation Refrigeration Equipment, Refrigerator and Freezer, Beverage Refrigeration, and Commercial Refrigeration Equipment Parts; Application - Food Services, Food and Beverage Retail, Food and Beverage Distribution, and Food and Beverage Production; Refrigerant Type - Fluorocarbon, Inorganic, and Hydrocarbon/Natural) - Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The Latin America commercial refrigeration equipment market is segmented as below:
By Product Type
- Transportation Refrigeration Equipment
- Refrigerator and Freezer
- Beverage Refrigeration
- Commercial refrigeration equipment parts
- Food Services
- Food and Beverage retail
- Food and Beverage distribution
- Food and Beverage Production
By Refrigerant Type
- Rest of Latin America
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