The reason for growth of the commercial refrigeration equipment market in Latin America is the demand for ready-to-eat food products by consumers and quick-serve restaurants. Due to the fast-paced life and changing lifestyle, people tend to buy more ready-to-eat products, beverages, and frozen food, as these are easy to cook in short time.
Increased demand for ready-to-eat food along with a rise in disposable income has opened many doors for new restaurateurs, and retailers of food products.
The changing lifestyle is expected to provide opportunities to the market players (refrigeration equipment manufacturers) in countries, such as Brazil, Mexico, and Chile because of increased urbanization and rising per capita income.
Another opportunity-providing factor is the participation of women in work force. As women move out of their homes, they will not always have time to cook, leading to a rise in the demand for ready-to-eat food.
As the intensity of competition among the market players is moderate, the growth of existing and new players is expected to be smooth. Many players are actively cashing in by launching innovative products in the market to meet the growing demand. In 2017, there were six companies holding more than 60% of the total revenue share in the market.
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As the Latin American commercial refrigeration equipment market advances, these market players will get more opportunities for growth.
