SEA FREEZER AND BEVERAGE COOLER MARKET ANALYSIS

SEA Freezer and Beverage Cooler MarketSize and Trends

The SEA freezer & beverage cooler market is estimated to account for US$ 957.5 Mn in terms of value by the end of 2027.

The demand for food and non-alcoholic drinks has increased significantly in South-East Asia in the recent past. According to the Coherent Market Insights’ analysis, the packaged food and non- alcoholic beverage market in the five major SEA countries reached US$92.4 billion in 2010. Indonesia had the highest packaged food sales in the region. According to the same source, Vietnam witnessed the fastest growth in retail sales of packaged food and beverages at CAGR of 14.7% from 2007 to 2014. Ice Cream, Chilled Processed Food, and Frozen Processed Food witnessed high sales growth in Indonesia. Furthermore, according to the same source, from 2006 to 2011, Indonesia witnessed the highest retail sales growth for packaged food and beverages, at 92.2%. Therefore, these factors are expected to drive growth of the SEA freezer & beverage cooler market during the forecast period.

The SEA freezer & beverage cooler market was valued at US$ 596.8 Mn in 2019 and is forecast to reach a value of US$ 957.5 Mn by 2027 at a CAGR of 6.1% between 2020 and 2027. 

Statistics:

Indonesia held dominant position in the SEA freezer & beverage cooler market in 2019, accounting for 30.9% share in terms of value, followed by Vietnam, Thailand, Philippians and Malaysia respectively.

Market Trends

1. Indonesia Trends

Indonesia is the largest populated country among the SEAn countries. Indonesia is also the fourth-most populous country in the world with 251.5 million people. The population is expected to reach 256.3 million by 2017 and 262.6 million by 2020. The country has witnessed a strong growth of GDP on a YoY basis for the last few years. The food and beverage industry is the largest in terms of volume when compared with other Southeast Asian economies. Due to the large proportion of the population that still has low incomes and low nutrition rates, fortified products and supplements are the main health and wellness products on the market although  Vie health and wellness as a broader food category is not really a popular concept in Indonesia. Typically, Indonesians purchase their groceries fresh every day, with traditional (non-modern) retailing controlling around 80% of the grocery market. However, more and more consumers are purchasing their groceries on a weekly basis from the growing number of hypermarkets, supermarkets, and convenience stores. Increasing urbanization has helped this growth, as more consumers are demanding and purchasing packaged foods, ready-meals, frozen foods, sauces, and dressings.

2. Vietnam Trends

Vietnam has been in transition from a centrally-planned to a market- based economy since the late 1980s. Vietnam's dynamic, young, and educated population with GDP per capita of US$ 3,750 and growing is one of the driving forces behind the foodservice sector. Also, the tourism sector is one of the largest contributors to Vietnam’s economy contributing US$ 6.3 billion in 2012 and US$ 6.7 billion in 2013 respectively. Total international arrivals reached 7.8 million visitors at the end of 2014 as reported by the department of Tourism Vietnam, Government of Vietnam.