PUBLISHER: The Business Research Company | PRODUCT CODE: 1572595
PUBLISHER: The Business Research Company | PRODUCT CODE: 1572595
Retail coolers are refrigeration units and cooling systems specifically designed for use in retail settings. They are crucial for preserving and displaying perishable items, ensuring that products such as food, beverages, and flowers stay fresh and appealing to customers.
Retail coolers come in various capacities under 10 quarts, between 11-25 quarts, between 26-50 quarts, and over 50 quarts. Coolers with a capacity of less than 10 quarts are the smallest, ideal for personal use or brief trips. These coolers are distributed through various channels, both offline and online, and are used for a range of purposes including camping and outdoor activities, travel and commuting, and medical storage.
The retail coolers market research report is one of a series of new reports from The Business Research Company that provides retail coolers market statistics, including retail coolers industry global market size, regional shares, competitors with a retail coolers market share, detailed retail coolers market segments, market trends, and opportunities, and any further data you may need to thrive in the retail coolers industry. This retail coolers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retail coolers market size has grown rapidly in recent years. It will grow from $2.20 billion in 2023 to $2.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The increase during the historic period can be attributed to the rising preference for alcoholic beverages, the growing number of hypermarkets, the increasing popularity of e-commerce, the rising use of smartphones, and the growing trend of fishing.
The retail coolers market size is expected to see rapid growth in the next few years. It will grow to $3.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth during the forecast period can be attributed to the rising demand for outdoor coolers, a boost in outdoor recreational activities, an increase in demand for energy-efficient coolers, a rise in the number of convenience stores, and a growing demand for frozen foods. Key trends in the forecast period include technological advancements, the development of new biodegradable and compostable packaging materials, the creation of lightweight and compact coolers, improvements in manufacturing technologies, and advancements in cold-chain packaging technologies.
The growing preference for alcoholic beverages is anticipated to drive the expansion of the retail cooler market. Alcoholic beverages, which contain ethanol, are consumed for their psychoactive effects that can range from mild relaxation and sociability to intoxication and impaired judgment. Increasing cultural acceptance, social traditions, and marketing efforts link alcohol with relaxation, celebration, and social interaction. Retail coolers enhance the accessibility and convenience of these beverages, making them more available to consumers. They play a crucial role in maintaining the quality, appeal, and regulatory compliance of alcoholic products, which in turn boosts sales and customer satisfaction. For instance, in April 2023, according to Beverage Daily, a UK-based association, the craft beer sector had an estimated retail dollar value of $28.46 billion in 2022, reflecting a 6% growth from 2021 and a 24.6% market share. Thus, the growing preference for alcoholic beverages is a key driver for the retail cooler market.
Major players in the retail cooler market are focusing on integrating in-store video screens to enhance customer engagement, deliver dynamic promotional content, and create a more interactive shopping experience. This technology involves embedding digital displays within cooler doors, transforming traditional refrigeration units into interactive advertising platforms that engage customers directly at the point of sale. For instance, Cooler Screens, a US-based retail technology firm, announced in January 2023 an expansion of its in-store video screen offerings. This advancement enables retailers to present targeted ads, promotions, and product information directly on cooler doors, thereby increasing customer engagement and potentially boosting sales. These screens offer features such as real-time content updates and tracking of customer interactions, providing valuable data to refine marketing strategies.
In May 2024, Dover Corporation, a US-based provider of equipment and components for the food retail, industrial, and energy sectors, acquired Hill Phoenix for an undisclosed amount. This acquisition allows Dover Corporation to broaden its product portfolio and service capabilities in food retail refrigeration systems for grocery stores, convenience stores, and other food retail establishments. Hill Phoenix, a US-based manufacturer of retail coolers, is now part of Dover Corporation's offerings.
Major companies operating in the retail coolers market are Carrier Global Corporation, Stanley Black & Decker Inc., Newell Brands Inc., Dometic Group AB, Hussmann Corporation, Beverage-Air, YETI Holdings Inc., Epta Group, Rubbermaid Commercial Products, Hillphoenix, Imbera, The Coleman Company Inc., Pelican Products Inc., True Manufacturing Co. Inc., Delfield, AHT Cooling Systems, DeWalt, Master-Bilt, Kysor Warren, Zero Zone, NorLake Inc., Koolatron Corporation, Grizzly Coolers LLC, Turbo Air Inc., Plastilite Corporation, Huntington Solutions, Igloo Products Corp., Bison Coolers, Polar Bear Coolers
North America was the largest region in the retail coolers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail coolers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail coolers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail coolers market consists of sales of display refrigerators, display freezers, refrigerated merchandisers, cooler cabinets, portable coolers, ice machines, walk-in coolers, and freezers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Coolers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail coolers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail coolers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail coolers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.