Prep Refrigerators Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type (Undercounter Prep Refrigerators, Cutting Top Prep Refrigerators, Mega Top Prep Refrigerators); Application (Commercial Kitchens, Restaurants and Cafes, Catering Services, Departmental Stores, Others); and Region/Country
Prep Refrigerators Market Size & Forecast
The Prep Refrigerators market was valued at approximately USD 8 Billion in 2023 and is expected to grow at a substantial CAGR of around 5% during the forecast period (2024-2032) owing to the growth of the foodservice industry.
Prep Refrigerators Market Analysis
Prep refrigerators are also known as prep tables; they are a type of refrigeration equipment used in commercial kitchens. These include products with a refrigeration compartment integrated with a bottom workbench. They maintain foods at appropriate temperatures while making the must-use products easily available. Most prep refrigerators are found in restaurants and the food service industry and may include stainless steel doors/other outer surfaces and may contain several drawers/ingredient bins.
Furthermore, organizations invest in technological solutions like developing new models that have better energy-efficient mechanisms, distinct thermal regulation facilities, and digital interfaces. They also focus on meeting strict regulatory requirements for safe foods through product design that guarantees the right preservation of the stored foods. Additionally, companies are investing in customizable solutions to meet the specific needs of various food service establishments, enhancing operational efficiency and versatility. In 2024, Japanese manufacturer Hoshizaki paid USD 28m for a 25% stake in Fogel Company Inc., a manufacturer of commercial refrigeration equipment based in the Republic of Panama. The share acquisition through Hoshizaki’s US subsidiary is an initial step in a process that will see the company acquire up to 51% of the total shares in the next three years.
Prep Refrigerators Market Trends
This section discusses the key market trends influencing the various segments of the prep refrigerators market as identified by our research experts.
Mega Top Prep Refrigerators Transforming Industry
The mega-top prep refrigerators held a significant share of the market in 2023. Their expanded storage capacity and multiple ingredient compartments make them indispensable in busy commercial kitchens, such as those in quick-service restaurants, which are proliferating due to the increasing demand for convenient, ready-to-eat meals. As per India’s Ministry of Commerce & Industry, in January 2022, the export of products under the Ready to Eat (RTE), Ready to Cook (RTC), and Ready to Serve (RTS) segments have registered a CAGR of 10.4 percent from 2011-12 to 2020-21. India exported more than USD 2.14 billion worth of final food products in 2020-21. The versatility and organized layout of mega-top units enhance operational efficiency, reduce preparation time, and ensure food safety, which are critical factors in the competitive food service industry.
North America leads the market in 2023.
North America is a significant driver of the prep refrigerators market owing to the robust expansion of the food service industry and the increasing prevalence of quick-service restaurants (QSRs). In 2022, all other food service establishments experienced the largest increase (19.5 percent) in sales compared to full-service restaurants (17.3 percent) and limited-service outlets (12.6 percent), as per the USDA data in 2023. The region’s strong focus on food safety and stringent regulatory requirements compels foodservice operators to invest in high-quality refrigeration solutions to maintain compliance and ensure consumer safety. Technological advancements in refrigeration, such as energy-efficient models and innovative refrigeration solutions, also play a significant role in market growth by appealing to environmentally conscious consumers and businesses looking to reduce operational costs. The established infrastructure and the high purchasing power of North American consumers further bolster the adoption of advanced prep refrigeration units in the region. As per the USDA data in 2023, The food service and food retailing industries supplied about USD 2.11 trillion worth of food in 2021 and USD 2.39 trillion in 2022. Of this total, USD1.16 trillion was supplied by food service facilities in 2021 and USD1.34 trillion in 2022. In 2022, full-service establishments supplied USD463 billion, and limited-service establishments supplied USD 468 billion.
Prep Refrigerators Industry Overview
The Prep Refrigerators market is competitive, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Daikin, Haier Group, True Manufacturing Co., Inc., Empura – Food Service Equipment, LLC., Turbo Air Inc., Beverage-Air, DELFIELD, VICTORY REFRIGERATION, HOSHIZAKI LANCER PTY LTD, Nella Online.
Prep Refrigerators Market News
On May 30, 2024, Daikin Industries, Ltd. announced a partnership with Miura. Under this partnership, Daikin will invest in Miura and acquire 4.67% of its outstanding shares, while Miura will invest in Daikin Applied Systems Co., Ltd., a wholly owned subsidiary of Daikin, and acquire a 49% share of the company. This partnership focuses on the extensive range of Daikin energy-saving and environmentally conscious air conditioning, refrigeration, and heating-related products while utilizing the engineering capabilities cultivated by Daikin Applied Systems.
On May 17, 2024, Haier introduced a diverse lineup of products designed to cater to the evolving needs of Filipino consumers. From the game-changing ALL FRESH refrigerator to the COLOR AI washing machine, Haier’s latest innovations redefine the essence of modern living, seamlessly integrating advanced technology for unparalleled convenience as we elevate living environments into a future-ready era.
On April 9, 2024, Haier announced the launch of its latest Vogue series, a colorful range of glass door refrigerators. This exciting addition to Haier India’s extensive product lineup offers consumers the opportunity to personalize their kitchen with a range of colorful Glass Door refrigerators. With a focus on aesthetics, design and versatility, the new series features a wide array of options, including 2-door convertible Side by Side, 3-door convertible side-by-side, top and bottom-mounted refrigerators.
On January 31, 2023, GE Appliances (GEA), a Haier company, introduced the latest in its lineup of fully integrated refrigerators with bottom freezers across its Monogram and CAFÉ brands. Available in both French and Single Door configurations, these models sit flush with cabinetry and feature articulating hinges to create a high-end, modern look. Additionally, they boast a middle convertible drawer with multiple temperature settings and almost three cubic feet of capacity that can be customized based on what needs to be stored—from cold drinks to meat to ice cream.
On July 6, 2022, HOSHIZAKI CORPORATION (hereafter referred to as Hoshizaki) announced that all required procedures for the acquisition of Brema Group S.p.A. (hereafter referred to as Brema), which was announced on January 18th, 2022, were completed on July 1st, 2022. Brema, an Italy-based manufacturer of commercial icemakers, has been actively expanding its business in Italy as well as in Southern Europe, Eastern Europe, and Middle East countries, taking advantage of its wide product lineup.
On February 22, 2020, Haier announced the launch of 83 products across categories along with its plans to spearhead the IoT era in the home appliances industry. Augmenting its product range in major categories such as refrigerators, air conditioners, washing machines, LED TVs and others, Haier is propelling its 2020 vision to strengthen its commitment to the Indian market.
Prep Refrigerators Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Prep Refrigerators market can be customized further as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Prep Refrigerators Market Analysis (2022-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Prep Refrigerators market were the three major steps undertaken to create and analyze the adoption of Prep Refrigerators in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Prep Refrigerators market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Prep Refrigerators market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Prep Refrigerators market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Prep Refrigerators market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and regions of the Prep Refrigerators market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Prep Refrigerators market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Prep Refrigerators market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Prep Refrigerators market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Prep Refrigerators market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Prep Refrigerators market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, application, and regions of the global Prep Refrigerators market.
The main objective of the Global Prep Refrigerators Market Study
The current & future market trends of the global Prep Refrigerators market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Prep Refrigerators market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the type, application, and regions.
- Define and analyze the regulatory framework for the Prep Refrigerators
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Prep Refrigerators market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Prep Refrigerators market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the prep refrigerators market's current size and growth potential?
Q2: What are the driving factors for the growth of the prep refrigerators market?
Q3: Which segment has the largest share of the prep refrigerators market by type?
Q4: What are the major trends in the prep refrigerators market?
Q5: Which region will dominate the prep refrigerators market?
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