North America Beverage Refrigeration Market is anticipated to surpass USD 1 billion by 2024. This can be credited to escalating consumption of refreshment drinks and technological improvements in refrigeration systems. In addition, government encouraging utilization of energy-efficient and eco-friendly technologies in refrigerators.
Beverage Refrigeration Market is estimated to exceed USD 4.5 billion by 2024. Escalating demand for refrigerators to store and serve drinks for social gathering and private events, is a key factor driving beverage refrigeration market growth. Ongoing technological advances to reduce the overall cooling time and consumer demand for distinctive features such as bottom freezer drawer and powerful filtered water will boost beverage refrigeration market.
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Increasing consumer preference for packaged drinks which are convenient to consume at home will support the product demand. According to recent statistics, the global consumption of packaged drinks was estimated more than 1.05 trillion liters in 2016 and Chinese consumption amounted to about 178.6 billion liters.
Manufacturers are anticipated to invest in new product development to comply with new energy standards implemented by the regulatory bodies. Further, increasing penetration of refrigerators that employ specific features such as modifiable shelves to accommodate bottles and cans will boost product sales.
Under counter beverage refrigerator was valued at over USD 1 billion in 2016. Product offering such as stainless-steel body or custom panel-ready fronts are stimulating the demand. In addition, better shelving and temperature control will support segment penetration over the forecast period.
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Rising demand to preserve milk in dairy shops will propel coolers demand over the projected timeframe. Diary companies are upgrading their existing capacities, and setting up cold storages along with the processing plant. This will generate the overall revenue over the forecast period.
Asia Pacific market holds over 20% of overall industry share in 2016. According to industry estimates, the region is anticipated to account for more than two-thirds of the global beverages consumption by 2020. The region accounts for 60% of the world population and increasing consumption will provide lucrative opportunities for manufacturers.
Global beverage refrigeration market is fragmented in nature. Key industry players are Electrolux, Daikin Industries, Avanti, Dover Corporation, KingsBottle, Whirlpool Corporation, Edgestar, Haier, Ford and General Electrics. Other Industry participants are Koolatron, Coca-Cola, Danfoss, Gamko, Liebherr, Marvel, Kegco, Danby, Johnson Controls, U-line, HABCO, Allavino, Kenmore, Marvel, United Technologies Corporation and Illinois Tool Works.
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