Global Beverage Fridge Market Size To Worth USD 10.82 Billion By 2033 | CAGR OF 5.31%
Category: Electronics, ICT & MediaGlobal Beverage Fridge Market Size To Worth USD 10.82 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Beverage Fridge Market is to Grow from USD 6.45 Billion in 2023 to USD 10.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.31% during the projected period.
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Browse key industry insights spread across 204 pages with 110 Market data tables and figures & charts from the report on the "Global Beverage Fridge Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Free-Standing, and Built-In), By Application (Residential, and Commercial), By Distribution Channel (Retail Store, Offline, and Online) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/beverage-fridge-market
Drinks are chilled-in beverage refrigerators, which are great kitchen accessories. The conveniences and lifestyle benefits of city living have led to a growing demand for compact, efficient beverage cooling solutions, with consumers more willing to spend money on products that enhance their quality of life and convenience as their disposable income increases. Demand for beverage fridges is mostly driven by the growing acceptance of alcoholic beverages, particularly among younger customers in Germany, the UK, India, and the US. Young folks usually search for stylish yet useful ways to store their alcohol at home. The need for specialty beverage coolers that can maintain a range of drinks at the ideal temperature has increased due to the growth of craft beer establishments and microbreweries. However, due to excessive starting expenditures, the market is heading lower.
The free-standing segment held the greatest share of the market.
Based on product type, the beverage fridge market is classified into free-standing, and built-in. Among these, the free-standing segment held the greatest share of the market. Free-standing beverage coolers offer greater flexibility in terms of location. Since they may be easily moved and rearranged to meet user needs, they don't need to be installed. This is particularly alluring to clients who like to entertain often or who would prefer to have the freedom to rearrange their living areas. Manufacturers provide a variety of designs and finishes for free-standing models, allowing customers to choose coolers that complement their interior design scheme. Homes that wish to integrate appliances into their surroundings are fond of them due to their aesthetic versatility.
The market is expected to be supported by the commercial segment.
Based on application, the beverage fridge market is classified into residential, and commercial. Among these, the market is expected to be supported by the commercial segment. Reputable beverage cooling systems are essential for restaurants, bars, cafes, and hotels to meet the growing demand for cold beverages. Beverage coolers are essential to maintaining the quality and safety of the drinks served to customers in the food service industry. Commercial organizations often require larger capacity coolers in order to store large quantities of beverages. Commercial beverage coolers are perfect for organizations with high drink turnover rates since they can hold higher capacities than home refrigerators.
The retail store is anticipated to hold the largest market share.
Based on the distribution channel, the beverage fridge market is classified into retail store, offline, and online. Among these, the retail store is anticipated to hold the largest market share. Retailers often run special in-store promotions, discounts, and package deals that aren't available online and could be more enticing. Seasonal and holiday marketing have the potential to greatly boost sales and foot traffic. Retailers routinely have product showcases where brand representatives emphasize the benefits and features of various appliances, such as drink refrigerators. During these demonstrations, customers can ask questions, get a hands-on feel, and see the products in action—all of which have a significant influence on their purchasing decision. Additionally, luxury appliance companies are transforming offline shopping by collaborating with hypermarkets and supermarkets.
Asia-Pacific is having the highest share of the global beverage fridge market over the forecast period.
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The fast urbanization and growing disposable incomes of the economies of China, India, and Southeast Asia are driving demand for modern home equipment like beverage fridges. The market is expanding as a result of consumer spending on high-end and convenient household goods. The trend toward at-home entertainment, which includes social gatherings and house bars, is what drives demand for beverage refrigerators. In order to enhance their experience at home, consumers are looking for appliances that provide easy storage for a range of beverages. In the Asia-Pacific region, wellness and health are becoming more and more significant. Consumer preference for bottled water, health drinks, and fresh juices is rising. Drink refrigerators offer a practical and orderly way to keep these drinks' flavors and freshness intact.
Europe is predicted to grow fastest pace throughout the forecast period. In the European market, there is a growing demand for specialty beverages such as craft brewers, premium wines, and sodas made by artisans. As a result of this development, beverage freezers with precise temperature control are becoming more and more necessary to preserve the quality of these drinks. Beverage coolers and other domestic appliances are becoming increasingly necessary in Europe. The rise in at-home entertainment, remote work options, and overall time spent at home all contribute to this.
Major vendors in the global beverage fridge market include Insignia, NewAir, Frigidaire, Zephyr, Bosch, Danby, The Middleby Corporation, Panasonic Corporation, Electrolux AB, Perlick Corporation, Liebherr-International Deutschland GmbH, Haier Inc., LG Electronics Inc, Whirlpool Corporation, Samsung Electronics Co Ltd, and Others.
Recent Developments
- In June 2024, an industry-first, Zephyrun debuted the revolutionary Presrv Outdoor Kegerator & Beverage Cooler. This versatile appliance is ideal since it can be quickly converted from a kegerator to a beverage cooler when kegs aren't being utilized. Its innovative design fits large gatherings as well as daily needs by making cold drinks easily accessible.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global beverage fridge market based on the below-mentioned segments:
Global Beverage Fridge Market, By Product Type
- Free-standing
- Built-in
Global Beverage Fridge Market, By Application
- Residential
- Commercial
Global Beverage Fridge Market, By Distribution Channel
- Retail store
- Offline
- Online
Global Beverage fridge Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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