Beverage Coolers Market to reach USD 8.55 billion by 2029,size,share,Industry Growth

Food and beverage coolers are devices or equipment that are used to keep food and beverages cold. To lower the rate of deterioration, beverage coolers are utilized. Beverage coolers rely on a thermally insulated compartment and heat pumps for their operation. The heat pumps moved heat from the interior environment to the external environment, lowering the inside temperature below that of the surrounding environment.

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Changing customer preferences, access to a wide choice of flavors, and increased consumer disposable income are some of the factors projected to boost demand for beverage coolers on a global scale. Millennials preferring beer and other sorts of alcohol, which is predicted to fuel the regional industry. Furthermore, the surge in millennial demand for carbonated beverages is likely to contribute considerably to market growth throughout the projection period. 

Data Bridge Market Research analyses that the beverage coolers market was valued at USD 6.06 billion in 2021 and is expected to reach USD 8.55 billion by 2029, registering a CAGR of 4.40% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Opportunities

Rise in Technological Advancement

The surging technological advancement will boost new market opportunities for the market's growth rate.

Moreover, rise in strategic collaborations and emerging new markets will act as market drivers and further boost beneficial opportunities for the market's growth rate.

Drivers

Rise in the Demand for Beverages

The market for beverage coolers grew originally as a result of increased beverage consumption. People are drinking beverages at home rather than at bars and other venues due to improved availability of refreshment drink kinds and increased health concern among consumers.

Some of the major players operating in the beverage coolers market are:

AB Electrolux (Sweden)

 VIKING RANGE, LLC (US)

Haier lnc. (China)

Perlick Corporation (US)

Danby (Canada)

Climadiff (France)

FRIGOGLASS (Greece)

Liebherr-International Deutschland GmbH (US)

mvpappliances (US)

Miele & Cie. KG (Germany)

Shenzhen SICAO Electric Appliances Co., Ltd (SICAO) (China)

North America dominates the beverage coolers market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing demand for refrigerated non-alcoholic and alcoholic beverages and high density of convenience stores in this region.

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