India’s Cola Wars Are Turning Into a Fridge Gold Rush

India’s intensifying cola battle is creating an unexpected winner — refrigerator makers. As Reliance Consumer Products’ Campa Cola challenges the dominance of Coca-Cola and PepsiCo in the country’s fast-growing beverages market, companies are aggressively installing commercial refrigerators across small retail stores to push sales and improve visibility.

According to a Bloomberg report, this expansion is boosting demand for visi-coolers and commercial refrigeration systems, benefiting companies such as Blue Star, Voltas, Haier Appliances India and Western Refrigeration.

Mohit Sud, group president for Unitary Cooling Products at Blue Star, told Bloomberg that the segment is witnessing a “certain tailwind,” with growth running ahead of the company’s annual expansion rate.

Why Are Coolers Becoming Critical?

The fight for shelf space and distribution is at the centre of this strategy. In India, where neighborhood kirana stores and small eateries dominate retail, beverage companies often provide refrigeration units because many outlets lack the capital or space to install their own cooling systems.

Speaking during Varun Beverages’ earnings call last week, chairman Ravi Jaipuria said the industry is witnessing strong momentum due to rising competition and expanding consumption.

“There is definitely an uptick. Overall industry is growing, there is Campa in the market, they are growing the volumes in the market, and even Coke is growing,” Jaipuria said.

He added that beverage companies are collectively adding nearly half a million chilling units annually, while retailers themselves are purchasing another 400,000-500,000 coolers every year.

“So, there is a million chilling equipment, refrigerators going in the market on a year-to-year basis. That is expanding the market drastically,” Jaipuria said.

Big Opportunity Ahead

India’s commercial refrigeration market is expected to grow from $2.8 billion in 2025 to $3.9 billion by 2034, according to estimates by IMARC Group mentioned in the Bloomberg report.

Industry experts believe the ongoing cola war is accelerating investments in cooling infrastructure. Arvind Singhal, chairman at consultancy The Knowledge Company, told Bloomberg that every beverage brand wants stronger visibility through dedicated refrigeration units, especially as competition in the market intensifies.

Reliance’s Campa brand has achieved ₹4,700+ Cr gross sales in FY26 making it India’s 4th largest carbonated soft drinks brand with double digit market share in key markets, according to an investor presentation. Coca-Cola India, meanwhile, posted annual revenue of ₹51.7 billion in FY25, as per data from financial platform Tofler.

The report also cited a recent Crisil Ratings statement which said a hotter and longer summer this year could further lift demand for soft drinks, prompting companies to continue expanding production capacity and adding more visi-coolers across retail outlets.