Beverage Cooler Market Size, Growth Insights, Top Countries Data, Industry Share and Future Forecast 2018 to 2028
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Increasing consumption of carbonated drinks and growing consumer preference for built-in products is driving the global beverage cooler market.
According to TechSci Research report, “Beverage Cooler Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”?Global beverage cooler market is driven by the improved quality of life rise in disposable income.. The market is also driven by rising demand for frozen and chilled food and beverages along with the change in lifestyle of consumers.
The rise in popularity of eating out at hotels and other establishments results from the growing number of working people. Owing to this, there are now rapidly increasing numbers of restaurants and fast-food outlets worldwide. The need for freezers and other refrigeration and cooling equipment has significantly expanded due to storing foods and beverages that require low temperatures.
Some ancillary aspects that are boosting the freezer & beverage and wine cooler market are the expanding food and beverage sector, developing food and beverage distribution and processing facilities, and expanding supermarkets and retail. The demand for beverage coolers has increased due to several technological improvements that provide benefits such as efficient energy usage, affordable cooling, better product display, and simple transportation.
People's growing health consciousness is driving the demand for healthy beverages in general. People of all ages are increasingly drinking fruit juice and low-calorie energy beverages. A primary reason driving the growth of the beverage cooler market is the demand for appropriate storage of health beverages. Demand for beverage coolers is increasing owing to the expanding beverage sector and food product advancements.
Around the world, more and more people are drinking mixed drinks. Global consumption of ready-to-drink beverages is expected to rise due to changing lifestyles, the impact of online media and the Internet, and growing social gatherings. Young individuals with significant informal community influence, higher family incomes, and other factors have easier access to mixed drinks. They are likely to drink more alcohol than they did in the past.
The high price of beverage coolers is expected to restrain the market's expansion. The adverse effects of the COVID-19 outbreak on the supply chain will serve as a market restraint and further impede the market expansion rate. Additionally, technical constraints and a lack of awareness would restrain the market expansion for beverage coolers.
Owing to the growing need for energy-efficient, large-capacity coolers in the beverage sector, the 200-500L segment dominated the market for beverage coolers. Secondary factors boosting the development of the 200-500L beverage cooler market include expanding food and beverage sectors, food and beverage distribution, processing facilities, and supermarkets and retail.
Beverage cooler demand is increasing, notably from merchants and grocery shops, because several technological developments in beverage cooler products offer benefits such as cost-effective cooling, efficient energy consumption, better product exposure, and straightforward portability.
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The Beverage Cooler Market is segmented based on type (floor standing, built-in/under the counter, and countertop), by product type (less than 200 liters, 201-500 liters, 501-1000 liters, and more than 1000 liters), by door (left-side door, right-side door, dual and dual door, sliding door, and others (reversible door, french door, etc.)), by end-use (retail, hotels, restaurant, PBCL (pubs, bars, clubs, and lounges), café, residential, entertainment industry, and others (cafeteria, cloud kitchens, etc.)), by distribution channel (distributor/dealer sales, direct sales, hypermarkets/supermarkets, online, and others (specialty stores, exclusive stores, etc.)).
Vendors are spending a lot of money on research and development to improve appliances' durability, shape, and features. Operational effectiveness, technological advancements, and performance optimization are all products of R&D activities. Vendors of beer refrigerators are investing in many areas, including technology, downtime, pull-down time, and shorter lead times, which will increase the product's efficiency and lifespan. One of the main factors driving the expansion of the market for beverage coolers is the rise in R&D for beverage coolers.
Key market players in the beverage cooler market include:
The British company Enviro-Cool (UK) Limited came up with the Rapidcool concept, and it received a USD 908,000 grant from the European Union to assist it in moving from an idea to a viable business. The result is a critical innovation that achieves energy productivity and rapid cooling times.
One of the top manufacturers, RapidCool, has created a beverage cooler that can cool drink cans and bottles from room temperature to 4°C in as little as 45 seconds. As a result, the cooler uses less energy than a traditional beverage cooler by over 80%.
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“The demand for small, effective, and portable beverage coolers has increased due to the trend of giving convenience stores, restaurants, and homes an attractive appearance. The beverage cooler market is expected to grow positively in terms of value over the forecast period owing to rising demand and the launch of innovative products by manufacturers.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Beverage Cooler Market,?By Product ((Laundry Cleaners, Floor Cleaners, General Cleaners, Toilet Cleaners, Glass Cleaners, Dishwashing & Kitchen Cleaners and Others (Metal Cleaner, Disinfectants & Sanitizers, etc.)), By End Use (Healthcare, Education, Hotels/Lodging, Offices/Property Management, and Others (Restaurants, Retail & Grocery, etc.)), By Distribution Channel (Distributor/Channel Sales, Direct/Institutional Sales, Online Retail, Cash & Carry Stores and Other Offline Retail Sales) By Region, Competition”,?has evaluated the future growth potential of beverage cooler?and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in beverage cooler globally.
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