Who doesn’t like ice creams and chilled shakes?! Plus, it is not just such finished food products that need to be kept at low temperatures, but also the raw materials. Being mostly organic in nature, ingredients and raw materials used in the food processing industry spoil easily, which is why they need to be kept at low temperatures to inhibit bacterial action. This is why chillers are such an important part of the food & beverage industry around the world, which has been growing rapidly over the past 10–15 years.
P&S Intelligence credits the growing food & beverage industry while forecasting an increase in the revenue of the chiller market from $7,330.7 million in 2019 to $10,880.3 million by 2030, at a 5.0% CAGR between 2020 and 2030. In the present scenario, the food & beverage sector is expanding quickly in developing countries on account of the rise in the disposable income of the people here, which is allowing them to spend more on processed food. For instance, the Chinese food & beverage industry grew to a record $636 billion (CNY 4.27 trillion) in 2018, as per the China Cuisine Association (CCA).
Similarly, “By 2025, India’s food processing sector is expected to be worth over half a trillion dollars.”, says Invest India, a government agency. This would be a result of the rising number of food processing plants in the country, which will itself act as a strong catalyst for the industry. Apart from food processing plants, the number of restaurants, cafes, and bars has also been rising in the country, as people are now eating out more often. All such settings require chillers to keep the food and beverages fresh and good tasting.
Apart from the food & beverage sector, chillers also find wide application in large, enclosed public settings. From $10.5 trillion in 2017, the worldwide construction sector is expected to grow to $12.8 trillion by 2022, due to the large-scale development of office premises, residential buildings, airports, and metro lines. For instance, 115 skyscrapers were under construction in London in 2018, and 42 were under construction in Chicago in 2019. Moreover, China and India are strongly focusing on constructing new airports and expanding the existing ones, to cater to the growing civil aviation market.
Read More: https://www.psmarketresearch.com/market-analysis/chiller-market