What Is The Current and Historic Market Size Analysis Of The Walk-In Refrigerator Market?
The walk-in refrigerator market has seen considerable growth due to a variety of factors.
• The walk-in refrigerator market has grown significantly in recent years. It will rise from $12.24 billion in 2024 to $13.24 billion in 2025, at a CAGR of 8.2%.
Factors contributing to this growth include the expansion of retail and foodservice industries, rising healthcare industry needs, growing environmental awareness, expanded supply chains, and the boom in the hospitality sector.
What Is The Forecast For The Walk-In Refrigerator Market Size?
The walk-in refrigerator market is expected to maintain its strong growth trajectory in upcoming years.
• The walk-in refrigerator market is expected to grow to $17.96 billion by 2029, at a CAGR of 7.9%.
This growth is driven by stricter food safety regulations, rising demand in healthcare and e-commerce, emerging markets, and sustainability efforts. Key trends include energy-efficient solutions, modular design customization, smart technology integration, and IoT capabilities.
What Are The Essential Drivers Behind The Growth Of The Walk-In Refrigerator Market?
The growth of the walk-in refrigerator market is anticipated to be driven by the increasing number of restaurants. Restaurants, as commercial establishments where meals and drinks are prepared, served, and consumed onsite, are on the rise due to factors like growing disposable incomes, urbanization, lifestyle changes, advancements in tourism, the growth of food delivery services and an uptick in investment in the food and beverage sector. In providing well-structured, ample cold storage spaces, walk-in refrigerators assist restaurants in keeping perishable ingredients fresh, reducing food wastage and adhering to health regulations, ultimately improving operational effectiveness. For instance, the UK government's Census and Statistics Department reported a value increase of 47.7% and a volume increase of 41.8% in total restaurant receipts in the first half of 2023 compared to the same period in 2022. Consequently, the rise in the number of restaurants is fuelling walk-in refrigerator market growth. The surge in the number of retail stores is another key factor predicted to boost the growth of the walk-in refrigerator market. A retail store, whether physical or online, sells goods and services directly to the consumer for personal use. The proliferation of retail stores is largely due to the escalating consumer demand for easy product access and the expanding urban population. Walk-in refrigerators are beneficial to these stores by ensuring the freshness of perishable products, reducing waste, and facilitating bulk storage, which can be cost-effective. Their capabilities to improve inventory management and maintain reliable temperature control that ensures food safety are equally important. For instance, in October 2024, the United States Census Bureau found that retail trade sales had increased by 0.3 percent from August 2024 and 1.4 percent compared to the same period during the previous year. Hence, the exponential growth of retail stores is fuelling the walk-in refrigerator market.
How Is The Global Walk-In Refrigerator Market Divided Into Key Segments?
The walk-in refrigerator market covered in this report is segmented –
1) By Type: Indoor Type, Outdoor Type
2) By Component: Hardware, Software, Service
3) By Door Type: Insulated Flush Door, Slide Door
4) By End-User: Food Processing Industry, Retail Food Service, Foodservice Industry, Healthcare Facilities, Bars, Other End-Users
Subsegment
1) By Indoor Type: Reach-In Units, Roll-In Units, Step-In Units
2) By Outdoor Type: Modular Units, Custom-Built Units
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Who Are the Key Players In The Walk-In Refrigerator Market?
Major companies operating in the walk-in refrigerator market are:
• Panasonic Holdings Corporation
• Johnson Controls International plc
• Blue Star Limited
• Thermo King Corporation
• Beverage-Air Corporation
• True Manufacturing Company Inc.
• KPS Global LLC
• Master-Bilt Products LLC
• Foster Refrigerator
• Nor-Lake Inc.
• Cantek Group
• American Panel Corporation
• Bally Refrigerated Boxes Inc.
• Imperial Brown Inc.
• Delfield Company
• Leer Inc.
• Victory Refrigeration
• Polar King International Inc.
• U.S. Cooler
• Koolmax Group Ltd
• Arctic Industries Inc.
• SRC Refrigeration
• Industrial Refrigeration Pvt. Ltd.
• Kolpak
• Stericox India Private Limited
What Are The Regional Insights Into The Walk-In Refrigerator Market?
North America was the largest region in the walk-in refrigerator market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the walk-in refrigerator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
