The Global Beverage Coolers Market is expected to grow at a CAGR 0f 4.9% during the forecasting period (2022-2029).
A beverage refrigerator, also recognized as a beverage cooler, is comparatively smaller than a traditional refrigerator. Due to the smaller size, the refrigerator uses less energy, which can save the electrical bill. It is usually designed clearly for holding cans and bottles. Beverage refrigerators are more stylized, often including stainless steel details and a glass door to display drinks. Unlike regular refrigerators, most beverage coolers have adjustable chrome metal shelves or glass shelves with holes for improved circulation of cold air.
Increasing intake of healthy beverages has driven beverage freezing and cooling machine sales globally—lifestyle changes, including the increased consumption of frozen and chilled food. The rising number of working people are eating at lodgings and different cafes and restaurants, increasing demand for ready-to-drink beverages and distinct food products globally.
Increasing Beverage Demand
Increased beverage consumption initially contributed to the growth of the beverage coolers market. Improved availability of refreshment drink varieties and the rising health consciousness amongst consumers are alluring people to consume drinks at home, other than pubs and other outlets. Furthermore, consumers invest significantly in specialized appliances that include milk coolers to maintain the quality and flavour of specific beverages for an extended period.
Increasing government initiatives on green technology
Global warming can be considered one of the major challenges faced by the market players operating in the refrigeration and air conditioning industry. Moreover, the increasing government regulations and eco-friendly refrigerant substitutes required by the EPA support the companies' product demand by abiding by these norms. Green environment regulations about refrigerators' raw material and manufacturing processes worldwide will further enhance beverage cooler market size. This is due to consumer craving for environmentally friendly products.
COVID-19 Impact Analysis
The COVID-19 pandemic has hampered the growth of the beverage coolers market in 2020. With the implementation of lockdown with the closure of shops, supermarkets, grocery stores, beverage coolers' sales declined modestly in 2020. Moreover, maintaining good health has further derailed the adoption rate of beverage coolers across the globe. However, with the cease of lockdown and normalcy in the retail channel, beverage coolers' sales are expected to increase in 2021 and subsequent years.
Based on the end-use, the beverage coolers market has been classified into residential and commercial.
Commercial application to hold the largest market size of beverage coolers market during the forecast period
Beverage coolers for commercial end-use are estimated to hold a major share in the global market. Many players target developing eco-friendly commercial coolers as the government imposes stringent rules and regulations on the refrigeration and air conditioning industry. Moreover, increasing demand for cold non-alcoholic beverages across the globe is estimated to fuel the beverage coolers market's growth. Additionally, an increase in the number of alcoholic vendors worldwide has increased the demand for new beverage coolers and boosted the global market.
Based on the capacity, the beverage coolers market has been classified into 200L, 200-500L, 500-1000L, and more than 1000. 200-500L.
200-500L is dominating in the beverage coolers market
In 2019, the 200-500L segment dominated the beverage coolers market owing to the increasing requirement of energy-efficient and large capacity coolers in the beverage industry. The growing food & beverage sector, along with the increasing distribution and processing facilities of the food and beverage sector and growth in supermarkets and retail, are secondary factors driving the development of the 200-500L beverage coolers market. Various technological advancements in beverage cooler products offer advantages, such as cost-effective cooling, efficient energy consumption, better product visibility, and easy portability, boosting the demand for beverage coolers, especially from retailers and grocery stores.
Based on geography, the study analyzes the beverage coolers market globally, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America leads the global market throughout the forecast period.
North America dominates the beverage coolers market. The rising demand for frozen food and technological innovations are driving the beverage cooler market in North America. The Asia Pacific is expected to experience tremendous growth over the forecast period, with the growing food and beverage sector and less stringent government regulations. The R&D efforts of European companies for the development of technologically advanced beverage coolers and the government support to develop green technology are expected to be primary driving factors making Europe a leader in this market.
The beverage coolers market is highly competitive, owing to the presence of ample food brands. The key beverage coolers players which are contributing to the growth of the global market include Danby Appliances Inc., Electrolux AB, Haier Group Corporation, LG Electronics Inc., Whirlpool Corporation, AGA marvel, Godrej, Robert Bosch GmbH, Samsung Group, Zhongshan Candor Electric Appliances Co., Ltd., Shanghai Huabing Mechanical & Electric Equipment Co., Ltd., Shandong Yousai Commercial Kitchenware Co., Ltd., Ningbo Changer Electron Co., Ltd. and Hangzhou Meisda Electric Appliance Co., Ltd., among others. The major players are adopting new product launch and expansion strategies for global growth in the beverage coolers market.
Whirlpool Corporation Overview:
Whirlpool Corp. is engaged in the manufacturing and marketing of home appliances. The company's product portfolio includes home refrigerators and freezers, home dishwashers, home laundry appliances, home cooking appliances, room air-conditioning equipment, and portable and mixed household appliances. Its brands include KitchenAid, Whirlpool, Maytag, Consul, Bauknecht, JennAir, Brastemp, Amana, and Indesit. The company operates its business across the following segments: North America; Europe, Middle East & Africa; Latin America; and Asia.
Product Portfolio: The company's portfolio comprises Whirlpool beverage coolers that offer dual climate control to regulate drinks' storage.
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