LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global beverage coolers market to grow at a CAGR of more than 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global beverage coolers market for 2017-2021. The report also lists non-alcoholic beverage coolers and alcoholic beverage coolers as the two major product segments. In 2016, the non-alcoholic beverage coolers accounted for approximately 58% of the revenue.
According to Tamal Saha, a lead analyst at Technavio for retail goods and services research, “The expanding office spaces, growing food service sector, and the establishment of production and distribution facilities of manufacturing sectors in the emerging economies are factors anticipated to fuel the commercial refrigeration and cooling systems market.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global beverage coolers market:
- Growing beverage industry
- Replacement and upgradation sales through product innovation
- Increase in consumption of healthy beverages
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Growing beverage industry
The global beverages industry is growing at a significant pace owing to expanding urbanization, rising disposable income among consumers, and the introduction of low-calorie sweetener-based health and energy drinks. Natural additive-based products are also expected to surge by volume during the forecast period.
The growth of the global beverage coolers market is directly proportional to that of the global beverage industry. This is because both the markets are complementary to each other. Thus, the growth prospects of the beverage industry will help the global beverage coolers market gain significant traction during the forecast period.
Replacement and upgradation sales through product innovation
Replacement and upgradation sales of beverage coolers are emerging volume drivers of the global beverage coolers market. The key prominent vendors are highly focused on product innovation, new product development, and value proposition. Thus, to achieve these goals, the players are integrating technical and operational innovations in their products. This has made replacement and upgradation of products an increasing trend in the market.
The key marketers converge their competitive advantages in producing beverage coolers, which are based on the rapid cooling technology. This low-cost technology involves the storage of pre-packed beverages at ambient temperature and chilling them rapidly. For instance, RapidCool, one of the leading vendors, has developed a beverage cooler for cooling drink cans and bottles from room temperature to 4°C in 45 seconds or even less. Hence, the cooler saves over 80% power compared with conventional beverage cooler.
Increase in consumption of healthy beverages
The awareness of health and wellness among end-customers has increased globally. Hence, it has been observed that health drinks such as low-calorie beverages, natural sweetener based fruit drinks are gaining significant adoption among people. This has boosted the demand for beverages made of naturally-extracted sweetener, stevia.
“The increase in the demand for beverages has led to a proportionate increase in the sales of beverage coolers, on a global platform. Thus, due to increasing health awareness among end-consumers and rising penetration of low and zero-calorie health drinks, the volume sales of beverage coolers have grown significantly,” says Tamal.
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