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Beverage Refrigeration Market to 2024 - Emerging Trend and Competitive Insights

Author : Ronak Bora | Published Date : 2020-09-18 

North America, led by the U.S. dominates global beverage refrigeration market and is expected to exceed USD 1.1 billion by 2024. Increasing consumer purchasing power coupled with growing capital investment after economic slowdown in the country has boosted the foodservice and restaurant industry in past years. Technical developments in the product including usage of LED lighting systems, improved sensors and augmented demand of bounded type cooling components, is anticipated to stimulate the product demand.

Rising consumption of alcoholic products will require specialized cooling systems, thus in turn is anticipated to support the product penetration. In addition, increasing local consumption will significantly support global production. However, high competition from low priced imported goods from China and Mexico will restrain the global beverage refrigeration market over the forecast period.

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Rising beverage consumption is a major driver for the beverage refrigeration market growth. High availability of nourishment drink varieties along with increasing health consciousness is expected to attract consumers to consume drinks at their home rather than in outer outlets. In additional, consumers are heavily investing on specific appliances including milk coolers to hold the quality and flavor of definite drinks for an extended period.

High penetration of hypermarkets and supermarkets globally in consumer goods industry leading to extensive equipment convenience will significantly drive beverage refrigeration market. Global food industry is expected to surpass USD 9.5 trillion by 2024, growing at a rate of 3.4%.

Under counter segment delivers an exclusive way to maintain drink storage by providing UV protected glass doors. These doors particularly protect wine & other drinks by improving their shelf life and right & left-side handles to match any kitchen design. These refrigerators can efficiently store beer, water, soda and wine. Increasing number of social gathering and private events are significantly supporting the product penetration.

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Countertop beverage refrigeration market was valued over USD 1.39 billion in 2016 and is projected to witness growth over 5.1% up to 2024. Superior features including improved space consumption and lesser messy applications propel product demand among professional chefs and home makers.

Further, other features including powerful filtered water dispenser and substantial technologies particularly invented by General Electric will enormously boost beverage refrigeration market.

Asia Pacific held more than 20% of overall industry share in 2016. As per the industry estimates, the region is projected to account over two-third of the global beverages consumption by 2020. The region also accounts for 60% of the world population and increasing consumption will provide profitable opportunities for several manufacturers.

Global beverage refrigeration market share is slightly fragmented due to large presence of industry players across the globe. Majority of the key players are involved in new product launches, technological improvement, mergers & acquisitions to enhance their profitability and geographical presence.

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Some of the key beverage refrigeration market players include: General Electrics, Ford, Edgestar, Haier, Dover Corporation, Daikin Industries, Electrolux and Whirlpool Corporation. Other prominent players are Illinois Tool Works, United Technologies Corporation, Johnson Controls, Marvel, Kenmore, Allavino, U-line, Avanti, Danby, Marvel, Kegco, Liebherr, Gamko, Danfoss, HABCO, KingsBottle, Koolatron and Coca-cola.



About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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