Freezer And Beverage & Wine Coolers Market Report
Freezer and Beverage & Wine Coolers Market Size, Share, Dynamics, Trends, Forecast & Industry Analysis: 2022-2028
The Freezer and Beverage & Wine Coolers market is projected to grow from USD 1.67 billion in 2021 to USD 2.3 billion by 2028 at a CAGR of around 4.68% during the forecast period of 2022-2028.
Freezer and beverage & wine coolers are used to maintain the attributes and guarantee that the taste of beverages and wines doesn't change over time. Beverage freezers and coolers with ideal temperatures and humidity levels are being manufactured by the market players. Based on product, freezer and beverage & wine coolers can be categorized as ice-cream freezers, chest freezers, upright freezers, beverage coolers, and wine coolers.
The growth of the freezer and beverage & wine coolers market is primarily driven by the increasing consumption of healthy and nutritious drinks. Rising consumption of packaged beverages due to convenience and longer shelf life of the product is expected to drive the growth of the freezer and beverage & wine coolers at a significant rate during the review period. Additionally, the growing emphasis on the development of advanced freezers and coolers with innovative features is likely to create lucrative opportunities for the market players during the review period.
The outbreak of the COVID-19 virus has affected the growth of the food and beverages industry significantly. Stringent lockdown measures and restricted movement of people affected the production and product supply for a short period and thus, affected the market growth.
Key players operating in the Freezer and Beverage & Wine Coolers market are-
Here is the list of the group of customers that the freezer and beverage & wine coolers market hopes to have the greatest opportunity to convert-
By end-use, the freezer and beverage & wine coolers market have been bifurcated into commercial and residential. The commercial segment has been further sub-segmented into cold storage and warehouses, retail and specialty stores, food & beverage processing, hotels and restaurants, and others. Under these, the commercial segment accounted for the largest market share in 2021 and is projected to register significant growth during the review period.
By region, the market in North America accounted for the largest market share in 2021 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the high consumption rate of packaged beverages coupled with the presence of key market players such as General Electric Company (US). The market growth in the Asia-Pacific region is expected to be driven by increasing consumption of healthy and nutritious drinks in developing countries particularly China and India coupled with rising per capita disposable income of the consumers.
Figures & Tables
The market is segmented in the following ways:
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
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The freezer and beverage & wine coolers market is expected to witness an impressive growth of 4.68% CAGR in the coming years.
Electrolux AB (Sweden), Concepcion Industrial Corporation (Philippines), Frigoglass (Greece), General Electric Company (US), HOSHIZAKI CORPORATION (Japan), Midea Group (China), GEA RSA (Indonesia), Sanden Intercool Public Co.,LTD. (Thailand) and Sharp Corporation (Japan) are among the key players in the freezer and beverage & wine coolers market.
The freezer and beverage & wine coolers market size is expected to reach USD 2.3 billion in 2023.
The commercial segment is expected to register significant growth in the freezer and beverage & wine coolers market in the coming years.
North America accounted for the largest share in the freezer and beverage & wine coolers market in 2021.
Freezer and beverage & wine coolers distributors, Freezer and beverage & wine coolers suppliers, Freezer and beverage & wine coolers manufacturers, Logistics organizations, Government bodies are the target audience in the freezer and beverage & wine coolers market.