The back bar coolers market size is estimated to expand to a valuation of US$ 5.7 billion in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033 and reach US$ 11.02 billion in 2033.
Data Points
Key Statistics
Expected Market Value (2023)
US$ 5.7 billion
Anticipated Forecast Value (2033)
US$ 11.02 billion
Projected Growth Rate (2023 to 2033)
5.2% CAGR
With millennials increasing their intake of alcohol, the back bar coolers industry is poised to expand in the coming years. In addition, the beverage industry continues to witness a rise in demand for back bar coolers. Back bar coolers with different attributes, including cost-effective cooling, ease of handling, and vitality competence, are filling the sales growth for back bar coolers.
The beverage market's expansion is anticipated to push the market during the prediction period. According to Statista's most recent report, revenue in the Beverages segment is expected to reach US$235.00 billion in 2023. The majority of revenue is produced in the United States, with an estimated value of US$91,030.00m in 2023. By 2027, the consumer base in the Beverages segment is projected to exceed 1,454.00 million.
Back bar coolers have crucial aspects such as higher efficiency, elegant intrigue, and increased functionality. The automakers' quick revolutionary advancements in back bar coolers have improved significantly from all three perspectives. Back bar coolers, for instance, are now equipped with moisture level and thermal management settings to maintain the best flavors and aspects of the products.
Furthermore, standardized electronics and inventive technological developments have transformed the efficiency of back bar coolers in the industry. Furthermore, the next decade will witness the rise of IOT-controlled wine coolers, which is projected to increase the market revenues of back bar coolers.
Back bar coolers are in great supply as they provide invaluable assistance in maintaining booze, toppings, mixers, and drinkware cool. Furthermore, as the proportion of microbreweries and breweries grows in nations like India, China, and others, the business for back bar coolers develops.
The industry for back bar coolers is ripe with potential, particularly for emerging nations and the release of novel products. Numerous companies are continuing to invest more in product development and back bar cooler study and development in order to produce advanced and sophisticated back bar coolers.
Furthermore, the administration underpins regulations and norms governing the outflow of ozone-harming compounds from cooling systems. Thus, the procedure for long-term resilience in the worldwide back bar coolers business is producing and spurring energy-efficient items.
North America is currently the market leader for back bar coolers. The increasing adoption of alcoholic beverages in a specific region, as well as technological developments, are influencing the back bar cooler market in North America. Furthermore, the growing hospitality industry in the United States and Canada will push market growth in North America over the forthcoming years. As reported by the National Restaurant Association of the United States, restaurant business sales in the United States reached approximately USD 863 billion in 2019, offering numerous opportunities for the back bar coolers growing market.
Back bar coolers are anticipated to be a lucrative business in Europe and Asia Pacific in the near future. With rapid urbanization expansion in the region, increased utilization of alcoholic drinks, and less stringent government regulations, the Asia-Pacific region is predicted to experience significant growth throughout the second half of the forthcoming years.
On the other hand, because of the existence of leading beverage production firms in this region, the European market is experiencing a significant rise. Beverage manufacturers are investing in sophisticated back bar coolers to keep drinks fresh. Besides this, the dynamically growing hospitality sector, particularly in France, the United Kingdom, and Germany, has prompted regional businesses to employ this equipment.
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Global Back Bar Coolers Market Outlook
With the rise in the consumption of alcoholic products amongst millennials, the back bar cooler market is set to follow a promising growth direction in the near future. Also, the beverages industry keeps an upswing demand for back bar coolers. Different characteristics of back bar coolers, such as cost-effective cooling, easy portability, and vitality proficiency are filling market growth for back bar coolers.
Global Back Bar Coolers Market: Market Dynamics
Drivers for Back Bar Coolers Market
Vitality productivity, stylish intrigue, and greater functionality have been the vital features of back bar coolers. All three viewpoints have been enormously enhanced with quick innovative progressions in the back bar coolers by the manufacturers. For instance, back bar coolers are currently outfitted with moistness level and temperature control settings to keep up the ideal taste and attributes of the products.
In addition, streamlined electronics and innovative technological advancements have overhauled the performance of back bar coolers in the market. Besides, the forthcoming decade will observe the ascent of IOT-controlled wine coolers, which in turn is expected to boost the sales of the back bar coolers market.
Trends for Back Bar Coolers Market
The demand for back bar coolers is increasing day by day as back bar coolers provide immeasurable support in keeping booze, garnishes, mixers, and drinkware nicely chilled. Further, the increase in the number of microbreweries, and brewpubs in the countries such as India, China, and others increases the demand for back bar coolers in the market.
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Opportunities for Back Bar Coolers Market
The back bar coolers market is full of opportunities, especially for emerging countries and launching new innovative products.
Key companies such as
Arneg India Pvt. Ltd.
Everest
Liebherr USA, Co.
Procool
Hobart Canada
Hussmann Corporation
and many others are investing more in product innovation and in research & development of the back bar coolers so as to manufacture innovative and smart back bar coolers.
Further, the self-cleaning and automatic back bar coolers are becoming more popular as they are equipped with temperature control settings and humidity level. Back bar coolers manufactured utilizing IoT should be the following new innovation in the worldwide back bar coolers market.
Moreover, the government underlying the policies and standards with respect to the outflow of ozone harming substances from cooling devices.Thus, manufacturing, propelling energy and efficient products is the methodology for long-term strength in the global back bar coolers market.
Challenges for Back Bar Coolers Market
From winemakers to bars, and pubs, the impact of coronavirus has been devastating. Also with the lockdown by the government in various countries has laid down the demand for beers, and other alcoholic products which further had affected the demand for back bar coolers. Moreover, the stringent regulation posed by the government agencies regarding public health, safety, and sustainability is restraining growth of the back bar coolers market
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Global Back Bar Coolers Market: Key Players
Some of the key players operating in the global back bar coolers market are
Arneg India Pvt. Ltd., Everest,
Liebherr USA, Co.
Procool, Hobart Canada
Hussmann Corporation
Migali Industries Inc.
Hoshizaki Corporation
Anthony Inc.
Epta Refrigeration
Beverage-Air Corporation
Dalian Sanyo Cold-Chain Co. Ltd.
True Manufacturing Co., Inc.
TSSC Co. LLC
Turbo Air Inc.
Back Bar Coolers Market: Regional Outlook
The back bar coolers market is classified into seven key areas: Oceania, Latin America, Europe, East Asia, North America, South Asia, and the Middle East & Africa. North America currently dominates the back bar coolers market. The rising demand for alcoholic beverages in a particular region and technological innovations are driving the back bar coolers market in North America.
Europe and the Asia Pacific are expected to have a lucrative market for back bar coolers in the foreseeable future. The Asia Pacific is expected to experience tremendous growth in the latter half of the forecast period with the rapid urbanization growth in the region, increase in consumption of alcoholic beverages, and as well as less strict government guidelines.
Regions and Countries Analyzed in the Report
North America (USA, Canada)
Latin America (Mexico, Brazil, Rest of LATAM)
Europe (Germany, United Kingdom, France, Italy, Spain, Poland, Russia, Rest of Europe)
East Asia (China, Japan, South Korea)
South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
Oceania (Australia, New Zealand)
Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Global Back Bar Coolers Market: Market Segmentation
