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South East Asia Beverage & Wine Coolers Market value over $671.2 million by 2027
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Saturday, 24 July, 2021, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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South East Asia Beverage and Wine Coolers Market, is expected to be valued at $ 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 thermo-electric 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 $ 444.2 million in terms of value in 2019 and is expected to grow at a CAGR of 5.1% for the period 2020-2027.
Market Dynamics
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.
The urbanised 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 organised 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, 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 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 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.
Key Trends and Analysis of the South East Asia Beverage and Wine Coolers Market:
The increasing urbanisation rate and the growth of the BPO (Business Process Outsourcing) as well as the KPO (Knowledge process outsourcing) industry in the SEA counties such as Indonesia, Vietnam has made life more sophisticated and busy for the country’s population. Moreover, frozen and the packed food outlets satisfies consumer’s food requirements.
This makes a huge opportunity for large frozen and packaged food players and refrigeration equipment manufacturers for the commercial application, to start a business in the SEA region. In the year 2015, the degree of urbanization in Indonesia was 53.3%, which increased to 56% by the year 2019.
Moreover, growing industrialisation is witnessed in many Southeast Asian countries such as Indonesia and Vietnam. In these countries, Government is taking several initiatives for boosting the manufacturing capacity in-country. This is influencing several multinational companies and beverage and wine cooler manufactures to start their operations in these countries.
For instance, the Vietnam Government is focusing to increase the contribution of the industrial sector by over 40% of GDP by the year 2030.
Furthermore, low labour cost is also encouraging beverage and wine cooler manufactures to set up their manufacturing plant in South East Asia countries. For instance, global food industry giants such as KFC, Pizza Hut, and McDonald’s have entered South East Asian countries such as Vietnam and Indonesia. These mentioned companies utilise beverage coolers to store their products.
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