Global Beverage Refrigeration Market will surpass 7.4 million units by 2024
One such example is of Frigel’s foray into the beverage refrigeration market with its highly-engineered refrigeration systems. Elaborating further, the company has engineered cooling system that performs precise beverage cooling with zero contaminants. This modular approach toward refrigeration includes application in maturation, syrup cooling, yeast cooling, fermentation, carbonation, cooling tunnels, and pasteurization. Frigel’s engineered refrigeration system with precise temperature control has significantly impacted the overall competitive landscape of beverage refrigeration market, which was valued at USD 3.6 billion in 2016.
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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.
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. These figures bear a rather vivid testimony to the fact that the beverage refrigeration industry is overt to witness massive proceeds with the increasing consumption of packaged drinks. Global Market Insights, Inc. claims the overall beverage refrigeration market share to surpass USD 4.5 billion by 2024.
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Taking into account the geographical aspects, North America beverage refrigeration market is likely to dominate the overall regional landscape, with U.S. at the forefront. The rise in beverage refrigeration market share in the region can be primarily credited to the increasing consumption of refreshment drinks. The fact that U.S. liquid refreshment beverage market marked a volume coverage of over 33 billion gallons in 2016, makes it quite overt that the regional refrigeration business will carve a profitable roadmap over the forthcoming years. Reportedly, North America beverage refrigeration industry size is anticipated to generate a valuation of USD 1 billion by 2024.
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.
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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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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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