For anyone involved with the countertop beverage refrigeration market, the latest report into the sector by research company Global Market Insights should be a welcome balm.
The firm valued the market at over US$1.39bn (£1.1bn) in 2016 and predicted that this will grow at more than 5.1% annually up to 2024.
The report provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. It also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.
North America, led by the US, dominates the global beverage refrigeration market and is expected to exceed US$1.1bn (£0.87bn) by 2024. Increasing consumer purchasing power coupled with growing capital investment after economic slowdown in the country has boosted the foodservice and restaurant industry in the last few years.
The beverage refrigeration market in Asia Pacific held more than 20% of overall industry share in 2016. As per industry estimates, the region is projected to account over two-third of global beverage consumption by 2020. The region also accounts for 60% of the world population, and increasing consumption will provide profitable opportunities for several manufacturers.
High penetration of hypermarkets and supermarkets globally in the consumer goods industry is leading to extensive equipment convenience demand, which will significantly drive the beverage refrigeration market.
A rising consumption of alcoholic products will require specialised cooling systems, which in turn is anticipated to support the product penetration, according to Global Market Insights. In addition, increasing local consumption will significantly support global production. However, high competition from low priced imported goods from China and Mexico is forecasted to restrain the global beverage refrigeration market over the forecast period.
Rising beverage consumption in general is expected to be a major driver for the beverage refrigeration market growth. High availability of nourishment drink varieties along with increasing health consciousness is expected to attract consumers to consume drinks at their home rather than in external outlets. In addition, sites are heavily investing in specific appliances including milk coolers to hold the quality and flavour of definite drinks for an extended period.
Other factors including smaller appliance footprints and less messy applications are said to be propelling product demand among professional chefs. Technical developments in the product including the usage of LED lighting systems, improved sensors and augmented demand of bounded type cooling components, are anticipated to stimulate product demand too.
Further, other elements including powerful filtered water dispensers and substantial technologies particularly invented by General Electric are predicted to boost beverage refrigeration market.
As well as GE, Global Market Insights analysed that the key global market players include: Dover Corporation, Illinois Tool Works, Daikin Industries, Electrolux, Gamko, Liebherr, Whirlpool Corporation, United Technologies Corporation, Johnson Controls, Danfoss, Habco, Haier, KingsBottle, Edgestar, Marvel, U-line, Kegco, Koolatron, Danby, Allavino, Kenmore, Avanti and Ford