Beverage and wine coolers are used to preserve different type of beverages and wine in best possible conditions and to improve their shelf life. In need of versatile storage, these coolers are the perfect solution for chilling beers and sodas without freezing. The beverage and wine coolers have powerful cooling systems with a capability of reaching temperatures below 30 degree Celsius. According to the Coherent Market Insights analysis, the South East Asia beverage and wine coolers sensor market is expected to reach US$ 671.2 million by 2027 from 444.2 million in 2019.
South East Asia Beverage and Wine Coolers Market - Impact of Coronavirus (Covid-19) Pandemic
South East Asia beverage and wine coolers market has been impacted significantly by COVID-19, in terms of supply as well as demand. During Covid, the demand for wine coolers decreased due to uncertain job losses and upraised unemployment. For instance, according to a report published by the United Nations Sustainable Development Group, in Indonesia and Philippines, unemployment raised by 2.5% and 1.2% respectively in 2020. Moreover, the coronavirus pandemic affected the industries on many aspects including massive slowing of the supply chain, flight cancellations, closure of restaurants, travel bans and quarantines, falling business confidence, and growing panic among the population. This poised a noteworthy impact on South East Asia beverage and wine coolers market.
Indonesia is expected to hold dominant position in the South East Asia Beverage and Wine Coolers market during the forecast period.
Indonesia held a dominant position in the South East Asia beverage and wine coolers market in 2019, accounting for 43.8% share in terms of value, followed by Vietnam and Philippines.
Figure 1: South East Asia Beverage and Wine Coolers Market Share (%), By Region, 2019
Indonesia held dominant position in the South East Asia beverage and wine coolers market in 2019 and is estimated to retain its dominance throughout the forecast period. Indonesia is one of the most populated country in the South East Asia region. The population of the Indonesia accounted for 267.7 Million in 2018, according to the World Bank data. In addition to this, the GDP per capita income of Indonesia is increasing at a rapid pace. For instance, GDP per capita income of Indonesia increased from US$ 3,331.6 to 4,135.5 in the period of 2015 to 2019, according to the World Bank data. With the increasing per capita income, the spending power of people in Indonesia is also increasing. The people in Indonesia are expected to increase their spending on the grocery products such as beverages. Owing to the increasing population and spending power, the demand for the beverages in Indonesia is also expected to increase, which will fuel growth of the beverage and wine coolers market in South East Asia.
Major companies operating in the South East Asia beverage and wine coolers market include AB Electrolux, Frigoglass S.A.I.C., GE Corporation, ROYAL SUTAN AGUNG, SANDEN INTERCOOL PUBLIC COMPANY LIMITED, Liebherr, NewAir, EdgeStar, and GUANGZHOU LVNI COMMERCIAL REFRIGERATION CO., LTD.
|Base Year:||2019||Market Size in 2019:||US$ 444.2 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||5.1%||2027 Value Projection:||US$ 671.2 Mn|
Major companies operating in the South East Asia Beverage and Wine Coolers market include AB Electrolux, Frigoglass S.A.I.C., GE Corporation, ROYAL SUTAN AGUNG, SANDEN INTERCOOL PUBLIC COMPANY LIMITED, Liebherr, NewAir, EdgeStar, and GUANGZHOU LVNI COMMERCIAL REFRIGERATION CO., LTD.
|Restraints & Challenges:||
Among product type, beverage cooler segment is expected to dominate the market during the forecast period, owing to rising trend towards alcohol consumption
Beverage segment accounted for highest market share of 56.08% in 2019. The young population have started to tend to prefer exotic and trendy western food and drinks over traditional flavor. Moreover, the alcohol consumption in countries such as Vietnam, Laos, and Cambodia is also high. For instance, in 2017, average alcohol consumed by each person was 8.7 liter and 6.7 liter in Vietnam and Cambodia, according to Coherent Market Insight Analysis. Moreover, wine require coolers for storage. Thus, rapidly growing alcohol industry is expected to propel growth of the beverage and wine cooler market in the South East Asia countries including Indonesia, Cambodia, Vietnam, and Philippines.
Figure 2: South East Asia Beverage and Wine Coolers Market Value (US$ Mn), 2017 - 2027
South East Asia beverage and wine coolers market was valued at US$ 444.2 Mn in 2019 and is expected to reach US$ 671.2 Mn by 2027 at a CAGR of 5.1% between 2020 and 2027.
Beverage and wine coolers help the beverages to improve their shelf life by maintaining the optimum temperature. These coolers make the wine and beverages drinkable for a longer period and enhance the wine’s taste with aging, which is making it popular among wine and beverages consumers.
South East Asia beverage and wine coolers market is majorly driven by rising sales graph of alcoholic beverages, especially wines across Vietnam and Thailand. A majority of consumers prefer to buy wine bottle for in-house consumption which is leading to rising demand for beverage and wine coolers significantly. Moreover, inclination towards luxury kitchen setup with all the technologically advanced appliances, beverage and wine coolers are gaining popularity among households. In addition, increasing western influence and shift towards urbanization, the beverages and wine coolers market is anticipated to witness exponential growth during the forecast period.
Moreover, the consumer expenditure on wine and non-alcoholic beverages across SEA countries is gradually increasing, as compared to a decade back. For instance, according to Coherent Market Insights analysis, in 2016, consumer expenditure on beverages and wine in Vietnam was US$ 146.75 billion, which reached to US$ 185.24 billion by 2020.
This report segments the South East Asia beverage and wine coolers market on the basis of product type, door type, capacity range, and country. On the basis of product type, South East Asia beverage and wine coolers market is segmented into wine coolers and beverage coolers. By door type, the South East Asia beverage and wine coolers market is segmented into 1 door type, 2 door type, 3 door type, and 4 door and above type. Based on capacity range, South East Asia beverage and wine coolers market is segmented into 200 & below liters, 200 to 300 liters, 300 to 500 liters, and 500 & above liters. On the basis of country, South East Asia beverage and wine coolers market is segmented into Indonesia, Vietnam, Philippines, and Cambodia.
Key features of the study:
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Market analysis - Forecast to 2027’