Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Market Overview

A freezer is an electric appliance that keeps food frozen at extremely low temperatures. Generally, a household freezer is built into a refrigerator to keep ice cubes and ice creams. A beverage cooler is smaller than a conventional refrigerator and uses less energy to cool the beverage containers. It is typically designed for holding cans and bottles. There are different types of freezers including ice-cream freezer, chest freezer, and upright freezer. Moreover, there are different types of coolers namely beverage coolers and wine coolers.

The SEA freezer & beverage cooler market is estimated to account for US$ 957.5 Mn in terms of value by the end of 2027.

Market Dynamics- Drivers

  1. Increase in packaged foods and non-alcoholic drink sales is expected to drive growth of the SEA freezer & beverage cooler market during the forecast period

The demand for food and non-alcoholic drinks has increased significantly in South-East Asia in the recent past. According to the Coherent Market Insights’ analysis, the packaged food and non- alcoholic beverage market in the five major SEA countries reached US$92.4 billion in 2010. Indonesia had the highest packaged food sales in the region. According to the same source, Vietnam witnessed the fastest growth in retail sales of packaged food and beverages at CAGR of 14.7% from 2007 to 2014. Ice Cream, Chilled Processed Food, and Frozen Processed Food witnessed high sales growth in Indonesia. Furthermore, according to the same source, from 2006 to 2011, Indonesia witnessed the highest retail sales growth for packaged food and beverages, at 92.2%. Therefore, these factors are expected to drive growth of the SEA freezer & beverage cooler market during the forecast period.

  1. Rapid growth of the tourism industry is expected to propel the SEA freezer & beverage cooler market growth over the forecast period

The tourism industry has witnessed rapid growth in SEA in the recent past. It has, in turn, enhanced the shopping experience. There is a massive shift from traditional grocery shops including small independent stores, wet markets, and food stalls to modern retail segment, which includes a supermarket, forecourt retailers, cash and carries, duty-free stores, e-commerce, warehouse clubs, and bakeries. According to Coherent Market Insights’ analysis, the consumer expenditure in Indonesia was the largest at $150 billion followed by Thailand, Philippines, Malaysia, and Vietnam. Hence, these factors are expected to propel the SEA freezer & beverage cooler market growth over the forecast period.

Statistics:

Indonesia held dominant position in the SEA freezer & beverage cooler market in 2019, accounting for 30.9% share in terms of value, followed by Vietnam, Thailand, Philippians and Malaysia respectively.

Figure 1: SEA Freezer & Beverage Cooler Market Share (%), in terms of Value, By Region, 2019

SEA Freezer & Beverage Cooler  | Coherent Market Insights

Market Dynamics- Restraints

  1. International regulations are expected to restrain growth of the SEA freezer & beverage cooler market during the forecast period

Various international protocols make it mandatory for commercial refrigeration manufacturers to comply with rules set by HCFC. Furthermore, the Environmental Protection Agency (EPA) has implemented the clean air act in an attempt to phase out the class-I chlorofluorocarbon. Implementation of these regulations has a negative impact on local and regional manufacturers across the SEA to establish the business at early stage as the technology to design, develop, and manufacture is expensive. Therefore, these factors are expected to restrain growth of the SEA freezer & beverage cooler market during the forecast period.

  1. High switching cost is expected to hamper the SEA freezer & beverage cooler market growth over the forecast period

Many freezer and beverage cooler manufacturers are endorsing the use of energy-efficient products, in order to curb carbon emission and impact of electronic equipment onto environment governments across the region. However, the switching cost involved in upgrading the old commercial refrigeration equipment to new rules complied and energy-efficient equipment is comparatively high. Thus, these factors are expected to hamper the SEA freezer & beverage cooler market growth in the near future.

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SEA Freezer & Beverage Cooler Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 596.8 Mn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 6.1% 2027 Value Projection: US$ 957.5 Mn
Geographies covered:
  • Indonesia
  • Vietnam
  • Thailand
  • Philippines
  • Malaysia
Segments covered:
  • By Product Type: Ice-cream Freezers, Chest Freezer, Upright Freezer, Beverage Coolers, Wine Coolers.
  • By Capacity: 500 & Above Liters, 300 to 500 liters, 200 to 300 liters, 200 & Below liters.
  • By Door Type: 4 Door & Above, 3 Door, 2 Door, 1 Door.
Companies covered:

AB Electrolux, Sharp Electronics Co. Ltd., Concepcion Industrial Corporation, Sanden Intercool, Frigoglass SA, Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.

Growth Drivers:
  • Increase in packaged foods and non-alcoholic drink sales
  • Rapid growth of tourism industry
Restraints & Challenges:
  • High switching cost
  • International regulations

Market Opportunities

  1. Rapid urbanization and tendency for hygienic lifestyle can present lucrative growth opportunities in the SEA freezer & beverage cooler market

Rapid urbanization and advent of BPO and KPO industry across the SEA region have made life more sophisticated and busy for almost every class of society. As such Frozen food and foodservice outlets enable them to fulfill their food requirement. This has led to immense opportunity for global fast food players and commercial refrigeration equipment manufacturers to establish a business in the SEA region. Apart from emerging economies China and India, the SEAn economies have made it to the top 10 leading countries list for industry activity in the outsourcing sector.

  1. Growing investment in research development activities can provide major business opportunities in the SEA freezer & beverage cooler market

Many companies in the market are focused on research and development activities, in order to innovate novel products and gain a competitive advantage in the market. For instance, in November 2018, Midea Group introduced Toshiba brand home appliances including refrigerators and water heaters.

Figure 2: SEA Freezer & Beverage Cooler Market Value (US$ Mn), 2017 - 2027

SEA Freezer & Beverage Cooler  | Coherent Market Insights

The SEA freezer & beverage cooler market was valued at US$ 596.8 Mn in 2019 and is forecast to reach a value of US$ 957.5 Mn by 2027 at a CAGR of 6.1% between 2020 and 2027

Market Trends

  1. Indonesia Trends

Indonesia is the largest populated country among the SEAn countries. Indonesia is also the fourth-most populous country in the world with 251.5 million people. The population is expected to reach 256.3 million by 2017 and 262.6 million by 2020. The country has witnessed a strong growth of GDP on a YoY basis for the last few years. The food and beverage industry is the largest in terms of volume when compared with other Southeast Asian economies. Due to the large proportion of the population that still has low incomes and low nutrition rates, fortified products and supplements are the main health and wellness products on the market although  Vie health and wellness as a broader food category is not really a popular concept in Indonesia. Typically, Indonesians purchase their groceries fresh every day, with traditional (non-modern) retailing controlling around 80% of the grocery market. However, more and more consumers are purchasing their groceries on a weekly basis from the growing number of hypermarkets, supermarkets, and convenience stores. Increasing urbanization has helped this growth, as more consumers are demanding and purchasing packaged foods, ready-meals, frozen foods, sauces, and dressings.

  1. Vietnam Trends

Vietnam has been in transition from a centrally-planned to a market- based economy since the late 1980s. Vietnam's dynamic, young, and educated population with GDP per capita of US$ 3,750 and growing is one of the driving forces behind the foodservice sector. Also, the tourism sector is one of the largest contributors to Vietnam’s economy contributing US$ 6.3 billion in 2012 and US$ 6.7 billion in 2013 respectively. Total international arrivals reached 7.8 million visitors at the end of 2014 as reported by the department of Tourism Vietnam, Government of Vietnam.

SEA Freezer & Beverage Cooler Market - Impact of Coronavirus (Covid-19) Pandemic

Due to Covid-19 pandemic, many industries witnessed significant shift in their business. The disruption in the supply chain has adversely affected the food & beverage industry in almost all regions such as North America, Europe, Asia-Pacific and Rest of the world. The Chinese government has shut down all the restaurants and cafe in the country. The industry is facing a reduction in production, disruption in supply, and price fluctuations. For instance, Coca Cola Co. experienced delays in its raw material supply from china due to spread of COVID-19 in China. The company outsourced sucralose from both the US and China. The Chinese supplier have experienced delay in the production and export. Due to this pandemic, hotel & restaurants have been forced to slow down their operations till the time this situation is gets better.

Competitive Section

Major companies involved in the SEA freezer & beverage cooler market are AB Electrolux, Sharp Electronics Co. Ltd., Concepcion Industrial Corporation, Sanden Intercool, Frigoglass SA, Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.

A freezer & beverage cooler is a type of electric equipment that is used for beverage and food preservation. It consumes less energy to cool different beverages. Furthermore, a freezer is used to keep food frozen at extremely low temperatures. Generally, a household freezer is built into a refrigerator to keep ice cubes and ice creams. Freezers and beverage coolers are available in different capacities namely 500 & above liters, 300 & 500 liters, 200 & 300 liters, and 200 & below liters. There are various type of freezer available in the market such as ice-cream freezers, chest freezer, upright freezer, beverage coolers and wine coolers. This will provide option to consumer to choose specific cooler as per their requirement in term of quality, style, technology and design.

Market Dynamics

Growing trend of consumption of fast food amongst urban population and adoption of western style cuisine are the major factors that are expected to drive the market growth over the forecast period. Growing urbanization in the regions such as India and China is supporting the growth of market. Improving living standards, increasing disposable income, and rising international and domestic tourism is expected to increase the demand of SEA freezer and beverage market. People are inclining towards fast food due to increase in the consumption of western style cuisine in emerging economies, owing to the rapid expansion of QSR (Quick Service Restaurant) such as MC Donald, Subway, and Burger King. Changing food habits has been an important factor for the growth of the market. According to the American Customer Satisfaction Index (ACSI), in 2017, McDonald Corporation generated a total revenue of 21.03 billion U.S. dollars and total assets amounted to approximately 32.81 billion U.S. dollars. Hectic lifestyles and purchasing power of the working populations are some major factors aiding the demand growth of SEA freezer and beverage market.

Growth of modern grocery retailers is expected to drive market growth over the forecast period. Many countries in SEA are popular for traditional wet markets, small independent grocery retailers, and food stalls. However, in the recent past, SEA region has witnessed the emergence of modern retailing. Higher per capita disposable incomes, increasing urbanization, lifestyle changes leading to increase in the demand for packaged foods and ready-meals, increasing consumer desire for quality products in bright and sanitary environments, and increasing demand for one-stop shopping are causing modern retail to flourish. Freezers and Beverage coolers are deployed in large numbers by these modern retailers. According to Coherent Market Insights' analysis, the modern grocery retail market in SEA recorded sales of over US$ 504.3 billion in 2014. According to the same source, Vietnam registered the fastest growth of retailing business at CAGR of 11.2% from 2007 to 2014. These factors are expected to propel the SEA freezer & beverage cooler market growth over the forecast period.

Market Taxonomy

This report segments the SEA freezer & beverage cooler market on the basis of product type, capacity, door type and country. On the basis of product type, the SEA freezer & beverage cooler market is segmented into Ice-cream freezers, chest freezer, upright freezer, beverage coolers and wine coolers. On the basis of capacity, the SEA freezer & beverage cooler market is segmented into500 & above liters, 300 to 500 liters, 200 to 300 liters, 200 & below liters. On the basis of door type, the SEA freezer & beverage cooler market is segmented into 4 door & above, 3 door, 2 door and 1 door. On the basis of country, the SEA freezer & beverage cooler market is segmented into Indonesia, Vietnam, Thailand, Philippines and Malaysia

Key features of the study:

  • This report provides an in-depth analysis of the SEA freezer & beverage cooler market and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the south east asia freezer & beverage cooler market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the SEA freezer & beverage cooler market are AB Electrolux, Sharp Electronics Co. Ltd., Concepcion Industrial Corporation, Sanden Intercool, Frigoglass SA, Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.
  • The market players are focusing on strategic collaborations to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The south east asia freezer & beverage cooler market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the SEA freezer & beverage cooler market.

Detailed Segmentation:

  • SEA Freezer & Beverage Cooler Market, By Product Type:
    • Ice-cream Freezers
    • Chest Freezer
    • Upright Freezer
    •  Beverage Coolers
    • Wine Coolers
  • SEA Freezer & Beverage Cooler Market, By Capacity:
    • 500 & Above Liters
    • 300 to 500 liters
    • 200 to 300 liters
    • 200 & Below liters
  • SEA Freezer & Beverage Cooler Market, By Door Type:
    • 4 Door & Above
    • 3 Door
    • 2 Door
    • 1 Door
  • SEA Freezer & Beverage Cooler Market, By Country:
    • Indonesia
    • Vietnam
    • Thailand
    • Philippines
    • Malaysia
  • Company Profiles
    • AB Electrolux *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Sharp Electronics Co. Ltd.
    • Concepcion Industrial Corporation
    • Sanden Intercool
    • Frigoglass SA
    • Samemax Refrigeration Sdn Bhd.
    • GE Corporation
    • PT. Royal Sutan Agung
    • Hoshizaki Singapore Pte Ltd.
    •  Midea Group

 *Browse all the market data tables and figures on “SEA Freezer & Beverage Cooler Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Product Type
      • Market Snippet, By Capacity
      • Market Snippet, By Door Type
      • Market Snippet, By Country
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
  4. Impact of COVID-19 Pandemic on SEA Freezer & Beverage Cooler Market
    • Short Term and Long Term Impact, By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  5. SEA Freezer & Beverage Cooler Market, By Product Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • Ice-cream Freezers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Chest Freezer
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Upright Freezer
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Beverage Coolers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Wine Coolers
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. SEA Freezer & Beverage Cooler Market, By Capacity, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • 500 & Above Liters
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 300 to 500 liters
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 200 to 300 liters
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 200 & Below liters
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  7. SEA Freezer & Beverage Cooler Market, Door Type, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Segment Trends
    • 4 Door & Above
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 3 Door
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 2 Door
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • 1 Door
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  8. SEA Freezer & Beverage Cooler Market, By Country, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
    • Indonesia
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Capacity, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Door Type, 2020–2027 (US$ Million)
    • Vietnam
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Capacity, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Door Type, 2020–2027 (US$ Million)
    • Thailand
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Capacity, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Door Type, 2020–2027 (US$ Million)
    • Philippians
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Capacity, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Door Type, 2020–2027 (US$ Million)
    • Malaysia
      • Regional Trends
      • Market Size and Forecast, By Product Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Capacity, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Door Type, 2020–2027 (US$ Million)
  9. Competitive Landscape
    • Company Profiles
      • AB Electrolux
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sharp Electronics Co. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Concepcion Industrial Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Sanden Intercool
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Frigoglass SA
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Samemax Refrigeration Sdn Bhd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • GE Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Royal Sutan Agung
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hoshizaki Singapore Pte Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Midea Group
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse XX market data tables and XX figures on “SEA Freezer & Beverage Cooler Market-forecast to 2027”.

Frequently Asked Questions

The SEA freezer & beverage cooler market size was valued at US$ 596.8 million in 2019 and is estimated to exhibit a CAGR of 6.1% between 2020 and 2027.
Major factor driving the growth of SEA freezer & beverage cooler market during the forecast period is increase in packaged foods and non-alcoholic drink sales.
Major factors hampering the growth of the gas detection market during the forecast period is high switching cost.
Indonesia freezer & beverage cooler market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are AB Electrolux, Sharp Electronics Co. Ltd., Concepcion Industrial Corporation, Sanden Intercool, Frigoglass SA, Samemax Refrigeration Sdn Bhd., GE Corporation, PT. Royal Sutan Agung, Hoshizaki Singapore Pte Ltd., and Midea Group.
Beverage Cooler segment held the major market share in 2019 owing to increased consumption of soft drinks and nonalcoholic cool beverages.
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