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Soaring Services Industry and Increasing Consumer Spending Power to Benefit SEA Freezers and Beverage Wine Coolers Market
Freezer and Beverage & Wine Coolers Market (By Product Type - Ice-cream Freezers, Chest Freezers, Upright Freezers, Beverage Coolers and Wine Coolers; By Capacity - 500 & above litres, 300 to 500 litres, 200 to 300 litres and 200 & below litres; By Door Type - 4 Door & above, 3 Door, 2 Door and 1 Door) - SEA Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022
Published 03 November 2015
The refrigeration solutions available today have developed phenomenally from the first ones that were invented, primarily for preservation of food for domestic needs. With the advancement in technology, refrigeration has gained numerous commercial applications in present times.
In the commercial refrigeration sector, the services and solutions comprise a multitude of products such as plug-in commercial refrigerators, horizontal freezers, refrigerating chambers, reach-in refrigerated displays, ice machines, cold counters, refrigerated automatic sales, and other products (liquid refrigerators, cryogenic equipment).
Demand for Packaged Foods Drives Demand for Commercial Refrigeration Solutions
Expansion of the food and beverage industry, which has led to increased production of packaged food items and non-alcoholic drinks, increase in large grocery chains, and booming tourism are the major factors that are contributing to the SEA freezers and beverage wine coolers market.Moreover, robust GDP, rapid urbanization, and advent of the BPO and KPO industry all across the SEA region are supporting the growth of this market.
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With advancement in refrigeration technology, the freezers and beverage coolers available in the modern market offer cost-effective energy-saving solutions for effective and efficient cooling in various end-use applications.As such, in terms of revenue, the market for freezers and beverage wine coolers in SEA stood at US$1,011.0 million in 2014 and is expected to display a 6.4% CAGR from 2014 to 2022.
Commercial Freezers and Beverage Coolers to Witness Demand across Retail Outlets
The SEA freezers and beverage wine coolers market is segmented on the basis of freezer product types, freezer capacity, beverage cooler product types, beverage cooler by door types, wine cooler capacity, and countries.By products, in 2014, ice cream freezers held the largest market share in the SEA market, approximately 42%. This is mainly due to expansion of the service and hospitality sectors, represented by a growing number of food chains, the mushrooming tourism industry, and changing consumer eating habits.
However, the demand for chest freezers from ‘mom and pop’ stores and traditional retailers is expected to be on the rise in the coming years. The product segment is expected to witness the fastest growth of all product types, at a CAGR of 7.0% from 2014 to 2022 due to growing demand for packaged food, canned food, and confectionery items.
Owing to increasing consumption of nonalcoholic beverages and soft drinks, the SEA region has witnessed tremendous demand for installation of beverage coolers for commercial use. The beverage cooler market is further sub-segmented into beverage coolers and wine coolers. Beverage coolers dominated the beverage cooler market, accounting for 58% of the market in 2014.
On the other hand, wine coolers are expected to witness significant demand between 2014 and 2020. This is mainly due to the growing tourism and food and beverages sectors, which will fuel demand for wine coolers in the SEA region.
Indonesia Leads SEA Market for Freezers and Beverage Coolers, Thailand Hot on its Heels
By capacity, 300 to 500 liter freezers held the largest market share, accounting for almost 32% of the overall freezer market in SEA. As an industry practice for mutual benefit, most FMCG manufacturers, ice cream chain outlets, and food chains enter into contracts with freezer manufacturers. To maintain such agreements, FMCG manufacturers provide assistance to local convenience stores and hypermarkets for setting up freezer sections.
By country, in 2014, Indonesia accounted for the largest revenue in the SEA freezer and beverage wine coolers market. However, Thailand is expected to achieve significant growth in the market from 2014 to 2022.
Browse Full SEA Freezers and Beverage Wine Coolers Market Report With Complete TOC @ http://www.transparencymarketresearch.com/sea-freezer-beverage-wine-coolers-market.html
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