Beverage Refrigeration Market Demand Analysis to 2024 by Regional Manufacturers - Whirlpool Corporation, Electrolux, Haier, Johnson Controls, Liebherr Group, Dover Corporation
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.
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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%.
Beverage Refrigeration Market, By Product:
1. Under counter beverage refrigerator
2. Countertop beverage refrigerator
3. Storage beverage refrigerator
4. Milk coolers
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.
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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.
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.
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.
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
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