Freezer and Beverage & Wine Coolers Market Size, Share, Growth, and Industry Analysis, By Type (Ice-cream Freezers, Chest Freezers, Upright Freezers, Beverage Coolers, and Wine Coolers), By Application (Commercial and Residential), Regional Insights, and Forecast To 2032

Updated On: 08 July 2024

Freezer and Beverage & Wine Coolers Market REPORT OVERVIEW

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The global freezer & beverage & wine coolers market size was USD 1169.9 million in 2023 and is projected to touch USD 1749.5 million by 2032, at a CAGR 4.6% during the forecast period.

Freezers are appliances used for long-term storage of frozen food and other perishable items at sub-zero temperatures. They come in various sizes and types, including chest freezers and upright freezers. Freezers help preserve the quality and longevity of food by slowing down the growth of bacteria and other microorganisms. Beverage coolers, also known as drink coolers or beverage refrigerators, are specifically designed to store and chill beverages. They are commonly used in homes, offices, bars, and restaurants to keep drinks cool and easily accessible.

Beverage coolers often have adjustable temperature settings and features like glass doors for visibility and display purposes. Wine coolers, also called wine refrigerators or wine chillers, are designed to store and preserve wine at specific temperatures to maintain its quality. They provide optimal conditions for wine storage, including temperature control, humidity regulation, and protection from light and vibration. Wine coolers come in various sizes and designs, ranging from small countertop units to larger built-in or freestanding models.

COVID-19 IMPACT: Increased Home Storage to Boost Demand Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with the freezer & beverage & wine coolers market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 had a life changing impact globally. The freezer and beverage & wine coolers market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for freezer and beverage & wine coolers experienced an increased demand.

The closure or limited operation of bars, restaurants, and other hospitality establishments during lockdowns and restrictions significantly affected the demand for beverage coolers and wine coolers in commercial settings. The reduced foot traffic and dining-out opportunities contributed to a decrease in orders for cooling equipment in these sectors. The pandemic brought about economic challenges for many individuals and businesses. Uncertainty and financial constraints led to reduced consumer spending on non-essential items, including appliances. This may have impacted the demand for beverage coolers and wine coolers, particularly in the hospitality sector.

As people spent more time at home, there was a heightened focus on creating enjoyable home environments. Beverage coolers and wine coolers became popular as individuals sought to enhance their home entertainment experiences, creating dedicated spaces for chilled beverages and wine. With lockdowns and restrictions in place, people spent more time at home and sought to stock up on groceries and essential items. This led to a surge in demand for freezers as individuals and families sought to store bulk purchases, frozen food, and homemade meals for longer periods. The market is anticipated to boost the freezer and beverage & wine coolers market share following the pandemic.

LATEST TRENDS

"Smart & Connected Features to Broaden Market Growth"

The adoption of smart and connected technologies is gaining momentum in various home appliances, and this trend is likely to extend to freezers, beverage coolers, and wine coolers as well. Integration with home automation systems, smartphone apps for remote control and monitoring, and voice assistant compatibility are potential developments that can enhance convenience and functionality.

Manufacturers are increasingly focusing on improving the energy efficiency of appliances, including freezers, beverage coolers, and wine coolers. This includes the use of advanced insulation materials, compressor technologies, and energy-saving features to reduce power consumption and operating costs. These latest developments are anticipated to boost the freezer and beverage & wine coolers market share.

Freezer and Beverage & Wine Coolers Market SEGMENTATION

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• By Type

Based on type, the market is divided into ice-cream freezers, chest freezers, upright freezers, beverage coolers, and wine coolers.

Ice-cream freezers holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into Commercial and Residential.

Commercial as application holds a major share of the global market.

DRIVING FACTORS

"Interest in Wine Culture to Boost Market Share"

The expanding interest in wine and craft beverages has led to a higher demand for wine coolers and beverage coolers. Consumers are seeking proper storage and serving conditions for their wine collections and a way to keep their favorite beverages chilled at the optimal temperature. The growing trend of entertaining at home, whether for small gatherings or larger events, contributes to the demand for beverage coolers and wine coolers. Consumers desire dedicated spaces to chill and showcase their drinks, creating an inviting atmosphere for guests.

"Changing Consumer Lifestyles to Boost Market Size"

Shifts in consumer lifestyles, such as an increased focus on convenience, busy schedules, and the desire for at-home entertainment, drive the demand for freezers, beverage coolers, and wine coolers. These appliances provide convenient solutions for food storage, easy access to chilled beverages, and proper wine storage for entertaining at home. The rise of e-commerce and online grocery shopping has increased the need for storage solutions for frozen food and beverages. Consumers who prefer to purchase groceries online may require freezers and beverage coolers to store perishable items delivered to their homes. These factors are anticipated to drive the freezer and beverage & wine coolers market share.

RESTRAINING FACTORS

"Maintenance Challenges to Hamper Market Share"

Like any appliances, freezers, beverage coolers, and wine coolers require regular maintenance and occasional servicing. The cost and availability of maintenance services, as well as the hassle associated with repairs or replacement parts, can be restraining factors for some consumers. Freezers, beverage coolers, and wine coolers can consume a significant amount of energy, particularly when operating continuously or in larger sizes. Concerns about energy consumption and its environmental impact can deter some consumers from purchasing or using these appliances, especially if they are not energy-efficient or if energy costs are a significant concern. The factors are anticipated to hinder the growth of the freezer and beverage & wine coolers market share.

Freezer and Beverage & Wine Coolers Market REGIONAL INSIGHTS

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"North America Dominates the Freezer and Beverage & Wine Coolers Market "

North America is the major shareholder for the freezer and beverage & wine coolers market share. The region has a large consumer base, a developed retail infrastructure, and a strong demand for home appliances. The region is a major market for household appliances, including refrigeration products, which likely contributes to its prominence in the industry. Europe is the second major shareholder for the freezer and beverage & wine coolers market size.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Electrolux [Sweden]
• Concepcion Industrial [Philippines]
• Frigoglass [Greece]
• GE (General Electric) [U.S.]
• Hoshizaki [Japan]
• Midea [China]
• PT. Royal Sutan Agung [Indonesia]
• Samemax [Malaysia]
• Sanden Intercool [Thailand]
• Sharp Electronics [Japan]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.