Retail Coolers Market Growth Statistics, Regional Analysis, Top Players, Size, And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Retail Coolers Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The retail coolers market size has grown rapidly in recent years. It will grow from $2.20 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to rising preference for alcoholic beverages, growing number of hypermarkets, growing popularity of e-commerce, rising use of smartphones, and rising trend of fishing.

The retail coolers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to increasing demand for outdoor coolers, increase in outdoor recreational activities, increasing demand for energy-efficient coolers, increase in number of convenience stores, and increasing demand for frozen foods. Major trends in the forecast period include technological advancements, developing new biodegradable compostable packaging material, development of lightweight compact coolers, improving manufacturing technologies, and developing cold-chain packaging technologies.

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Market Drivers and Trends:

The rising preference for alcoholic beverages is expected to propel the growth of the retail cooler market going forward. Alcoholic beverages are drinks that contain ethanol, commonly known as alcohol that are typically consumed for their psychoactive effects, which can range from mild relaxation and sociability to intoxication and impaired judgment. The rising combination of cultural acceptance, social traditions, and marketing efforts associate alcohol with relaxation, celebration, and socializing. Retail coolers increase the accessibility and convenience of alcoholic products, making them more readily available to consumers. Retail coolers are essential for maintaining the quality, appeal, and regulatory compliance of alcoholic beverages, ultimately contributing to increased sales and customer satisfaction. For instance, in April 2023, according to Beverage Daily, a UK-based association, the craft beer category was projected to have a retail dollar value of $28.46 billion in 2022, signifying a 6% increase in 2021 and a 24.6% market share. Therefore, the rising preference for alcoholic beverages drives the retail cooler market.

Major companies operating in the retail cooler market are focusing on developing in-store video screens to enhance customer engagement, provide dynamic promotional content, and offer a more interactive shopping experience. This technology involves embedding digital displays within cooler doors, transforming traditional refrigeration units into dynamic, interactive advertising platforms that can engage customers directly at the point of sale. For instance, in January 2023, Cooler Screens, a US-based retail technology company, announced an expansion of its in-store video screen offerings. This enhancement allows retailers to display targeted advertisements, promotions, and product information directly on cooler doors, increasing customer engagement and potentially boosting sales. These screens offer features such as real-time content updates and the ability to track customer interactions, providing valuable data for improving marketing strategies.

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Major Key Players of the Market:

Carrier Global Corporation, Stanley Black & Decker Inc., Newell Brands Inc., Dometic Group AB, Hussmann Corporation, Beverage-Air, YETI Holdings Inc., Epta Group, Rubbermaid Commercial Products, Hillphoenix, Imbera, The Coleman Company Inc., Pelican Products Inc., True Manufacturing Co. Inc., Delfield, AHT Cooling Systems, DeWalt, Master-Bilt, Kysor Warren, Zero Zone, NorLake Inc., Koolatron Corporation, Grizzly Coolers LLC, Turbo Air Inc., Plastilite Corporation, Huntington Solutions, Igloo Products Corp., Bison Coolers, Polar Bear Coolers

Retail Coolers Market 2024 Key Insights:

• The retail coolers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Rising Preference For Alcoholic Beverages Fuels Growth Of The Retail Cooler Market
• In-Store Video Screens Revolutionize Retail Cooler Market With Enhanced Customer Engagement And Dynamic Advertising
• North America was the largest region in the retail coolers market in 2023

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