San Francisco, CA -- (SBWIRE) -- 03/05/2020 -- Beverage coolers are those household and commercial appliances that are utilized for the purpose of storing chilled or cooled beverages through maintenance of a specific range of cooling temperatures.

The global beverage coolers market is likely to observe growth due to the increased investment made for research and development activities to introduce product enhancement to the durability, functions, and shape of appliances. The research and development activities are also aimed at improving the performance optimization and operational efficiencies of these coolers, which is likely to encourage growth of the global beverage coolers market over the tenure of assessment, from 2019 to 2029.

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Increased Disposable Income and Health Consciousness Drives Growth of the Market

The global beverage coolers market is likely to grow at a substantial pace due to a rise in the disposable income of the people, introduction of low-calorie sweetener-based energy and health drinks and rapid urbanization. Products that are based on natural additives are expected to witness a surge in demand over the years of assessment.

With a growing inclination toward healthy lifestyle, there has been a rise in the intake of health beverages, which is estimated to support growth of the global beverage coolers market in the forthcoming years. The augmented demand for natural sweetener-based fruit drinks, such as stevia and low-calorie beverages help in the maintenance of weight and wellness of the body. The growing health awareness amongst the consumers together with the increasing penetration of zero and low-calorie health drinks is expected to bolster the demand for beverage coolers in years to come.

The expansion of the global beverage coolers market is expected to be directly proportional to growth of the global beverage industry. This is owing to the fact that both the markets, beverage cooler and beverage, are complementary to each other. As such, the prospect of growth of the beverage industry is expected to assist the global beverage coolers market gain substantial traction over the years of projection.

However, lower capacity of beverage coolers as compared to commercial refrigerating units is likely to hamper the growth of the global beverage coolers market. In addition, concerns about operability owing to lack of flexibility and high cost are further expected to dampen the spirit of the market players.

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Presence of Several Prominent Players in the Region to Boost North America Market

The region of North America is likely to exert dominance in the global beverage coolers market and is estimated to continue with its territorial supremacy over the assessment period, from 2019 to 2029. This regional dominance is ascribed to the presence of several prominent manufacturers of refrigeration equipment and cooling units in the countries of this North America region.

The Asia Pacific beverage coolers market is likely to observe rapid pace of growth due to huge expansion of the food and beverage industry in countries like India, China, and South Korea. Europe is estimated to trail Asia Pacific in terms of market share and revenue. The global beverage coolers market is likely to observe considerable growth in Latin America owing to increasing disposable income and growing health consciousness.

Highly Fragmented Market to Witness Fierce Competition

The global beverage coolers market is a highly fragmented one with the presence of numerous regional and international vendors. The well-entrenched players hold most of the share in the global beverage coolers market and they are expected to retain their position over the period of review. The competition in the market is fierce owing to the constant rise in the prices of raw materials together with declining margin of profit.

Some of the prominent market vendors are LG Electronics Inc., Danby Appliances Inc., Haier Group Corporation, The Whirlpool Corporation, Robert Bosch GmbH and Electrolux AB.

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