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Beverage Refrigeration Market 2019 Growth Overview and Insights Report to 2024

Author : Rahul Varpe | Published Date : 2019-09-30 

The Beverage Refrigeration Market study put together by Global Market Insights delivers a concise outlook of the powerful trends driving market growth. This report also includes valuable information pertaining to market share, market size, revenue forecasts, regional landscape and SWOT analysis of the industry. The report further elucidates the competitive backdrop of key players in the market as well as their product portfolio and business strategies.

Asia Pacific Beverage Refrigeration Market 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.

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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.

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%.

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.

Beverage Refrigeration Market, By Product

  1. Under counter beverage refrigerator
  2. Countertop beverage refrigerator
  3. Storage beverage refrigerator
  4. Milk coolers

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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.

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 market.

Some of the key players in global beverage refrigeration market 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 Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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