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Retail Cooler Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global retail cooler products market was valued at USD 11.8 billion in 2021 and is projected to expand at a CAGR of 6.8% from 2022 to 2029. The growing demand for convenience retail stores and supermarkets is driving the growth of the market. Furthermore, the increasing use of refrigeration systems in retail stores is expected to fuel the market growth over the forecast period.
The increasing demand for energy-efficient retail cooler systems is also driving the growth of the market. Retailers are focusing on energy-efficient systems to reduce energy costs and save energy. For instance, in April 2021, Frigoglass, a manufacturer of refrigerated display cases, announced the launch of a new energy-efficient range of retail cooler products. Moreover, the increasing demand for refrigeration systems in convenience stores is also driving the market growth. Convenience stores are investing in refrigeration systems to offer a variety of food products, beverages, and other items.
Retailers are increasingly focusing on providing customized retail solutions to their customers. For instance, in May 2021, Hussman, a manufacturer of retail cooler systems, announced the launch of its new customizable retail solutions. The customizable solutions offer various benefits to retailers, such as improved product visibility, better product quality, and increased customer satisfaction. Furthermore, the increasing demand for retail coolers for food delivery services is also driving the market growth.
The increasing demand for retail coolers for food delivery services is expected to drive the growth of the market. For instance, in April 2021, Sub-Zero Group, Inc. announced the launch of its new range of food delivery refrigeration systems. The company’s new range of products is designed to provide the highest temperature protection and performance to keep food fresh during delivery. Furthermore, the growing popularity of e-commerce is expected to boost the demand for retail coolers.
In addition, the increasing adoption of smart technologies in retail cooler products is also driving the growth of the market. For instance, in March 2021, Hussmann Corporation launched a new line of smart retail coolers, which is integrated with Internet of Things (IoT) technology. The technology enables retailers to remotely monitor and manage the temperature and humidity levels in the retail cooler. Furthermore, the increasing demand for remote monitoring systems for retail cooler products is also driving the market growth.
Product Insights
The reach-in segment held the largest market share of 56.6% in 2020. Growing demand for reach-in coolers has been observed due to their advantages such as efficient and convenient storage space. Reach-in coolers are widely deployed in the foodservice industry to store and preserve a range of food items. Moreover, technological advancements such as digital temperature control, LED lighting, and self-closing doors have increased the demand for reach-in coolers.
The walk-in segment is expected to register the fastest CAGR of 7.1% over the forecast period. The growing demand for walk-in coolers can be attributed to their ability to store large volumes of food products and its superior energy efficiency. Furthermore, the growing trend of personalized cooling solutions and the increasing number of restaurants and retail outlets globally are expected to increase the demand for walk-in coolers.
Distribution Channel Insights
The retail segment captured the major market share of over 41.3% in 2022. The growth of the segment is mainly driven by the rising consumer demand for convenience. The retail outlets offer a wide range of products and also provide on-the-spot advice to customers on the purchase of the right product. In addition, the retail outlets offer various promotional activities such as discounts, free samples, and free delivery for the purchase of retail coolers.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. The increasing internet penetration has enabled customers to purchase retail coolers from online stores. Moreover, e-commerce stores offer promotional discounts to attract customers. For instance, in October 2022, Amazon launched a promotional offer for the purchase of retail coolers, offering a 10% discount on the purchase of two or more retail coolers. In addition, customers are also offered free shipping for purchases above a certain value.
Type Insights
The reach in segment accounted for the largest revenue share of 66.2% in the year 2022. Reach-in coolers are widely used in the foodservice industry for storing and displaying food & beverages. The growing retail industry has created a surge in demand for various types of reach-in coolers. Furthermore, the introduction of energy-efficient reach-in coolers, such as the Turbo air TGM-35DR, has boosted the segment’s growth. Reach-in coolers are also popular due to their easy accessibility and cost-effectiveness.
The walk-in segment is projected to register the highest CAGR of 10.3% over the forecast period. Walk-in coolers are mainly used in large supermarket and hypermarket stores. The increasing demand for large-scale cold storage facilities is driving the demand for walk-in coolers. Furthermore, the growing trend of online shopping has increased the demand for cold storage facilities, which is further driving the segment’s growth. Moreover, the rising health consciousness among consumers has increased the demand for frozen food, which is likely to fuel the demand for walk-in coolers over the forecast period.
Regional Insights
North America is expected to remain the largest market for retail cooler products and account for a revenue share of over 42.3% in 2022. The region is home to a large number of convenience stores, supermarkets, and hypermarkets, which offer a wide range of products. This factor is expected to increase the demand for retail cooler products in the region. Furthermore, the increasing importance of energy efficiency among consumers has led manufacturers to focus on the development of energy-efficient retail coolers.
Asia Pacific is expected to witness the fastest growth during the forecast period. The rapid expansion of the food and beverage industry in countries, such as China, India, Indonesia, and Thailand, is expected to fuel the demand for retail coolers in the region. For instance, in May 2021, Japanese manufacturer Daikin Industries announced the launch of its new energy-efficient retail cooler, the J-TEC, in India.
Financial Projections
In this part of the retail cooler products business plan, we will provide a detailed breakdown of all the income and expenses associated with the business. This includes cash flow projections and capital requirements for the business. These projections are typically drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a retail cooler products business is from sales of the product. Other sources of revenue may include wholesale sales, international distribution, and online sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the retail cooler products business running will be described. The list of operating expenses includes labour and salaries, cost of goods sold, inventory, marketing and advertising costs, shipping and handling costs, rent and utilities, insurance, legal fees, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the retail cooler market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, True Manufacturing launched a new line of retail coolers designed for convenience stores and cafeterias.
– In August 2022, Arctic Air launched a series of commercial-grade retail coolers designed for quick and efficient cooling.
– In September 2022, Whirlpool Corporation launched a series of energy-efficient retail coolers designed for supermarkets and other retail outlets.
Some of the prominent players in the retail cooler market include:
– True Manufacturing
– Arctic Air
– Whirlpool Corporation
– Beverage-Air Corporation
– Master-Bilt Products
– Nor-Lake, Inc.
– Summit Appliance
– Turbo Air Inc.
– Traulsen & Co., Inc.
– Kelvinator Commercial Refrigeration
Global Retail Cooler Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global retail cooler products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Single Door
– Double Door
– Multi-Door
– Glass Door
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Countertop
– Glass Top
– Chest Freezer
– Upright Freezer
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Retail Cooler Products Market?
[A]: The retail cooler products market is driven by the increasing need for convenience and safety in the retail environment. The rise in demand for convenience-oriented products, such as multi-level shelving, modular racks, and refrigerated fixtures, is expected to spur the growth of the retail cooler products market. Additionally, the increasing demand for energy-efficient and low-maintenance cooling products is likely to drive the demand for retail cooler products.
[Q]: What are the Key Segments in the Retail Cooler Products Market?
[A]: The retail cooler products market is segmented by product type, application, and region. By product type, the market is divided into air coolers, chillers, and freezers. By application, the market is bifurcated into supermarkets, convenience stores, and hypermarkets.
[Q]: What is the Potential for Product Innovation?
[A]: Product design and innovation are expected to be the key growth drivers for the retail cooler products market. Manufacturers are introducing innovative designs and technologies to meet the changing needs of consumers. For instance, flexible shelving systems with adjustable shelves and height for easy storage, as well as light-emitting diode (LED) lighting systems for enhanced product visibility, are some of the product innovations that have been driving the market.
[Q]: Who are the Key Players in the Retail Cooler Products Market?
[A]: Major players in the retail cooler products market include Haier Group, Sub-Zero Group, Inc., True Manufacturing Co., Inc., Hussmann Corp., Global Refrigeration Equipment Manufacturing, Inc., and Hussmann International, Inc.
[Q]: Which Regions Offer the Largest Opportunity for Sales of Retail Cooler Products?
[A]: North America is expected to be the largest market for retail cooler products, followed by Europe. Factors such as the presence of large-scale retail chain stores and the increasing demand for energy-efficient cooling products are driving the growth of the retail cooler products market in the region. Additionally, the growing focus on product innovation and design is expected to spur the growth of the retail cooler products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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