South East Asia Beverage and Wine Coolers Market, by Product Type (Wine Coolers and Beverage Coolers), by Door Type (1 Door Type, 2 Door Type, 3 Door Type, and 4 Door and Above Type), by Capacity Range (200 & Below Liters, 200 to 300 Liters, 300 to 500 Liters, and 500 & Above Liters), and by Country (Indonesia, Vietnam, Philippines, and Cambodia) - South East Asia Forecast to 2027, is expected to be valued at US$ 671.2 million by 2027, exhibiting a CAGR of 5.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Beverage and wine coolers are used to preserve the quality and taste of these drinks. These coolers come with dual cooling technology, designed either with compressor-based or thermoelectric cooling systems. The dual zone cooling settings help in keeping the drinks in best possible conditions. The coolers come with wide variety of door types, and capacity range, which accommodates the user specific needs. Rising popularity of wine and beverages in South East Asian (SEA) countries such as Indonesia, Vietnam, and others especially among young consumers, is expected to surge demand for beverage and wine coolers during the forecast period.
South East Asia beverage and wine coolers market was accounted for US$ 444.2 Mn in terms of value in 2019 and is expected to grow at a CAGR of 5.1% for the period 2020-2027.
Countries in the SEA region majorly rely on traditional food markets, kiosks, food stalls, and small independent grocery retail shops for retail shopping. However, in the last few years, the pattern for retail shopping has been changing in the SEA regional countries including Indonesia, Vietnam, Philippines, and Cambodia. The growth in the SEA region is majorly attributed to the increasing per capita disposable income of regional countries, increasing number of urban living people, change in lifestyle, which leads to an increase in demand for packaged food or ready-to-eat food, increase in demand for one-stop shopping malls, and increase in demand for quality food items. According to Coherent Market Insights’ analysis, the urbanized population in Cambodia is 53% of overall population. Owing to this, freezers and beverage coolers are majorly getting deployed at large retail shops.
In addition, the retailing business is not equally distributed among these SEA countries. In some countries such as Cambodia, Philippines, and Vietnam, the retail business is highly fragmented. Moreover, in a developing country such as Indonesia, the penetration of organized food and grocery retail is increasing, which is expected to be a lucrative opportunity for players operating in the beverage and wine coolers market. For instance, according to Coherent Market Insights analysis, the retail market in Indonesia is expected to witness a growth rate of 5.8% over the year 2020-2023, which is expected to drive the market growth.
The major retail brands operating in Indonesia include Alfa Mart, Indomaret, Carrefour, Hypermart, Lotte Mart, Hero, and Super Indo. In the Philippines 7-Eleven, Ministop, Puregold price club, SM Hypermarket, SM Supermarket, Walter mart, Robinsons Supermarket are the major operating retail companies while 7-Eleven, Makro, Family mart, Tesco Lotus express, Big C, Tesco Lotus, Carrefour, Tops Super & Market, Villa Market, Talad Lotus, and Foodland.
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. According to CMI’s analysis, over 47% of global electronic equipment manufacturers have reported that COVID-19 has directly impacted their short-term strategic plans, and also impacted their revenue for the financial year 2020. This also affected electronic sector in South East Asia.
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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.
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