India Wine Cooler and Chest Freezers Market: Snapshot
The market for wine cooler and chest freezers in India is being bolstered by a number of factors. At the forefront is the surging demand for processed foods and beverages brought about by the economic development in the country and rapid pace of urbanization that has not just upped the spending capacity of the people but also brought about changes in their lifestyle and eating habits. A rapidly expanding tourism industry is also said to be underpinning the growth in the market for it has led to the emergence of a copious number of hotels and cafes.
Apart from that, the India wine cooler and chest freezers market is being boosted by the increasing focus on food safety and quality regulations. Wine coolers and chest freezers keep food fresh and cool, thereby helping to lower operational costs.
In order to progress in the market, most companies are leveraging mergers and acquisitions, joint ventures, and partnerships. As per a report by Transparency Market Research, the India wine cooler and chest freezers market will likely expand at a 4.9% CAGR from 2017 to 2025 to reach a value of US$ 197.8 mn by 2025 from US$ 127.5 Mn in 2016.
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Chest Freezers Dominate Market because of Demand from Hospitality Sector
Depending upon the types of products, the two broad segments in the market are wine coolers and chest freezers. Among the two, the segment of chest freezers leads the market with a dominant share. In 2016, that dominant share stood at 65.0%. The market for chest freezers was worth US$82.3 mn in 2016. In the years ahead too, the segment is expected to hold on to its dominant share in the market in India. This is primarily due to the growth in the service and hospitality sector that consists of restaurants, food chains, and the tourism industries. Changing lifestyles and habits of consumers will also contribute to the growth in the segment. In terms of growth rate, however, the wine coolers market is slated to outpace chest freezers segment.
The market for wine cooler and chest freezer in India can be segmented on the basis of application into cold storage and warehouses, retail, food and beverage processing, and hospitality. Of them, the food and beverage segment outshines all others in terms of market share. Hospitality is another key segment that generates substantial demand in the wine cooler and chest freezer market in India.
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South India Market Shines due to Higher Spending Capacity of Denizens
Key regions in the India wine cooler and chest freezer market are North, East, South, and West India. South India, of them, is known to be a frontrunner in terms of revenue generation. This is mainly on account of high consumption of processed food and beverages in the region. The relatively higher economic growth in the region, in turn, is responsible to driving up demand by giving more money in people’s hands to spend.
