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%.
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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.
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