Although the commercial refrigeration equipment market as a whole will decline slightly, the strength of the food retail market after the onset of the pandemic will support continued growth in display case sales through 2024.
Sales of both normal temperature and low-temperature display cases will continue to be impacted by the R-22 refrigerant ban. While several users replaced their equipment in the years leading up the ban, there remains a significant amount of R-22-based equipment unreplaced because retailers either did not have the financial capital to do so, or postponed replacement to better gauge the alternative refrigerant system in which to invest.
Normal temperature display cases are expected to outperform low-temperature cases in a continuation of recent trends. Sustained consumer interest in fresh foods will continue to support equipment sales. However, opportunities for low-temperature cases will remain as food products stored in these cases have a longer shelf life than fresh foods. This is especially true in convenience stores and discount food retail stores, which tend to stock high-profit margin frozen foods for their customers.