FELTON, Calif., April 27, 2021 /PRNewswire/ — The global beverage cooler market size is expected to reach USD 8.6 billion by 2028, registering a CAGR of 5.0% over the forecast period, according to a new report by Million Insights.
What are Key Factors Driving the Beverage Cooler Market?
Increasing demand for chilled drinks such as wine, beers, and health drinks, owing to the increasing disposable income of the people in countries such as India, China, and South Africa is driving the market. The adoption rate of such coolers is increasing among the major economies, including China, India, and Germany.
The up-to 500L segment occupied a dominant market share of 49.5% in 2020 and is projected to witness the highest CAGR over the forecast period. Rising popularity of alcoholic and nonalcoholic beverages in countries of Europe and Asia Pacific, especially among millennials, is projected to further fuel the demand for the segment for residential application in the next few years.
In Asia Pacific, the market held a revenue share of 32.8% in 2020. Asia Pacific is home to over 4.0 billion people, making it one of the largest markets across the world. Increasing young population coupled with increasing disposable income in countries such as China and India is projected to drive the demand for chilled drinks thus driving the market for beverage coolers in the region. Furthermore, post COVID-19 pandemic, the region is anticipated to witness rising employment, inflating disposable incomes, and enhancing standards of living. These factors will result in high consumption of beverages in the region, creating a large opportunity for water dispenser manufacturers. Hence, the market is expected to experience rapid growth in Asia Pacific.
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Leading manufactures of beverage coolers such as Haier Inc., The Middle by Corporation; and Whirlpool are investing in R&D activities in order to enhance the technical and economic aspects of beverage coolers such as energy efficiency and technological advances, and performance optimization. Vendors are adopting various organic and inorganic strategies such as joint ventures, new product offerings, mergers and