Albany, NY -- (SBWIRE) -- 01/04/2018 -- With only six companies holding the majority, the Latin America commercial refrigeration equipment market demonstrates a highly consolidated landscape, states a new research study by Transparency Market Research (TMR). The top six companies, namely, Illinois Tool Works, Metalfrio Solutions, United Technologies Corp., Lennox International, Dover Corp., and Daikin Industries Ltd., accounted for nearly 92% of the overall market in 2016.
These companies are focusing heavily on intensive collaborations in Brazil, Mexico, and Argentina to improve their distribution network in order to strengthen their presence. This, as a result, is likely to intensify the rivalry between them in the near future, reports the study.
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As per the research report, the opportunity in this market, which was worth US$927.4 mn in 2016, is anticipated to proliferate at a CAGR of 6.50% during the period from 2017 to 2025 and attain a value of US$1,619.0 mn by the end of the forecast period. The food and services application segment has been reporting a greater demand for commercial refrigeration equipment. The scenario is projected to remain so over the period of the forecast.
Brazil to Retain Dominance in Latin America Commercial Refrigeration Equipment Market
A geographical assessment of the Latin America market for commercial refrigeration equipment has also been presented in this research report. According to the study, the market stretches across Brazil, Mexico, Argentina, Chile, and the Rest of Latin America. Among these, Brazil has led the overall market in 2016 with a share of 38%. The country is a prominent exporter of soy beans, fruit juices, meat preparations, fresh and frozen chicken, poultry meat, and oil cakes and, hence, the abounding export of these products has been fueling the uptake of commercial refrigeration equipment here.
Over the coming years, the significant rise in the travel and tourism industry would result into a tremendous increase in the demand for stored and refrigerated food items, augmenting the need for commercial refrigerators, and subsequently commercial refrigeration equipment in Brazil. Researchers anticipate this domestic market to retain its position over the forecast period.
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Among others, Mexico is anticipated to witness notable growth in the years to come, thanks to the escalating demand for ready-to-eat and frozen foods in this country. The presence of a strong food processing industry is also projected to propel the Mexico commercial refrigeration equipment market over the next few years, states the report.
Increasing Trade of Food Items to Boost Market's Growth
"The increased production, consumption, export and import of food items that require refrigeration is the most prominent factor behind the growth of the Latin America market for commercial refrigeration equipment," says the author of this report. Various countries in Latin America, such as Brazil, Argentina, Chile, and Mexico, have been registering a surge in the trade of food items over the past few years, especially, livestock and poultry-based food items, such as chicken, beef, pork, and turkey meat.
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The scenario is likely to intensify over the forthcoming years, creating phenomenal demand for commercial refrigerators, which eventually, is expected to boost the Latin America market for commercial refrigeration equipment during the forecast period. The rising number of supermarkets, hotels, and cafes in this region is also projected to influence this market over the next few years. However, the current economic growth challenges faced by Latin America may impact the progress of this market negatively in the long run.