Ready-to-eat products have always been an area of interest, and are one of the favorite sectors that attract development in the refrigerator industry. As consumer preference for ready-to-eat products in increasing rapidly, manufacturers are increasing their focus toward the integration of new advancements in refrigeration devices. Along with this, prominent players are focused on acquisitions and mergers with local players or end-use industries such as cold chain, food production, and food retail. As such, the global refrigerated glass door market is estimated to expand at a healthy CAGR of 7% by value during the forecast period of 2020–2030, doubling its size over the next decade.
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Key Takeaways from Refrigerated Glass Door Market Study
- The market, in terms of revenue, is mainly prevalent in developed regions such as North America and Europe. The U.S. is the largest independent market for refrigerated glass doors, while China is the largest exporter of refrigerated glass doors.
- Additionally, with the rapidly growing food & beverage industry, there has been a rise in the demand for refrigerated glass doors in developing countries as well.
- The refrigerators & freezers segment is a prominent segment in terms of revenue generation. However, in terms of unit sales, glass door merchandisers are expected to dominate and project significant opportunities in the global refrigerated glass door market throughout the forecast period.
- India and ASEAN are picking up pace in the market, owing to the robust outlook of the refrigeration industry in these countries.
- One of the primary challenges in the refrigerated glass door market is their low replacement rate.
- The COVID-19 pandemic has disturbed the value chain, long-term supply contracts, and supply & demand scenario of the refrigerated glass door market space. The market is estimated to experience V-shape recovery.
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Refrigerated Glass Door Market Landscape Moving toward Consolidation
Several prominent suppliers are involved in the global refrigerated glass door market, such as Panasonic Corporation, Hoshizaki Corporation, Schott AG, Johnson Controls International PLC, Lennox International Inc., and others. Prominent players are focused on acquisitions and mergers with local players and end-use sectors for increased sales and profits.
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