International.
Market analyst Technavio forecasts global supermarket growth at a CAGR (compound annual growth rate) of 4.4% during 2015-2020, which will drive the commercial refrigeration equipment market.
According to Abhay Sinha, an analyst at Technavio, "The commercial refrigeration market derives its demand from the red oceans of major retailers around the world. These large retailers generate most of their pieces from hypermarket and supermarket sales."
The main driver of APAC (Asia-Pacific) through the retail channel is China's rapid growth in e-commerce. Each retail sales segment in China (department stores, convenience stores, supermarkets, hypermarkets, specialty stores, and professional stores) experienced a minimum CAGR of 6.5% in 2015. China's year-on-year growth for retail sales in hypermarkets and supermarkets was 7.4% and 11.6%, respectively, in 2015.
But retail growth by country is not the only driver. "A third of the world's total food production is perishable," Sinha reveals. "Every year, about 30% of global food production is wasted in developing regions like APAC and Africa."
On the other hand, according to Technavio's Global 2016-2020 Global Refrigerated Transport report, this market will grow from US$24.66 billion last year to US$34.52 billion in 2020.
