Wine Cooler Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F
The global wine cooler market is anticipated to project robust growth in the forecast period on account of increasing consumption of wine across the world. Increased popularity of wine in various countries such as United States, United Kingdom, Spain, Italy, South Africa, and Canada among young consumers is anticipated to fuel the demand of wine cooler market across the globe.
The theory of keeping wine at the ideal temperature while in storage is essential for the ageing process to go smoothly. A wine refrigerator or cooler assists keep the wine drinkable for a considerably longer period and enhances the flavor of wine, which is an ideal driving factor enabling the market to rise in the forecast period. It is also called wine fridge, wine chiller which are interchangeable terms used for wine cooler.
Major players' approach to new product launches to bring in new clients and extend their businesses is anticipated to accelerate the growth of the wine cooler market. For instance, in 2021 Zephyr, a global producer of beverage storage solutions, introduced a Preserve Single Zone Beverage Cooler and a Dual Zone Wine Cooler. Additionally, Vinotemp Company launched a new wine cooler with cutting-edge features like a front exhaust, dual temperature zone chilling, and a 300-bottle capacity. Therefore, the installation of advanced technology in wine coolers, such as internet-enabled touch screens, recipe guides, smudge-proof, and mobile apps to operate coolers, presents a significant growth opportunity for the wine cooler market throughout the duration of the forecast period.
Also, the Signature Kitchen Suite have the business' Wine Cave Technology, which offers features such as reduced vibration, temperature fluctuations, light exposure, and optimized humidity. In the forecast period, the global wine cooler market is expected to foster on account of development and adoption of smarter wine coolers.
Wine consumption in American households is on the rise, which can be linked to the increase in product adoption and consumption. Wine coolers are a basic requirement because consumers frequently purchase these and store bottles at home. The market has been expanding because of product launches which have improved insulation on both the cabinet and the door. Through a central control panel, customers may control LED lighting as well as monitor and set their temperature zones.
Due to rising consumer wine consumption, North America is anticipated to hold a considerable revenue share in the global wine cooler market. The region's demand for wine is rising because of rising consumer preference and restaurants' widespread acceptance of wine as a flavoring agent. The market in Asia Pacific is expected to witness faster growth in the target market due to high alcohol consumption in countries such as China and India. Demand from residential sector for wine coolers is increasing. Consumers demand for imported wine is increasing and approach towards keeping the wine cool and safe from bacteria is increasing demand for coolers. Major players approach towards enhancing the business in developing countries to track the untapped market is expected to support the growth of target market.
Based on the product type, free-standing wine cooler is the leading segment. It is anticipated to maintain its leading position throughout the forecast period. Manufacturers are constantly producing new products with wider dimensions in this category to provide enlarged storage area. The second-largest market share in terms of revenue belonged to countertops, and it is anticipated that they would see the fastest growth rate throughout the forecasted period. Based on the application category, commercial wine coolers of the global wine cooler market will continue to lead the market. Increased demand for wine coolers in hotels, restaurants, bars, and pubs are contributing to the increased demand of the wine coolers in commercial segment.
Rapid Technological Advancements Fueling the Market Growth
Electronic devices are rapidly advancing in technological capability. Manufacturers are concentrating on the manufacturing of sophisticated refrigerators and coolers that help consumers keep the wine secure and fresh. Mobile apps to operate coolers are in high demand, as are features like smudge-proof, internet-enabled touch screens and recipe manuals. The strategy taken by the major players to new product launches to draw in more clients and increase their business through acquisitions is anticipated to boost the market growth for wine coolers.
Rising Retail Sales of Wine across the World Driving the Market Growth
The retail sales of alcoholic beverages, especially wines, are increasing in many developed nations, which is also a major market-driving factor for wine coolers. However, over the last years, demand for other alcoholic beverages—such as wine, whiskey, and vodka—has steadily increased while beer consumption has decreased by more than 5%. Over the projection period, it is anticipated that increase demand will translate to increased sales of wine coller.
such demand trends would dominate the wine cooler market. Wine coolers are an excellent option for consumers in the trend of luxury kitchen setup, where consumers are looking to combine high-tech appliances for their kitchens as well as their homes.
Rise in the Awareness of Health Benefits of Wine Consumption Driving the Market Growth
The demand of the wine cooler has been growing due to the rise in the awareness regarding the advantages of wine consumption. For instance, drinking red wine enhances the health of the cells lining the blood vessels, which helps to improve blood flow and heart health and lowers the risk of apoptosis, according to researchers at the Israel Institute of Technology. These advantages contribute to a rise in demand for the wines that drive the wine cooler market.
The global wine cooler market is segmented based on product type, door, application, distribution channel, region, and competitional landscape. Based on type, the market is fragmented into free standing, built-in, by door the market is segmented into left-side door, right-side door, dual door, others, based on application, the market is segmented into retail, wine shops, restaurant, PBCL (pubs, bars, clubs and lounges), residential, others (entertainment industry, cafeterias, cafe, etc.), in terms of distribution channel, the market is divided into distributor/dealer sales, direct sales, hypermarkets/supermarkets, online, and others (specialty stores, exclusive stores, etc.The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Dunavox Ltd., Haier Group Corporation, Shenzhen VRBON Electrical Appliance Co., Ltd., Electrolux AB, Eurocave SAS, Avanti Products Inc, La Sommeliere Int. SAS, LG Electronics, BSH Home Appliances Group, Climadiff S.A. are among the major market players in the global wine cooler market. Players in the market are implementing merger and acquisition tactics to improve their product offerings. Additionally, businesses employ innovative technologies as they concentrate on increasing their manufacturing capacity.
In this report, the global wine coolermarket has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
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