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Asia Pacific Beverage Refrigeration Market to register a CAGR of 6.1% by 2024

Author : Rahul Varpe | Published Date : 2019-11-05 

North America beverage refrigeration market is likely to dominate the overall regional landscape, with U.S. at the forefront. The rise in beverage refrigeration industry share in the region can be primarily credited to the increasing consumption of refreshment drinks. The fact that U.S. liquid refreshment beverage market marked a volume coverage of over 33 billion gallons in 2016, makes it quite overt that the regional refrigeration business will carve a profitable roadmap over the forthcoming years. Reportedly, North America beverage refrigeration industry size is anticipated to generate a valuation of USD 1 billion by 2024.

The intelligent process cooling technique has led to a paradigm shift in beverage refrigeration market by bringing in significant operational efficacies. Realizing the substantial role cooling place in the overall beverage sector, manufacturing companies have brought forth a slew of innovative engineering concepts, generating a substantial momentum in the product spectrum of beverage refrigeration industry. One such example is of Frigel’s foray into the beverage refrigeration market with its highly-engineered refrigeration systems.

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Asia Pacific is major growth avenue for beverage refrigeration market, driven by the growing retail & food business in the region. Accounting for more than 60% of the world population, APAC is estimated to procure more than two-third of the global beverages consumption by 2020 – a factor profoundly driving the regional industry expansion. Statistics claim APAC beverage refrigeration market to register a CAGR of 6.1% over 2017-2024.

As per the estimates, countertop beverage refrigeration market is estimated to witness a CAGR of 5.1% over 2017-2024, having generated revenue over USD 1.39 billion in 2016. The under counter beverage refrigerators on the other hand have also witnessed huge popularity, owing to their UV protected glass doors. This feature of under counter beverage refrigerator helps in extending product’s shelf life with minimum contamination and is thus widely used in storing beer, wine, water, juices, soda, and other drinks. Moreover, the product’s better shelving & temperature control features will further support its expansion in beverage refrigeration industry, having accounted over USD 1 billion in 2016.

Elaborating further, the company has engineered cooling system that performs precise beverage cooling with zero contaminants. This modular approach toward refrigeration includes application in maturation, syrup cooling, yeast cooling, fermentation, carbonation, cooling tunnels, and pasteurization. Frigel’s engineered refrigeration system with precise temperature control has significantly impacted the overall competitive landscape of beverage refrigeration market, which was valued at USD 3.6 billion in 2016.

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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Considering the rising demand for beverages, many manufacturing companies are offering a variety of products ranging from countertop beverage refrigerator, under counter beverage refrigerator, storage beverage refrigerator and milk coolers. The countertop beverage refrigerator is witnessing heavy demand especially amongst home makers & professional chefs, subject to its spacious design, bottom freezer drawer, and powerful filtered water dispenser features.

Speaking of the competitive hierarchy, some of the renowned names in this industry include Whirlpool Corporation, Coca-Cola, General Electrics, KingsBottle, Kenmore, Daikin Industries, and Electrolux. The strategic landscape of this nascent yet fragmented business space will be strongly characterized by the entry of new players and heavy investments in M&As and product innovations. In terms of volume, beverage refrigeration market is projected to surpass 7.4 million units by 2024.

Related News: https://issuu.com/vinayak.shinde/docs/aluminum_welding_market

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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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