Beverage refrigeration market to witness rapid progressions in north america, global industry valuation to exceed USD 4.5 billion by 2024
Reportedly, in this fast-paced era, consumers are being more inclined toward packaged drinks, owing to its convenience and easy storage, which in turn has inflated the demand for beverage refrigeration market, at a global scale. In fact, statistics claim that the global consumption of packaged drinks was around 1.05 trillion liters in 2016 of which China consumed a major portion accounting for 178.6 billion liters.
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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.
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. 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.
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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.
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.
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