Factors such as the rapid urbanization and growth in the food and beverage industry are expected to drive the Asia-Pacific (APAC) commercial refrigeration equipment market at a 9.3% CAGR during 2018–2023 (forecast period). The market generated revenue of $14.3 billion in 2017, and it is expected to reach $24.4 billion by 2023. The market is witnessing a shift to natural refrigerants from fluorinated refrigerants due to the increasing focus of governments on lowering the emission of greenhouse gases and rising global warming concerns.

Moreover, the expanding food and beverage industry is another key factor that boosts the growth of the APAC commercial refrigeration equipment market. The demand for commercial refrigeration systems is increasing due to the rising need for the refrigeration of drinks and food, especially perishable items, such as fruits and vegetables, meats, and dairy products. Moreover, the expansion of the modern food retail sector and rising dining-out activities are driving the food service sector, which, in turn, is fueling the demand for refrigeration systems to preserve the food and reduce wastage.

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Furthermore, the end user segment of the APAC commercial refrigeration equipment market is classified into hotels/restaurants & catering, hypermarkets, e-commerce, supermarkets, convenience stores, and others. Of these, the e-commerce category is projected to record the highest CAGR during the forecast period, in terms of revenue. This can be ascribed to the ease of accessibility and rising trend of buying food and beverages online. On the other hand, the hotels/restaurants & catering category accounted for the largest share in 2017 in the market.

Thus, the rising consumption of food and beverages in the region is projected to drive the requirement for commercial refrigeration equipment during the forecast period.