Global Beverage Refrigeration Market Overview
Beverage Refrigeration Market Size was estimated at 31.63 (USD Billion) in 2022. The Beverage Refrigeration Industry is expected to grow from 32.9(USD Billion) in 2023 to 46.9 (USD Billion) by 2032. The Beverage Refrigeration Market CAGR (growth rate) is expected to be around 4.02% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Beverage Refrigeration Market Trends Highlighted
The Beverage Refrigeration Market is projected to witness significant growth, driven by the increasing demand for chilled beverages and the expansion of the hospitality industry. The rise in disposable income and changing consumer preferences toward healthier and more convenient beverages are also contributing to market growth. Energy efficiency, smart technology integration, and customized designs are emerging trends in the market, offering opportunities for innovation and differentiation. Additionally, the growing popularity of craft beers and specialty beverages is driving demand for specialized refrigeration solutions, creating opportunities for niche players. Sustainability concerns and the adoption of eco-friendly refrigerants are also shaping the market landscape, presenting opportunities for companies to address environmental challenges while meeting consumer demand for high-quality beverage refrigeration solutions.
Beverage Refrigeration Market Drivers
Rising Demand for Energy-Efficient Appliances
The movement towards sustainable and energy-saving solutions nowadays causes an increase in the demand for energy-efficient beverage refrigeration. Both customers and businesses seek solutions that require less energy, as this has a positive effect on the costs of refrigerator operation and the carbon footprint of businesses. Apart from that, refrigeration manufacturers have to invest in research in terms of energy efficiency in order to meet various regulation standards.For that reason, the trend of increasing demand for energy-efficient beverage refrigeration will be observed in the future, and energy efficiency will become one of the major reasons why consumers decide to buy one or another product.
Expansion of the Food and Beverage Industry
The food and beverage industry is expanding, the growth of which is directly linked with the same demand increasing for beverage refrigeration equipment. The rise in population, consumers' lifestyle changes, as well as permanent growth of the income of the population have stimulated the development of the food and beverage industry. To satisfy customers' demands, beverage refrigeration solutions that are efficient and reliable are in high demand for storing and displaying various types of beverages, among which are carbonated drinks, juices, beer, and wine.
Technological Advancements and Innovation
Advancements in technology are transforming the Beverage Refrigeration Market Industry. The integration of smart features, such as remote temperature monitoring, inventory management, and energy optimization, is enhancing the functionality and convenience of beverage refrigeration equipment. Additionally, the adoption of the Internet of Things (IoT) and artificial intelligence (AI) is enabling real-time data collection and analysis, providing valuable insights into consumer behavior and usage patterns.These technological advancements are expected to drive innovation and create new opportunities in the beverage refrigeration market.
Beverage Refrigeration Market Segment Insights
Beverage Refrigeration Market Product Type Insights
The Beverage Refrigeration Market is segmented by product type into reach-in coolers, under-counter refrigerators, back bar coolers, wine coolers, and merchandisers. Among these, reach-in coolers hold the largest market share, as they are widely used in convenience stores, supermarkets, and other retail stores. The demand for reach-in coolers is primarily driven by their ability to accommodate a large number of beverages in a limited space, and they are easily accessible to customers. Under-counter refrigerators are the second most popular product type, as they are mostly used in restaurants, bars and cafes.This product type helps in saving a lot of space by accommodating the beverages below counters. Back bar coolers are specially designed to be used behind the bar counters, and they are in demand owing to their attractive appearance and efficient cooling. Wine coolers are mainly used to keep wines in stable temperature and they are in demand from both residential and commercial customers. Merchandisers are mainly used in retail stores to display the beverages and create an attraction towards them. The use of these products has been increasing day by day, and this will continue further.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Beverage Refrigeration Market Capacity Insights
The capacity segment is one of the most important in forming the Beverage Refrigeration Market's dynamics. In 2023, the "Below 5 cubic feet" segment dominated the market as it is the most affordable option and fits best in smaller spaces. However, in the next years, the "5 to 10 cubic feet" and "10 to 15 cubic feet" segments are expected to grow as they are increasingly utilized in home and business settings where a portable solution is required that can still accommodate a larger product selection. The "15 to 20 cubic feet" segment is also expected to grow as it is an adequate solution for larger homes and businesses.The "Above 20 cubic feet" segment is expected to grow as well, although at a slower pace, as it is only applicable in industrial and other highly specialized contexts. Therefore, the market segment provides relevant information to the makers and distributors of these products to develop solutions that match the needs of their customers and form their brand strategies accordingly.
Beverage Refrigeration Market Temperature Range Insights
The Temperature Range segment plays a crucial role in the Beverage Refrigeration Market. In 2023, the '-20 to -10 degrees Celsius' range held the largest market share, valued at USD 6.6 billion, and is projected to maintain its dominance throughout the forecast period. This is primarily due to the increasing demand for frozen beverages and the need for specialized refrigeration solutions to maintain their optimal temperature. The '-10 to -5 degrees Celsius' range is expected to witness significant growth, owing to the rising popularity of craft beers and wines that require precise temperature control.The '0 to 5 degrees Celsius' range is also anticipated to gain traction, driven by the growing consumption of chilled beverages and the expansion of the convenience store industry. Furthermore, advancements in refrigeration technology, such as the development of energy-efficient models and smart temperature control systems, are expected to drive the growth of the Beverage Refrigeration Market in the coming years.
Beverage Refrigeration Market Installation Type Insights
The Beverage Refrigeration Market is segmented based on installation type into freestanding and built-in. Freestanding beverage refrigerators are designed to stand alone and can be placed anywhere in a room. They are typically larger in -ize and have a higher capacity than built-in models. Built-in beverage refrigerators are designed to be installed within cabinetry or under counters. They are typically smaller in size and have a lower capacity than freestanding models. The freestanding segment is expected to account for a larger share of the beverage refrigeration market in 2023, owing to its versatility and ease of installation.However, the built-in segment is expected to witness significant growth in the coming years due to the increasing popularity of built-in appliances and the growing demand for space-saving solutions.
Beverage Refrigeration Market Application Insights
The Beverage Refrigeration Market segmentation by Application includes Commercial and Residential. The commercial segment has a larger revenue share due to the increased demand for beverage refrigeration in restaurants, bars, hotels, and other commercial establishments. The Beverage Refrigeration Market revenue for the commercial segment is projected to reach USD 22.5 billion by 2024, with a CAGR of 4.2%. The residential segment is expected to grow at a faster CAGR due to the rising disposable income and increasing awareness about the benefits of beverage refrigeration.The Beverage Refrigeration Market revenue for the residential segment is projected to reach USD 14.4 billion by 2024, with a CAGR of 5.0%. Overall, the Beverage Refrigeration Market is expected to register a CAGR of 4.5% from 2024 to 2032, reaching USD 46.9 billion by 2032. The growth of the market is attributed to the increasing demand for beverage refrigeration in both commercial and residential applications.
Beverage Refrigeration Market Regional Insights
The Beverage Refrigeration Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of the beverage refrigeration market in this region can be attributed to the increasing demand for convenience and energy-efficient appliances. Europe is expected to be the second-largest market for beverage refrigeration, followed by APAC. The growth in the APAC region is primarily driven by the rising disposable income and changing lifestyles of consumers.South America and MEA are expected to witness steady growth in the beverage refrigeration market due to the increasing urbanization and economic development in these regions.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Beverage Refrigeration Market Key Players And Competitive Insights
There are several facts to be stated regarding the main players within the Beverage Refrigeration Market. Thus, first of all, it should be underlined that the major players are enhancing the development of innovative products and improving the geographical expansion process. North America, Germany, Asia, and Europe-based corporations are spending a great deal of money on research and development to launch new solutions that will meet a strong demand for innovative, energy-saving, environmentally friendly appliances. Among the notable participants in the beverage refrigeration market, it is necessary to mention True Manufacturing Company.
Having a large share of the American market, this organization is producing high-quality solutions with the usage of modern technologies. True Manufacturing Company produces a broad assortment of beverage refrigerators, freezers, and dispensers tailored to the needs of commercial and residential customers. Moreover, being durable and long-lasting, True Manufacturing Company's products are created to satisfy the demand of customers understanding the broad assortment of sizes. On the other hand, all products are environmentally friendly and have a strong warranty, and the company's distribution network allows providing products throughout all regions of the world.
The other leading player in the Beverage Refrigeration Market is Beverage-Air. Known for producing innovative solutions for customers, this company offers an extremely broad assortment, including refrigerators, freezers, dispensers, and merchandisers with all of them tested and having a strong warranty. Offering long-lasting and environmentally-friendly products, Beverage-Air has a worldwide representation and can supply and satisfy the needs of all customers.
Key Companies in the Beverage Refrigeration Market Include
- Middleby
- Electrolux
- LG Electronics
- Samsung
- True Refrigeration
- Haier
- Hoshizaki
- Viessmann
- Bunn
- Welbilt
- Cornelius
- Midea Group
- GE Appliances
- Danfoss
- Whirlpool
Beverage Refrigeration Market Industry Developments
The Beverage Refrigeration Market is projected to reach a value of USD 46.9 billion by 2032, exhibiting a CAGR of 4.02% during the forecast period (2024-2032). Rising consumer demand for chilled beverages, particularly in developing regions, is a key growth driver. Technological advancements, such as the integration of IoT and smart features, are enhancing the efficiency and convenience of beverage refrigeration systems. Additionally, the growing popularity of craft beers and specialty beverages is creating a demand for specialized refrigeration solutions. Recent developments include the introduction of eco-friendly refrigerants and energy-efficient models, driven by increasing environmental concerns. Strategic partnerships and acquisitions among key industry players are shaping the competitive landscape. The market is expected to witness continued growth in the coming years due to the rising popularity of convenience stores, cafes, and restaurants, as well as increasing disposable incomes in developing countries.
Beverage Refrigeration Market Segmentation Insights
- Beverage Refrigeration Market Product Type Outlook
- Reach-In Coolers
- Under-Counter Refrigerators
- Back Bar Coolers
- Wine Coolers
- Merchandisers
- Beverage Refrigeration Market Capacity Outlook
- Below 5 cubic feet
- 5 to 10 cubic feet
- 10 to 15 cubic feet
- 15 to 20 cubic feet
- Above 20 cubic feet
- Beverage Refrigeration Market Temperature Range Outlook
- -20 to -10 degrees Celsius
- -10 to -5 degrees Celsius
- -5 to 0 degrees Celsius
- 0 to 5 degrees Celsius
- 5 to 10 degrees Celsius
- Beverage Refrigeration Market Installation Type Outlook
- Beverage Refrigeration Market Application Outlook
- Beverage Refrigeration Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
31.63(USD Billion) |
| Market Size 2023 |
32.9(USD Billion) |
| Market Size 2032 |
46.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.02% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Middleby, Electrolux, LG Electronics, Samsung, True Refrigeration, Haier, Hoshizaki, Viessmann, Bunn, Welbilt, Cornelius, Midea Group, GE Appliances, Danfoss, Whirlpool |
| Segments Covered |
Product Type, Capacity, Temperature Range, Installation Type, Application, Regional |
| Key Market Opportunities |
Rising health and wellness trend Increasing demand for energy-efficient appliances Growing popularity of microbreweries Expansion into emerging markets Innovation in smart and connected refrigeration systems. |
| Key Market Dynamics |
Rising consumer demand for chilled beverages, Technological advancements, Growing popularity of energy-efficient models, Increasing adoption in hospitality and food service sectors, Expanding retail and ecommerce channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Beverage Refrigeration Market is expected to reach USD 32.9 billion in 2023.
The Beverage Refrigeration Market is projected to register a CAGR of 4.02% from 2024 to 2032.
North America is expected to hold the largest market share in the Beverage Refrigeration Market in 2023.
The commercial segment held the largest market share in the Beverage Refrigeration Market in 2023.
Key competitors in the Beverage Refrigeration Market include The Middleby Corporation, Dover Corporation, Hoshizaki Corporation, and Haier Group Corporation.
Key trends driving the growth of the Beverage Refrigeration Market include the rising demand for energy-efficient appliances, the growing popularity of craft beverages, and the increasing adoption of smart technologies.
Key challenges facing the Beverage Refrigeration Market include the high cost of raw materials, the intense competition, and the stringent regulatory requirements.
Key opportunities for growth in the Beverage Refrigeration Market include the expansion of emerging markets, the growing demand for customized products, and the development of new technologies.
The Beverage Refrigeration Market is expected to reach USD 46.9 billion by 2032.
Government regulations, such as energy efficiency standards and environmental protection laws, can impact the design, production, and distribution of beverage refrigeration equipment.
