The global Beverage Cooler Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global beverage cooler market size is expected to reach USD 8.6 billion by 2028, registering a CAGR of 5.0% over the forecast period, according to a new report. Increasing demand for chilled drinks such as wine, beers, and health drinks, owing to the increasing disposable income of the people in countries such as India, China, and South Africa is driving the market.
Key Players:
- Haier Inc.
- AB Electrolux
- Avallon
- Danby
- The Middleby Corporation
- LG Electronics
- Perlick Corporation
- Shenzhen VRBON Electrical Appliance Co.
- Allavino
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Growth Drivers:
Continuous population growth, rapid urbanization, and increasing disposable income are among the significant factors, which are expected to positively influence the demand for beverage cooler globally. Rising popularity of alcoholic drinks in countries such as the U.S., The U.K., India, and Germany, especially among young consumers, is projected to further fuel the demand for chilled drinks, and thus, in turn, expand the market for these coolers.
Capacity Outlook:
- Up-to 500L
- 500L to 1000L
- 1000L and above
The up-to 500L segment occupied a dominant market share of 49.5% in 2020 and is projected to witness the highest CAGR over the forecast period. Rising popularity of alcoholic and nonalcoholic beverages in countries of Europe and Asia Pacific, especially among millennials, is projected to further fuel the demand for the segment for residential application in the next few years.
Application Outlook:
- Commercial
- Residential
The commercial application segment dominated the market and contributed to the highest revenue share of more than 69.0% in 2020 and is projected to register a substantial growth rate over the forecast period. Increasing consumption of cooled beverages around the world is propelling the demand for beverage cooler in the commercial segment. Moreover, rising product’s demand owing to the growing popularity for various types of beverages such as beer, wine, and nonalcoholic served at pubs, restaurants and bars among millennials is expected to drive the segment.
Regional Outlook:
In Asia Pacific, the market held a revenue share of 32.8% in 2020. Asia Pacific is home to over 4.0 billion people, making it one of the largest markets across the world. Increasing young population coupled with increasing disposable income in countries such as China and India is projected to drive the demand for chilled drinks thus driving the market for beverage coolers in the region. Furthermore, post COVID-19 pandemic, the region is anticipated to witness rising employment, inflating disposable incomes, and enhancing standards of living. These factors will result in high consumption of beverages in the region, creating a large opportunity for water dispenser manufacturers. Hence, the market is expected to experience rapid growth in Asia Pacific.
North America dominated the beverage cooler market and accounted for a significant market share of 29.0% in 2020, with the U.S. occupying a dominant revenue contributor position across the region. High demand for refrigerated non-alcoholic and alcoholic beverages along with a high density of convenience stores are the major factors driving the demand for beverage cooler in the region.
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