Some of the main players in the India wine cooler and chest freezer market are AB Electrolux, Haier lnc, Kieis Ltd., Elan Professional Appliances Pvt. Ltd, Westinghouse Electric Corporation, Rockwell Industries Ltd., The Middleby Corporation, Western Refrigeration Private Limited, Whirlpool of India Limited, and Williams Refrigeration. Such companies are known to have leveraged strategic partnerships, joint ventures, and carefully-considered mergers and acquisitions to diversify their product portfolios, increase their customer base across geographies, and thus expand their market shares.
India is one of the key markets for wine cooler and chest freezer in Southeast Asia. A report by Transparency Market Research forecasts the market in India to expand at 4.9% CAGR during the period between 2017 and 2025. Rising at this rate, the report expects the market to attain a value of US$ 197.8 mn by 2025 from US$ 127.5 mn in 2016.
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Economic Development in South India makes it Top Market
The TMR report finds that the segment of chest freezers accounted for a dominant share in the market – about 65.0% – in 2016. In the years ahead too, the chest freezer segment is predicted to retain its leading position due to the expansion in the service and hospitality sector comprising of restaurants, food chains, and the tourism industries. Changing lifestyles and habits of consumers will also contribute to the growth in the segment.
The TMR report throws light on the regional markets in North, East, South, and West India. Among them, the wine cooler and chest freezer market in South India grosses maximum revenue. This is because of the high consumption of processed food and beverages in the region, which in turn is on account of the increasing spending capacity of the people in the region due to its comparatively higher economic growth.
Surging Demand for Processed Foods and Beverages Boosts Market Majorly
Majorly boosting the market for wine cooler and chest freezer in India is the massive uptake of processed foods and beverages. This has been primarily stoked by the economic development of the nation which has not just increased the average disposable income of the people but also brought about changes in their lifestyle and consumption patterns. A booming tourism industry too is said to be boosting demand.
Food Safety and Quality Regulations Results in Higher Uptake
In addition, the lead analyst of the of the TMR report also factors in the growing thrust on food safety and quality regulations as a prominent growth driver in the market for wine coolers and chest freezers in India. “Wine coolers and chest freezers help in keeping food fresh by keeping them cool and also help in bringing down operational costs,” explains the analyst.