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Beverage Refrigeration Market 2019 Analysis by Latest Trends & Growth Factors to 2024

Author : Rahul Varpe | Published Date : 2019-12-04 

Global Market Insights has recently added a report on Beverage Refrigeration Market which offers a comprehensive synopsis of revolving market valuation, market size, SWOT analysis, revenue estimation and geographical spectrum of the market. The report further elucidates primary business obstacles and growth prospects within the forecasted timeline, while examining the current competitive sphere involving key players of the Beverage Refrigeration Industry.

Asia Pacific is yet another major growth avenue, 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.

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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 market size is anticipated to generate a valuation of USD 1 billion by 2024.

Speaking of the competitive hierarchy, some of the renowned names in beverage refrigeration market includes:

  1. Whirlpool Corporation
  2. Electrolux
  3. Daikin Industries
  4. Dover Corporation
  5. Haier
  6. Ford
  7. General Electrics
  8. Coca-cola
  9. Danfoss
  10. Gamko
  11. Liebherr
  12. Johnson Controls

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.

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.

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Beverage Refrigeration Market, By Product:

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

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 market, having accounted over USD 1 billion in 2016.

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.

Related News: https://www.globenewswire.com/news-release/2017/09/25/1132066/0/en/Beverage-Refrigeration-Market-worth-4-5bn-by-2024-Global-Market-Insights-Inc.html

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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