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Beverage Refrigeration Market Trend 2024 Global Players Electrolux, Whirlpool Corporation, GE, Haier, Johnson Controls, Dover Corporation

03-05-2020 07:30 PM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights

Beverage Refrigeration Market

Beverage Refrigeration Market

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%.

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.

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.

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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

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.

Under counter segment delivers an exclusive way to maintain drink storage by providing UV protected glass doors. These doors particularly protect wine & other drinks by improving their shelf life and right & left-side handles to match any kitchen design. These refrigerators can efficiently store beer, water, soda and wine. Increasing number of social gathering and private events are significantly supporting the product penetration.

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.

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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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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