Global Kegerators Market - 2022-2029

Global Kegerators Market - 2022-2029

Market Overview

Kegerators are especially designed to store and dispense beers and carbonated drinks. The kegerators keeps the carbonated drinks fresh for extended period of time. The product is used for dispensing wine, cold brew coffee and others. They use carbon dioxide to pressurize and dispense beverages from the keg. Kegerators are finding applications in commercial spaces, such as bars, hotels and restaurants. The significant millennial population, inflating disposable incomes and the escalating demand for low-alcoholic content beverages are driving the sales of craft beer across the globe. These players are also investing in research and development (R&D) to introduce kegerators with features such as LED lighting, 100% CFC free, reversible door, digital thermostat, frost-free operation, complete tap kit which are propelling the growth of the market.

The global kegerators market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.53% during the forecast period (2022-2029).

Market Dynamics: Growing beverages consumption drives the market growth

The growing beverages consumption globally has driven the growth of the market and many manufacturers are developing energy-efficient kegerators that consume less power than conventional beverage dispensers. According to the Beverage Trends Report of 2021 by Goliath Consulting Group in 2021, ritual zero proof announced the launch of its liquor replacement by rolling out its gin, whiskey, and tequila spirit alternatives at whole foods market stores in the U.S and also available on amazon. Increasing urbanization is further propelling the adoption of the beer predominantly in the youths. According to the National Survey on Drug Use and Health (NSDUH), in 2019, 85.6% of people ages 18 and older reported that they drank alcohol at some point in their lifetime, and 54.9% reported that they drank in the past month, 69.5% reported that they drank in 2018. The consumption of functional beverages has increased owing to the health benefits they offer. The kegerators assist in keeping the contents of kegs fresh and carbonated for an extended period due to which the market is impacting positively.

Market Segmentation: Residential kegerators segment accounted for the highest share in global kegerators market

In 2021, residential kegerators segment dominated the market, accounting for YY% of global sales. The residential kegerators are used in banquet halls, lawns, hotel terraces, sports arenas. The growing preference of draft beer has propelled the users to stock beer at home. The consumption of carbonated drinks has increased in demand as these beverages are used for refreshment. In May 2020, Good Earth, expanded its product offering in the U.K. the portfolio includes a range of fruit & herbal, green and black teas, and original and flavored kombucha, each blended with natural ingredients. So, in this way the brands are increasing their product line. Zero-proof spirits, alcohol-free cocktails, low calories, and low carb drinks are lately preferred by the consumers in countries such as the U.S. and U.K. Major retailers in the market for alcoholic and non-alcoholic drinks have been experiencing a surge in demand for such palettes with new flavors and premium ingredients. Thus, the demand for the residential kegerators is increasing owing to these factors as it is easy to store these beverages and further used afterwards.

Geographical Penetration: North America is the dominating region during the forecast period

North America is projected to be the dominating region due to the owing to shifting consumer preferences towards recreational activities, growth of hotels and lounges and others. Macro factors such as rising disposable income, growing retail market and urbanization accounted for this shift. Beer is the oldest and widely used alcoholic beverages in U.S and along with that advancement in beer brewing technologies have resulted in the emergence of wide-ranging products. According to the Portugal’s National Institute of Statistics, a volume growth in wine imports and exports are noticed with a volume growth of 11.5% and value up 26.6% which is a three-year comparison from 2018-2020. According to Wine growers, in Canada bottled wine exports totaled 1 million litres, valued at $23.5 million in 2021. In addition, Mexico accounted for the largest beer sales in 2020 and the per capita consumption is high in Mexico. All these factors are propelling the growth of the kegerators.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented Avanti Products (Croda International Inc.), Danby Products, DCS by Fisher and Paykel Appliances, Felix Storch Inc., Haier Group Corporation, Krups (Groupe SEB), Living Direct (Ferguson LLC), Nostalgia Products, US Cooler and Versonel among others. The top players are adopting some business strategies such as product launches, acquisitions and others for maintain their position in the market. In August 2022, Cooler Keg launched a draft system made of stainless steel that keeps kegs fully carbonated and frosty cold and it handles bubbly, hard seltzers, craft cocktails, soda, tonic, and others. In January 2022, Gaint loop launched new keg kaddy party panniers with the world’s first integrated solar-powered refrigeration system cooling a fully-sized 15.5-gallon keg and carbon dioxide injection.

COVID-19 Impact: Positive impact on the global kegerators market

The in-home consumption of beers and other beverages went up during the pandemic. Cider is an alcoholic beverage made from fermented juice of apples due to the COVID-19 impact while cider sales increased due to the shortage of beer during 2020 as consumers opted for cider as an alternative to beer. The sales of beverages were up to the mark as the supply of food products was insufficient as many of the manufacturers have shut operations due to shortage of labors along with the mass production shutdowns and supply chain disruptions. Moreover, the regular wine drinkers were consuming wine on roughly the same number of occasions as they were in pre-pandemic.

The global kegerators market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages