The market for LATAM Upright Freezer is forecast to reach $2.1 billion by 2026, growing at a CAGR of 4.4% from 2021 to 2026. The significant rise in the demand for LATAM Upright Freezers for frozen foods is set to boost the market growth rate during the forecast period 2021-2026. The significant rise in the expansion for the food and beverage industry owing to the significant employment of the upright freezers in the production is set to impact the growth of the LATAM Upright Freezer market. Upright freezer is a vertical refrigeration unit unlike chest freezers which comes in a horizontal unit. Upright freezer are more useful when there is a space constraint in the area of operation. It vertically shelves, baskets and door bins making easy to organize and finding food in the freezer easy. Increasing demand from the middle-class families in the developing economies is expected to drive the demand for upright freezer during the period of study. However, higher energy conservation standards and availability of the alternatives is expected to be key constraints for the growth of the LATAM upright freezer market. However, the major demand for the market remains the growing adoption due to Covid-19 driven vaccine freezer adoption.
LATAM Upright Freezer Market Segment Analysis – By Type
By type the market for upright freezers has been segmented into single door and double door. Single door freezers are employed in the low storage requirement and double door freezer is deployed in high storage requirement. Double door freezers are set to hold highest market share at 69.2% in 2020 and are analysed to grow at highest rate during the forecast period owing to their applications in the retail and Food and beverage industry. The significant growth of the food retail industry in the LATAM region owing to the growing urban population is set to be the major factor contributing to the growth of the market.
LATAM Upright Freezer Market Segment Analysis – By End user
Medical is analysed to hold the highest share in the upright freezer market in 2020 at 31.3%. The significant demand for Covid-19 driven vaccine freezers have driven market growth in recent years. The high deployment of upright freezers in preserving food and beverages in the retail sectors is set to contribute to the growth of the market. Food and beverage is also set to hold significant share in the upright freezer market. According to the Brazilian Supermarket Association (ABRAS), the retail sector, represented 5.4% of Brazil’s GDP in 2019. The food retail industry has recorded sales of $64.2bn in 2019. Therefore the growing supermarket and retail sector in the LATAM countries such as Brazil, Mexico and others and the deployment of upright freezers in this sector is boosting the market growth rate.
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LATAM Upright Freezer Market Segment Analysis – By Geography
Brazil is analyzed to hold the highest market share in the upright freezer market in 2020 at 34.4%. This is majorly attributed to the large food and beverage as well as the food retail sectors. As stated by Swiss business hub, in 2019 the Brazilian food and beverage industry generated a revenue of $170bn per year representing 9.5% of country’s GDP. As stated by Brazilian Supermarket Association 15% of retail food and beverage category come under liquid grocery, 12.1% under meats, and so on. The dire requirement of upright freezers in the preservation of food and beverages in retail is set to boost the upright freezer market in the LATAM region. Mexico is also analyzed to hold a significant share in the upright freezers market. Adding to this, the growing food and beverage industry expansions in these regions is set to positively impact on the market growth rate. In May 2019, PepsiCo has announced to invest $4 billion in Mexico region. These investments aimed at expanding the footprint of these food and beverage companies are majorly set to elevate the market growth rate in LATAM region during the forecast period 2021-2026.
LATAM Upright Freezer Market Drivers
Increasing demand for ultra-low freezers in medical applications
The demand for ultra-low freezers in the storage of the pharmaceutical goods such as medicines and so on is set to be the key driving factor for the upright freezers market. In October 2019, Panasonic has launched TwinGuard Series Upright Freezer majorly for the medical applications. Therefore the significant rise in the product developments in the ultra-low freezers owing to their applications is set to escalate the market growth of upright freezers during the forecast period 2021-2026.
Growing demand for frozen foods in urban areas
The upright freezers are highly employed in preserving the frozen foods and the rise in demand for the frozen ready to heat foods in Chile, Mexico and Brazil is significantly impacting on the growth of the market growth rate. As stated by the United Nations, by 2050, the counties such as Brazil, Chile, and Venezuela is set to have more than 90% of the population residing in urban areas. The rise in the urban population is set to impact on the demand for the frozen foods, canned foods and so on. Therefore the deployment of the upright freezers in preserving these foods is analysed to boost the market during the forecast period 2021-2026.
LATAM Upright Freezer Market Challenges
High energy conservation standards and availability of alternatives:
The higher energy conservation standards and availability of the alternatives is expected to be key constraint for the growth of the upright freezer market. The adoption of the freezer rooms in the food and beverage industries and warehouses of various industries including pharmaceutical, healthcare and so on instead of the individual freezers is set to hinder the market growth rate during the forecast period.
LATAM Upright Freezer Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the LATAM Upright Freezer market. LATAM Upright Freezer driver market is expected to be dominated by major companies such as Bosch AG, Whirlpool Corp., LG Corp., Samsung Electronics, Metalfrio Solutions, Haier Group and Danby Products ltd. among others.
In April 2021, Eppendorf AG Acquired Koki’s Centrifuge Business to Strengthen its Position in the upright freezer market
In March 2021, Biolife announced that it has closed the acquisition of Stirling Ultracold, a privately held manufacturer of ultra-low temperature mechanical upright freezers.
Retail is analysed to hold highest market share in the upright freezer market owing to the high number of expansions and investments.
Brazil is analysed to hold the highest share in the upright freezer market owing to the large food and beverage sector.
The rising demand for frozen foods in LATAM region is set to elevate the LATAM Upright Freezers market during the forecast period.
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