Beverage Refrigeration Market Analysis

Beverage Refrigeration Market Analysis

Under counter beverage refrigerator provides a unique way to regulate drink storage by offering UV protected glass doors to protect wine & other drinks by extending its shelf life and right & left-side handles to match any kitchen layout. These refrigerators can effectively store wine, water, beer and soda. Rising social gathering and private events are supporting the product penetration.
 

Countertop beverage refrigeration market was valued at USD 1.39 billion in 2016 and is expected to surge with a rate of 5.1% by 2024. The refrigerators offer less messy and better space consumption options for users, thereby increasing the product demand among professional chefs and home makers. Distinctive features including bottom freezer drawer and powerful filtered water dispenser, significant technologies invented by General Electric will immensely bolster the market.
 

Fuelling necessity of high-quality preservation milk tankers in dairy shops will propel milk coolers demand over the forecast period. The coolers are manufactured through high quality raw material and state-of-the-art technology with pre-determined quality norms to prevent any possible defect that may damage the product inside. Growing demand of these coolers in school and college cafeterias will boost beverage refrigeration market.
 

Increasing trend of providing aesthetic outfit to restaurants, convenience stores and professional kitchens with a premium refrigerator is anticipated to bolster storage beverage refrigerator demand. Storage beverage refrigeration market was valued over USD 300 million in 2016 and is projected to surpass USD 400 million by 2024.
 

North America, led by the U.S. dominates the beverage refrigeration market and is anticipated to surpass USD 1.1 billion by 2024. Increasing consumer purchasing power along with rise in the capital investment post economic slowdown in the U.S. has propelled the foodservice industry and restaurants in recent years. Technical advancements in the product including usage of LED lighting systems, proximity sensors and increased adoption of bounded type cooling units, is projected to accelerate the demand of the U.S. market.
 

Asia Pacific is expected to observe significant growth of 6.1% over the forecast period. Growing retail and food business in the region had led to increasing demand for innovative equipment. Apart from western counterparts, Hydrofluorocarbons refrigeration regulations are not so stiff in emerging economies of Asia-Pacific.
 

In 2014 VI BRICS summits held in Brazil, all the five-member states settled over India’s proposal of not complying with the Montreal protocol for hydrofluorocarbons, unless other cost-effective substitute advancements are offered by the developed economies to them. Until then, the hydrofluorocarbons regulation would be regulated with prevailing Kyoto Protocol. However, the effort to decrease the dependency on hydrofluorocarbons is in process in China.