Steady growth is predicted for the global beverage refrigeration market, says Persistence Market Research. This should be welcome news for any UK companies involved in that sector.
According to the research firm’s ‘Beverage Refrigeration Equipment Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025)’ report, this market will rise by a 3.9% CAGR until 2025.
This would mean the market reaches a massive value of over US$5.5bn (£4bn) by the end that period. The growth of the sector is largely fuelled by the increase in demand, especially from emerging countries in the Asia Pacific region.
Beverage refrigeration equipment is commercial refrigeration appliances used in food and beverage retail outlets, such as dairy stores, wine shops, convenience stores, supermarkets and foodservice providers, such as hotels, restaurants and cafes.
With growing advancements in beverage refrigeration equipment, the preferences of consumers are changing. Moreover, along with rising environmental awareness across the globe, people are also looking for eco-friendly refrigerants. Plus increasing awareness of green technologies among consumers may lead to rapid replacement of conventional beverage refrigeration equipment over the next few years.
In addition, targeting developing countries with high per-capita consumption of pre packed beverages will continue to be the core focus for providers. Other than that, the research firm predicts that manufacturers in this sector are also going to focus on product innovations to compete with other players in the market efficiently, increase their market reach and strengthen their hold.
Persistence Market Research cites key global players as Dover Corp, Frigoglass, AHT Cooling System, Powers Equipment Company, Beverage Air Corp, MF Refrigeration, Perlick Corp, Skope Industries, QBD Modular Systems, Metalfrio Solutions, Welbilt, Lindr, Cornelius Beverage Technologies, True Manufacturing and Hoshizaki Lancer.
Panasonic is also expected to remain at the forefront in the global beverage refrigeration equipment market. In 2016, the Japanese company was reported to have set up a refrigerator manufacturing facility in India. It also delivered its carbon dioxide refrigerant-based condensing unit to Jaya Grocer’s Mutiara Tropicana store in Malaysia – the first supermarket chain outside of Japan to plump for these appliances. Market analysis suggests that Panasonic posted a revenue of over US$69.7bn (£50.2bn) by the end of 2016.
Based on product type, the soda fountain segment is said to hold the maximum market share as compared to others. However, beer dispensing equipment is expected to grow at a relatively high value CAGR of 4.7% during the forecast period.
Based on end-use, foodservice is expected to lead with a market value of over US$3.3bn (£2.4bn) by the end of 2025. However, the food and beverage retail segment is expected to register a higher CAGR throughout the period.
With respect to region, North America has the highest market share of over US$1.8bn (£1.3) by the end of 2025. Moreover, the beverage refrigeration equipment market is expected to witness high demand from Asia Pacific and there is projected to grow at a higher pace than other regions during the forecast period.