March 16, 2020
As per the report titled ‘North America Beverage Refrigeration Market Size By Product, Industry Analysis Report, Country Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, North America beverage refrigeration market is projected to cross USD 1.2 billion by the year 2024.
Rising demand for cold and chilled beverages, technological advancements such as reduced cooling time and high energy efficiency, coupled with grants on energy efficient products are primary growth drivers of beverage refrigeration market in North America. Growing focus of manufacturers to provide refrigeration solutions which retain the quality, flavor, and taste of beverages for a longer period is enhancing the market outlook.
Elaborating on the refrigerator type, under-counter beverage refrigerator segment was worth USD 460 million in 2017 and is expected to grow considerably during the study period. Customized design, improved temperature control, and convenient shelving will play a key role in augmenting the product demand. Small footprint and aesthetic appeal are other factors impelling the adoption of under-counter beverage refrigerators in pubs, bars, food outlets, and professional kitchens.
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According to the study, swing door refrigerators accounted for a significant market share across commercial space. Owing to their smaller footprint, these refrigerators are witnessing a high demand in supermarkets and hypermarkets. Whereas, gliding door refrigerators are used in bars and alcohol retail shops where accessibility to all products is a necessity.
Speaking of the end-use spectrum, North America beverage refrigeration market from supermarkets and hypermarkets segment will grow substantially during 2018-2024. Escalating demand for beverage refrigerators across supermarkets and hypermarkets can be credited to rapid expansion of these outlet chains on account of increased consumer expenditure on food & beverages.
Considering the geographical outlook, beverage refrigeration market in North America is bifurcated into U.S. and Canada, wherein the U.S. accounts for the majority market share presently. Strong demand for chilled alcoholic and non-alcoholic beverages, along with high presence of convenience stores are the major factors driving the regional market growth.
Major players of North America beverage refrigeration market are Avanti, Summit Appliances, Allavino, Whirlpool, Danby, General electronics, Koolatron, Haier, HABCO, Electrolux, and Marvel. These companies are investing heavily in product innovations and technological developments to expand their product portfolio and improve their market stake.
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