The market for commercial refrigeration equipment in Latin America is highly dynamic and derives much of its growth from the growing need for energy efficient equipment, continual advancements in refrigeration technologies, and the expanding tourism sector in the region.
The increasing implementation of several regional environmental and energy regulations, such as Energy Efficiency Program for Latin America and the Caribbean (PALCEE) and Regional Energy Information System (SIER), by Latin America Energy Organization (OLADE) is also expected to boost this regional market substantially. Furthermore, the demand for new and more units, boosted by the economic growth and the augmenting consumerism, is likely to support this market over the forthcoming years.
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The Latin America market for commercial refrigeration equipment is characterized by the increasing demand for new product installations against the replacement demand observed in developed markets in Europe and North America. In 2016, the total opportunity in this market stood at US$927.4 mn. Progressing at a CAGR of 6.50% between 2017 and 2025, the market expects to attain a value of US$1,619.0 mn by the end of 2025.
Brazil to Continue Leading Latin America Commercial Refrigeration Equipment Market
The Latin America market for commercial refrigeration equipment is spread across Brazil, Mexico, Argentina, Chile, and the Rest of Latin America. Among these, Brazil has surfaced the key contributor to this regional market. With a share of 38%, Brazil led the overall market in 2016 and is anticipated to continue as the dominant domestic market for commercial refrigeration equipment in Latin America.
With Brazil being a prominent exporter of fruit juices, soy beans, fresh and frozen chicken, poultry meat, meat preparations, and oil cakes, the exuberant export of perishables from this country has been driving the adoption of commercial refrigeration equipment here. The growing demand for stored and refrigerated food items, thanks to the rise of the country’s travel and tourism industry, is likely to boost the Brazil commercial refrigeration equipment market in the near future.
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Brazil is closely followed by Mexico in terms of the uptake of commercial refrigeration equipment, thanks to the significant growth of the processed and packaged food industry in this country. The presence of a robust food processing industry with renowned Mexican brands such as Bimbo, Lala, Gruma, and Herdez, with a well-distributed network across Latin America, reflects greatly on the usage of commercial refrigeration equipment in this country, leading to a phenomenal growth of this Mexican market over the next few years. The augmenting demand for ready-to-eat and frozen foods is also expected to propel the commercial refrigeration equipment in this country in the years to come.
Demand for Refrigerators and Freezers to Remain Strong in Latin America
Transportation refrigeration equipment, refrigerator and freezer, beverage refrigeration, and commercial refrigeration equipment parts are the main products available in the Latin America market for commercial refrigeration equipment. Refrigerators and freezers witness a higher demand from end users. In 2016, this segment led the market with a share of 37.4% and is projected to continue doing so over the forthcoming years.
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Food services, food and beverage retail, food and beverage distribution, and food and beverage production are the prime application areas of commercial refrigeration equipment in Latin America. The demand for these refrigeration devices has been greater from the food and services segment. Analysts anticipate this scenario to remain same in the near future.
Lennox International Inc., Hussmann International Inc., United Technologies Corp., Daikin Industries Ltd., Dover Corp., Illinois Tool Works Inc., Beverage-Air Corp., and Metalfrio Solutions SA are the key manufacturers of commercial refrigerator equipment in Latin America.
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