Beverage Refrigeration Market is Projected to Witness Exponential Growth by 2024
Category: #business  By Rahul Varpe  Date: 2020-02-07
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Beverage Refrigeration Market is Projected to Witness Exponential Growth by 2024

Asia Pacific held more than 20% of overall beverage refrigeration market 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.

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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%.

Beverage Refrigeration Market, By Product

  1. Under counter beverage refrigerator
  2. Countertop beverage refrigerator
  3. Storage beverage refrigerator
  4. Milk coolers

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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.

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.

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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Some of the key beverage refrigeration market players include:

  1. General Electrics
  2. Ford
  3. Edgestar
  4. Haier
  5. Dover Corporation
  6. Daikin Industries
  7. Electrolux
  8. Whirlpool Corporation
  9. Illinois Tool Works
  10. United Technologies Corporation
  11. Johnson Controls
  12. Kenmore
  13. Allavino
  14. U-line
  15. Avanti
  16. Danby
  17. Kegco
  18. Liebherr
  19. Gamko
  20. Danfoss
  21. HABCO
  22. KingsBottle
  23. Koolatron
  24. Coca-cola

Related News: https://www.marketwatch.com/press-release/by-2024-construction-equipment-market-is-expected-to-record-170-billion-doller-revenue-2020-02-06

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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