Pune, May 18, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global market research firm, has published a competitive intelligence market research report on “Beverage Cooler Market“. The Beverage Cooler market size was valued at USD 2.65 Bn in 2022. The total Beverage Cooler Market revenue is expected to grow at a CAGR of 10.22 percent from 2023 to 2029, reaching USD 5.24 Bn during the forecast period.
| Market Size in 2021 | USD 2.65 Bn |
| Market Size in 2029 | USD 5.24 Bn |
| CAGR | 10.22 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 265 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | Product Type, End-use, Capacity, Distribution Channel, Energy Efficiency, Temperature Zones, Technology, Door swing |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Beverage Cooler Market Scope and Research Methodology
The report on the Beverage Cooler market has been developed using a robust research methodology that provides valuable insights into key market trends, growth drivers, challenges, and opportunities. To ensure accuracy and reliability, both primary and secondary research methods have been used. Primary research involved the collection of data directly from the market through surveys, interviews, and observations. This approach provided first-hand information about the market, enabling a deeper understanding of customer behavior and preferences, market trends, and other critical aspects of the industry.
Secondary research, on the other hand, involved the collection of data from published sources such as industry reports, company websites, and news articles. This type of research provided a broad overview of the market and enabled the gathering of information about industry trends, market size, and key players. Using both primary and secondary research methods, the report offers a comprehensive analysis of the competitive landscape, highlighting the key players and their strategies, as well as their strengths and weaknesses. It is a valuable resource for industry participants, investors, analysts, and other stakeholders seeking to understand the current state and future prospects of the Beverage Cooler industry.
Beverage Cooler Market Overview
The beverage cooler market is a segment of the larger refrigeration industry that focuses specifically on cooling and storing beverages. Beverage coolers are designed to maintain the temperature of beverages, keeping them cool and refreshing for extended periods. The increasing popularity of chilled beverages, including soft drinks, energy drinks, alcoholic beverages, and bottled water, is driving the demand for beverage coolers. Consumers prefer their beverages to be chilled, especially during hot weather or social gatherings.
Growing Number of Retail Stores Driving Beverage Cooler Market Growth
The beverage cooler market is experiencing significant growth due to the increasing number of retail stores globally. As the majority of beverage purchases occur in retail stores, the demand for beverage coolers has surged. In 2021, the global retail industry witnessed a substantial rise in the number of retail stores, reaching approximately 1.6 million worldwide. This growth can be attributed to various factors such as urbanization, population growth, and changing consumer preferences. As retail stores cater to the diverse needs of consumers, they require an adequate supply of beverage coolers to meet the rising demand for chilled beverages. Consumers increasingly prefer chilled beverages, ranging from soft drinks and juices to energy drinks and bottled water. As a result, retail stores must offer a wide selection of cold beverages to meet consumer expectations. Beverage coolers play a crucial role in maintaining the desired temperature of these drinks, ensuring they remain refreshing and enjoyable for customers.
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North America region is expected to fuel the Beverage Cooler Market growth
The Beverage Cooler Market is witnessing significant growth, and the North America region is anticipated to play a crucial role in propelling the market growth. With its thriving retail industry, evolving consumer preferences, and increasing demand for chilled beverages, North America has become a dominant force driving the growth of the beverage cooler market. This article explores the factors that position North America as a primary catalyst for market growth. North America boasts a robust retail infrastructure, comprising supermarkets, convenience stores, cafes, restaurants, and more. This well-established network of retail outlets forms the backbone of the beverage industry, serving as the primary point of purchase for consumers. To meet the rising demand for chilled beverages, retailers in North America are investing in beverage coolers to provide customers with convenient access to refreshing drinks. The continuous growth and expansion of the retail sector in the region contribute significantly to the overall market growth.
Beverage Cooler Market Segmentation
Based on Product Type, the Free standing beverage coolers segment to dominate the Beverage Cooler Market over the forecast period
Free-standing beverage coolers have emerged as the dominant segment within the beverage cooler market. These standalone units offer flexibility in terms of placement, making them ideal for both residential and commercial settings. Free-standing coolers come in various sizes, ranging from compact models suitable for personal use to larger units designed for commercial establishments. They provide ample storage space and can accommodate various types of beverages, including bottles, cans, and even kegs. The versatility and portability of free-standing coolers make them a preferred choice for consumers who value convenience and adaptability.
Based on End Users, Residential segment to dominate the Beverage Cooler Market over the forecast period
The residential segment represents a substantial portion of the Beverage Cooler Market. Beverage coolers designed for home use offer consumers the convenience of having their favorite drinks readily available, chilled, and organized. These coolers are available in various sizes, designs, and capacities to suit different residential spaces and consumer preferences. They are commonly found in kitchens, entertainment areas, home bars, and outdoor living spaces. The residential segment is driven by factors such as the growing popularity of home entertainment, the desire for personalized convenience, and the increasing trend of creating dedicated beverage storage areas within homes.
Based on distribution channel, the Offline segment to dominate the Beverage Cooler Market over the forecast period
Offline distribution channels play a vital role in the Beverage Cooler Market, providing consumers with the opportunity to physically explore and purchase beverage coolers from various retail outlets. The segment includes retail stores, supermarkets, and specialty stores. Retail stores, ranging from appliance stores to home improvement centers, offer a wide selection of beverage coolers to cater to diverse consumer preferences. Supermarkets provide convenience by incorporating beverage coolers within their store layouts, making it easy for customers to choose and purchase cooling solutions along with their beverage purchases. Specialty stores focus specifically on home appliances and offer a specialized selection of beverage coolers. The dominance of offline distribution channels is attributed to factors such as the ability to see and touch products, immediate gratification through instant purchase, and personalized assistance from knowledgeable sales staff.
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Based on capacity, the below 100 liters segment is to dominate the Beverage Cooler Market over the forecast period
By beverage capacity, the below 100 liters segment dominated market growth. Beverage coolers with a capacity below 100 liters are popular among residential users, small offices, and compact commercial spaces. These coolers offer convenient storage for a limited quantity of beverages, making them suitable for individual or small-group use. The compact size and portability of below 100-liter capacity coolers make them ideal for homes, dormitories, and small cafes. These coolers are often designed with space-saving features to fit seamlessly into limited space
Based on energy efficiency, energy-efficient coolers segment to dominate the Beverage Cooler Market over the forecast period
The segment of energy-efficient beverage coolers is witnessing significant growth due to the rising preference for environmentally friendly appliances. These coolers are designed to consume less electricity while delivering efficient cooling, resulting in reduced energy bills and minimized carbon footprint. Energy-efficient beverage coolers are equipped with advanced technologies such as LED lighting, enhanced insulation, and intelligent temperature control systems. These features contribute to energy conservation by reducing power consumption and ensuring optimal cooling performance. Consumers, both residential and commercial, are increasingly recognizing the long-term benefits of energy-efficient coolers, making them the dominant segment in the market.
Based on temperature zones, single zone beverage coolers segment to dominate the Beverage Cooler Market over the forecast period
By temperature zones, single zone beverage coolers dominated market in 2022. Single zone beverage coolers are designed to maintain a uniform temperature throughout the entire cooling compartment. They provide a consistent cooling environment ideal for storing a single type of beverage or a variety of beverages that require the same temperature. These coolers are commonly used in residential settings and small-scale commercial establishments where precise temperature control is not a priority. While single zone coolers are popular, their dominance is challenged by the increasing demand for multi-zone options that offer more flexibility.
Based on technology, compressor-based beverage coolers segment to dominate the Beverage Cooler Market over the forecast period
By technology, Compressor-based beverage coolers represent the dominant segment in the market. These coolers utilize a compressor and a refrigerant to cool the beverages. They are known for their powerful cooling capacity and ability to maintain a consistent temperature throughout the cooling compartment. Compressor-based coolers are widely used in both residential and commercial settings due to their efficient cooling performance, wide temperature range, and high reliability. They are particularly suitable for storing large quantities of beverages and are capable of rapid temperature recovery after door openings. Additionally, compressor-based coolers often offer advanced features such as adjustable shelves, digital temperature controls, and defrost functions.
Based on door swing French door segment to dominate the Beverage Cooler Market over the forecast period
By door swing, French door beverage coolers have emerged as one of the dominant segments in the market. These coolers feature double doors that open in the center, resembling traditional French doors. The elegant and sophisticated design of French door coolers appeals to consumers seeking a visually pleasing appliance for their homes or establishments. Moreover, the spacious interior and wide opening provide easy access to a generous storage capacity, making them suitable for larger residential or commercial settings.
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By Product Type
- Free Standing
- Built-in
- Countertop
By End User
- Residential
- Commercial (Restaurant, bars, café)
By Capacity
- below 100l
- 100-200l
- 300-400l
- Above 400l
By Distribution Channel
- Online
- Offline
By Energy Efficiency
- Energy efficient
- Non-energy efficient
By Temperature Zone
- Single zone
• Dual zone
• Triple zone
• Multi zone
By Technology
- Compressor based
- Thermo-electric based
- Absorption based
By Pricing
- High Priced
- Medium Priced
- Low Priced
By Door Swing
- French door
- Left side door
- Reversible door
- Right side door
- Side by side door
Beverage Cooler Market Key Players Include:
- Haier Inc. (China)
- AB Electrolux (Sweden)
- LG Electronics Inc. (South Korea)
- Whirlpool Corporation (US)
- Samsung Electronics Co., Ltd. (South Korea)
- The Middleby Corporation (US)
- Danby Products Ltd. (Canada)
- Panasonic Corporation (Japan)
- Avanti Products (US)
- Liebherr Group (Germany)
- Godrej Group (India)
- NewAir (US)
- ARB 4X4 Accessories (Australia)
- Kegco (US)
- Hoshizaki Electric Co., Ltd. (Japan)
- AGA Marvel (US)
- True Manufacturing Co., Inc. (US)
- Electrolux Professional (Italy)
- Beverage-Air Corporation (US)
- General Electric Company (US)
- Hussmann Corporation (US)
- Midea Group (China)
- Manitowoc Company, Inc. (US)
- U-Line Corporation (US)
- Sub-Zero Group, Inc. (US)
Key questions answered in the Beverage Cooler Market are:
- What is Beverage Coolers?
- What was the Beverage Cooler market size in 2021?
- What is the expected Beverage Cooler market size by 2029?
- What is the growth rate of the Beverage Cooler Market?
- Which are the factors expected to drive the Beverage Cooler market growth?
- Which factors are expected to restrain the Beverage Cooler market growth?
- Which segment dominated the Beverage Cooler market growth?
- What is the demand pattern for the Beverage Cooler market?
- Which region held the largest share in the Beverage Cooler market?
- Who are the key players in the Beverage Cooler market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Product Type, End User, region
- Market Segmentation – A detailed analysis by Product Type, End-use, Capacity, Distribution Channel, Energy Efficiency, Temperature Zones, Technology, Door swing
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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