The global refrigerants market size was US$ 24.5 billion in 2021. The global refrigerants market is forecast to grow to US$ 48.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Cold chain is becoming an increasingly important component of the global food and health industry. According to the Food and Agriculture Organization of the United Nations, billions of tonnes of fresh food products are lost each year due to poor cold chain systems in developing countries. Thus, these concerns are forecast to fuel the growth of the global refrigerants market during the study period.
Fresh foods like fruits, poultry, vegetables, dairy, and meat require high safety. Thus, the growing demand for these products will fuel the growth of the global refrigerants market.
The benefits of refrigeration, such as the extended life of fresh foods and features like optimizing temperature, atmospheric and humidity composition, and convenient handling, will contribute to the growth of the global refrigerants market.
Growing urbanization and emerging economies are forecast to surge the demand for effective refrigerants. In addition, the growing population and their increasing food demands will contribute to the refrigerants industry growth.
Other factors like growing environmental concerns, increasing demand for packed food items, and changing living standards will escalate the growth of the global refrigerants market.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic hampered the production of refrigerants. In addition, retail stores were also ordered to operate for a short time. Industrial activities were also halted, which ultimately impacted the growth of the global refrigerants market. However, the popularity of the online grocery platforms surged abruptly, which ultimately surged the growth of the global refrigerants market. In addition, the demand for packed food products surged, owing to health concerns. Thus, it has been beneficial for the global refrigerants market.
Regional Analysis
The Asia-Pacific refrigerants market is forecast to grow at the highest growth rate. China is one of the world's fastest-growing economies, and almost all end-user industries have seen significant growth due to rising population, changing living standards, and per capita income. Chinese consumers are increasingly interested in health and wellness. Thus, it will surge the demand for organic foods that require cold storage, such as peas and corn.
India is also among the booming economies, which will benefit the Asia-Pacific refrigerants market. It is due to rising living standards and per capita income. Furthermore, the growing population and rising demand for packed food products will contribute to the growth of the market.
Competitors in the Market
Market Segmentation
The global refrigerants market segmentation focuses on Product, Application, and Region.
By Product Outlook
By Application Outlook
By Region
