Walk-In Freezers Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Walk-In Freezers Market Overview

The Global Walk-In Freezers Market reached USD 4.0 billion in 2022 and is expected to reach USD 6.2 billion by 2030, growing with a CAGR of 5.6% during the forecast period 2023-2030.

The demand for cold storage facilities to retain perishable commodities, medications and temperature-sensitive goods is fueling growth in the walk-in freezer industry. The growth of the food service and retail sectors, encompassing supermarkets, dining establishments and convenience stores, requires the storage of numerous frozen and perishable goods within walk-in freezers.

North America is among the growing regions in the global walk-in freezers market covering more than 1/3rd of the market. The increased consumer demand for an extensive selection of frozen and chilled products has driven significant growth in the North American food business. Frozen dinners, fresh vegetables, dairy products, meat and seafood are all included in these products, which represent the widening spectrum of consumer tastes. This expansion of the food sector has led to a heightened need for reliable cold storage solutions like walk-in freezers.

Walk-In Freezers Market Scope and Summary

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Walk-In Freezers Market Dynamics and Trends

Increasing Frozen Food Consumption will Demand Commercial Walk-In-Freezers

The development of major retail sectors, the rising need for bespoke walk-in coolers and freezers, the expansion of the hotel industry and the presence of major market participants will support sales in U.S. Increased disposable money and shifting lifestyles have led to a rise in sales of frozen and processed food products.

The American Frozen Food Institute (AFFI) projects that retail sales of frozen food will hit USD 65.1 billion in 2020, a 21% rise from 2019. It's wonderful news for the nation that the walk-in cooler and freezer industry is expanding. A sizeable number of Americans consume frozen food products, whether in homes or restaurants.

The majority of American restaurants and business kitchens have well-maintained commercial walk-in freezers and coolers to preserve the quality of frozen and chilled goods. Additionally, the rising sales of food goods through online platforms and the expanding usage of portable walk-in coolers and freezers, in addition to the standard ones, in the pharmaceutical and clinical research segments will help the expansion of U.S. market.

Rising Number of Retail Stores

With the growth of disposable income, booming economies and consumers' need to shop for a variety of goods in one location, the number of grocery and retail stores has rapidly increased around the world. Walk-in freezer and cooler demand are anticipated to increase as a result of these causes. The ability to customize size and storage capacity across various locations is the primary benefit of placing these freezers in retail establishments like supermarkets and hypermarkets.

The retail industry is anticipated to have tremendous growth as a result of sizable investments made by the governments of the United States, China, South Korea, India and the United Kingdom. For instance, "Walmart Investments Cooperative U.A." invested a sizeable USD 37.7 million into Wal-Mart India Pvt. Ltd. in 2018. This action is anticipated to propel the growth of the walk-in coolers and freezers market throughout the projection year.

In light of this, it is projected that the expansion of the market would be fueled by the rising number of retail establishments across the highly-growing nations. The business has stated that it will continue to develop its cash-and-carry approach for its brick-and-mortar stores after its US$16 Bn acquisition of Indian e-commerce company Flipkart for a 77% interest in May 2018.

High Initial Investment Cost

The market's expansion is attributable to its capacity to keep food and other items chilled at the appropriate temperature. However, a significant issue restricting the market's growth is the expensive initial installation and maintenance costs, together with the continually shifting pricing of commercial refrigeration equipment. Additionally, concerns about condenser failure go along with the high maintenance costs. 

Additionally, decreased refrigeration rates may lead to a decline in the quality of goods including flower arrangements, food and beverages. One of the main challenges preventing the industry from expanding is customers' lack of information regarding the use and consumption of these reduced-refrigerated items.

Walk-In Freezers Market Segment Analysis

The global walk-in freezers market is segmented based on type, place of use, technology, end-user and region.

Rising Demand for Indoor Products Due To Low Cost and the applications

The indoor segment holds a major share of around 61.2% in the global walk-in freezers market. Specialized refrigeration equipment known as indoor walk-in-freezers is used to offer regulated cold storage in indoor settings like stores, restaurants and other establishments. These devices come with several features and benefits that make them very appealing for usage in a variety of end-use applications.

The lower installation and maintenance costs are said to be the reason the indoor walk-in-freezers products. Additionally, end-users are concentrating primarily on installing inside units rather than outdoor units since indoor units guarantee the effective chilling and freezing of goods throughout the year. A solid concrete base and weather protection are necessary for the outside unit, which raises the price.

Walk-In Freezers Market Geographical Penetration

North America Increasing Construction of Hostels, Restaurants in the countries

The North American walk-in freezers market has witnessed significant growth and its rising popularity is expected to improve the share upto 40.2% share in the forecast period. The increase in the number of hotels, restaurants and bakeries being built throughout U.S., Mexico and Canada is one of the causes. In addition, expanding healthcare facilities, retail businesses and culinary enterprises would be crucial in advancing the installation of walk-in items throughout the region.

The AHLA Foundation committed to a five-year strategic plan in 2021 and made a $5 million investment to develop DE&I throughout the hotel and hospitality sector. At its October meeting, the Board of Trustees of the AHLA Foundation decided unanimously to elevate DE&I as a cornerstone platform, to be led by a newly formed DE&I Task Force made up of top professionals from throughout the industry.

Walk-In Freezers Market Companies

The major global players include Thermo Fisher Scientific, Carrier Commercial Refrigeration, Nor-Lake, Inc., Master-Bilt, Kolpak, American Panel Corporation, Hussmann Corporation, SRC Refrigeration, Arctic Industries and Polar King International.

COVID-19 Impact Analysis

Cold storage facilities experienced an increase in demand as a result of the pandemic, notably for the storage of medicines, vaccines and medical supplies. The COVID-19 vaccines' efficiency and preservation depended heavily on walk-in freezers. Walk-in freezer production and delivery were delayed as a result of the pandemic's disruption of global supply networks and industrial processes.

The supply of parts and materials needed for production was impacted by restrictions on international commerce and transportation. Lockdowns and limitations caused a drop in demand for walk-in freezers in the food service sector, a large end-user. Due to reduced company operations, walk-in freezer demand declined in the restaurant, hotel and catering industries.

Russia-Ukraine War Impact

The violence can close borders, obstruct trade routes and make it difficult to convey goods and supplies logistically. The manufacturing and delivery of walk-in freezers and associated parts can be delayed as a result. Wider economic implications of the war can have an impact on consumer spending and corporate investments.

Economic downturns in either Russia or Ukraine might lead to a fall in the demand for walk-in freezers and other commercial equipment. Trade restrictions or sanctions imposed on Russia or Ukraine may have an impact on the export and import of walk-in freezers and related equipment, which may alter market dynamics in the area and beyond.

Key Developments

• On October 4, 2022, Dover Corporation announced the acquisition of the assets of National Cooler Corporation by Hill PHOENIX, a Dover Company with a dominant global position in commercial refrigeration systems and cooled display cases.
• On May 5, 2021, The Fischer Group collaborated with Arctic Industries. The Fischer Group is an Orange, California-based company that is entirely owned by its employees. Since 1982, The Fischer Group has represented well-known food service solution brands in Southern California and Southern Nevada, including Cambro, Hatco and Blodgett.
• On 16, 2020, The Master-Bilt and Nor-Lake refrigeration businesses of Standex Refrigerated Solutions Group will be acquired by Ten Oaks Group for $11 million. In New Albany, the business operates a Master-Bilt manufacturing factory.

Why Purchase the Report?

• To visualize the global walk-in freezers market segmentation based on type, place of use, technology, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of walk-in freezers market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global walk-in freezers market report would provide approximately 69 tables, 70 figures and 211 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies