Customers, especially millennials, are more wellbeing cognizant, and they’re willing to attempt new, better options in contrast to customary sodas. As sales of beverages surge across the world, the need to store and display them efficiently also needs to be taken into consideration. Freestanding coolers do the job efficiently, and are widely used across businesses. Over the next ten years, the commercial sector will demand 3 out of every 4 freezers and coolers on offer, with sales high across North America, Europe, and Asia Pacific.
Persistence Market Research, in its latest study, has forecast the beverage freezer and cooler market to rise at a steady CAGR of around 5% between through 2030.
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Key Takeaways from Beverage Freezer and Cooler Market Study
- Freestanding freezers and coolers hold the maximum share of more than 50% in the global market, as these are ideal in terms of design and bigger storage area.
- In case of end use, the commercial sector holds around 75% market share, and is expected to register prominent growth, due to rising consumer preference to eat outside and a tourism industry that is expected to flourish.
- Companies in the market are planning to increase their online penetration after observing a change in consumer buying patterns, especially after the outbreak of COVID-19.
- On the basis of regional analysis, Europe and North America together hold a significant market share of more than 40%, as people prefer buying high capacity freezers and coolers to other substitutes available in the market.
- China and South Korea together will hold more than 75% of the market share in East Asia.
- The U.S. accounts for over 85% share of the North American market.
- Germany leads the way in Europe, with a market share close to 20%
- The global beverage freezer and cooler market saw declining sales in 2020 as a result of the COVID-19 pandemic, expanding sluggishly at 2%. However, 2021 is predicted to be much better, with the market back to its average growth rate of 4.5%.
“Prevailing demand for energy-efficient and dynamic aesthetic electronic appliances is increasing demand for beverage freezers and coolers across regions. Manufacturers promoting their products should consider R&D for improvements in shape, capacity, down-time, and pull-down time, as such improvements will boost the adoption of beverage freezers and coolers,” says an analyst at Persistence Market Research.
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Impact of COVID-19 and 2020 Market Analysis
The outbreak of coronavirus caused a significant impact on the market. As developed regions have now entered into a reviving phase, the virus continues to penetrate in middle-income and low-income regions. Various restrictions imposed by regional authorities to curb the spread of the virus have impacted consumption of beverages outdoors, affecting the sales of freezers and coolers.
Besides this, the outbreak also impacted the demand and supply side. In the current pandemic situation, people are more concerned about their immunity and focusing on their health to fight against the virus. With people more into health- and nutrition-based drinks, demand for beverage freezers and coolers will see some sort of jump over the coming months.
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What is the Competition Like?
Persistence Market Research’s report underlines ground breaking insights into the competitive scenario of the beverage freezer and cooler market, along with highlights of differential strategies used by manufacturers. Some prominent players in the global beverage freezer and cooler market include Haier Inc., AB Electrolux, Concepcion Industrial Corporation, General Electric Corporation, PT. Royal Sutan Agung, Sanden Intercool, Frigoglass S.A.I.C., Hoshizaki Singapore Pte Ltd., Midea Group, Sharp Electronics Co. Ltd., DNA Investment Joint Stock Corporation, Samemax Refrigeration Sdn Bhd., The Cool Company, Whirlpool Corporation, Blue Star Limited, KingsBottle USA, Magic Chef Appliance, Living Direct Inc., LG Electronics Inc., NewAir, Frigidaire Consolidated Limited, Allavino, Climadiff, Hoshizaki Corporation, Uline Company, and Siemens AG among others.
Companies are aggressively focusing on competing on the basis of features, and are launching distinguished products that will provide them a competitive advantage in this highly competitive market space.
Get Valuable Insights into Beverage Freezer and Cooler Market Study
Persistence Market Research released a new market research on the beverage freezer and cooler market, covering global industry analysis of 2015-2019 and forecasts for 2020–2030. The study divulges compelling insights on the beverage freezer and cooler market based on installation (freestanding, countertop, and built-in), bottle capacity (less than 10, 1– to 30, 31 to 50, 51 to 300, and 301 and above), door type (4 doors and above type, 3 door type, 2 door type, and 1 door type), and end use (residential and commercial), across seven major regions of the world.
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