Global Freezers Market: Snapshot
The market for freezers has been expanding leaps and bounds in the past couple of decades on the back of the prosperity of the food and beverage industry and mushrooming of restaurant and supermarkets across the world. Freezers, which primarily are devices that enable storage of products below the freezing point of water, also find extensive applications in commercial, residential, and industrial purposes. According to this business and commerce publication, the demand in the global freezers market will increment at a CAGR of 5.0% during the forecast period of 2017 to 2025. In terms of revenue, the analysts of the report have estimated that the global freezers market will be worth US$18,300.6 mn by the end of 2025, substantially more than it’s evaluated worth of US$12,350.8 mn in 2017.
Besides gaining traction from the food and beverage industry, the freezers market is expected to gain new opportunities in the near future due to the advent of energy-efficient freezers. A number of governments are emphasizing on electronic products that help in reducing energy consumption and vendors of this market are obliging with innovative products. On the other hand, substantial total cost of operation (TCO) of freezers is keeping the products out of the range of small retailers and curtailing the potential of the market for the same.
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Chest Freezers Most Prominent Product-type Segment
The freezers market has been segmented on the basis of product type, application, capacity and door type. On the basis of product type, the market has segmented into chest freezers, upright freezers, and others. In 2016, the segment of chest freezers held the largest market share of approximately 37% of the total freezer market and is also expected to continue its dominance throughout the forecast period of 2017 to 2025.
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Revenue-wise, Asia Pacific to Emerge as Most Lucrative Region
From a geographical standpoint, North America and Europe are the lucrative regions, and the adoption of freezers across these two regions is expected to increase further in the near future. The North America freezers market is estimated to be worth US$5,481.9 mn by 2025. This is primarily due to the increasing number of consumers becoming aware of the importance of living a healthier lifestyle and increase in disposable income of urban populations.
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