Beverage Refrigeration Market Size

Beverage Refrigeration Market Size

Global Beverage Refrigeration Market size was valued over USD 3.6 billion in 2016 and will surpass 7.4 million units by 2024.

Increased beverage consumption is the preliminary driver contributing in beverage refrigeration market growth. Improved availability of refreshment drink varieties coupled with rising health consciousness amongst consumers are enticing people to consume drinks at their home rather than in pubs and other outlets. Further, consumers are investing heavily on specialized appliances that includes milk coolers to retain the quality and flavour of specific beverage for an extended period.
 

Increasing government regulations, for instance new energy standards implemented by the U.S. Department of Energy (DOE) and better eco- friendly refrigerant substitutes required by EPA supports product demand of the companies complying with these norms. Green environment regulations pertaining to raw material and manufacturing processes of refrigerators across the globe will further enhance beverage refrigeration market size. This is due to consumer craving for environmental friendly products.
 

Improved aesthetic appearance coupled with prevention from corrosion are the vital features supporting product adoption in consumer goods industry. Global premium consumer goods including refrigerators were valued at USD 350 billion in 2016, depicting a CAGR of 12% by 2024. Strong application scope in consumer goods industry will propel beverage refrigeration market owing to the demand for high quality cooling systems.
 

Reduction in overall cooling time along with ease of equipment handling are certain factors boosting industry size. Additionally, increased alcoholic drinks demand among millennial and female population will foster the beverage refrigeration market. Shifting consumer preference for craft beer will result in increased requirement for beer refrigerators with adjustable shelves to accommodate various size bottles and cans.
 

High penetration rate of hypermarkets and supermarkets in the global consumer goods industry, projecting widespread equipment convenience will substantially drive beverage refrigeration market. Global food industry is projected to reach USD 9.5 trillion by 2024, rising at more than 3.4%. Increasing consumption of meat and poultry products will need specialized cooling systems, this in turn is expected to support the product penetration. However, majority of global production are satisfying local demand along with heavy competition from less expensive imported goods from China and Mexico, this can restrain the global market over the forecast timeframe.