Rising popularity of wine in countries especially among young consumers and consumer’s improved lifestyle are the leading factors driving the global wine cooler market during the projected period.
According to TechSci Research report, “Wine Cooler Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Global wine cooler market is anticipated to grow at impressive rate through 2028 on account of increased wine consumption and from the adoption of innovative technologies for the wine cooler market. The primary driver of the wine cooler market’s growth is millennials’ rising consumption of both alcoholic and non-alcoholic wines. Owing to changing lifestyle of the people norms and growing awareness of the benefits of wine consumption. Additionally, the market for wine coolers is being driven by an increase in the availability of specially designed wine storage solutions, an increase in the health advantages of wine, such as lowering cholesterol and maintaining heart health, and an increase in disposable money.
Additionally, with the rising disposable income people are investing more in wine as an essential beverage at gathering with friends, family, and restaurants with this the demand of the wine coolers is increasing during the forecasted period. Sparkling wine is quite popular among young people due to its fizziness, which is another factor contributing to the growth of the wine cooler business. The global market for wine coolers is also driven by several additional characteristics of wine coolers, including improved product visibility, affordable cooling, convenient portability, and energy efficiency.
Manufacturers are increasing their investment in research and development, improving the features, and developing advanced technology in the wine cooler to maintain the taste and improve shelf life of the wine. For instance, Sillhoutte appliances launched a wine cooler named danbt SR001, which produces less noise from different models and maintains a constant temperature throughout the interior, has side walls for easy removal of individual bottle without disturbing other bottles, with triple panel low E glass protects the wine from UV light. Another wine manufacturing company named VinoTemp has introduced a BioBlu technology which produces less heat with the use of LED lighting and helps in reducing the growth of bacteria and mold.
In many developed countries, the retail sales of alcoholic beverages, particularly wines, are rising, which is also a key market-driving element for wine coolers. But while beer consumption has dropped by more than 5% over the past few years, demand for other alcoholic beverages like wine, whiskey, and vodka has continuously increased. North America is anticipated to hold a significant revenue share in the global wine cooler market because of increased consumer wine consumption. Due to changing customer preferences and growing usage of wine as a flavoring factor in restaurants, the demand for wine in the region is increasing.
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The wine cooler market is segmented based on the product type, door, application, distribution channel and region. The product type is segmented 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.
Key market players in the Wine Cooler market include:
- 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.
In a short period of time, Dunavox became the leader of the wine cooler industry. Wine storage, especially at home, can be difficult. They offer a variety of coolers, from those that can hold small, personal collections to equipment designed to maintain the proper climate for big collections. Some models are free-standing while others can be incorporated into your kitchen design.
Various companies provide wine coolers, such as Haier Group Corporation, a leading Chinese company in the home appliances, and are active globally. It creates, develops, manufactures, and markets products including refrigerators, air conditioners, washing machines, dryers, microwave ovens, mobile phones, computers, and televisions.
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“Wine coolers are used to maintain the constant temperature and chill wine so they are always ready to serve and can easily be kept at a steady temperature. Many wines get better with age and, with proper storage, can last for many years. As the wine is consuming by millennials with the new wine variants which is playing a significant role in boosting the wine cooler market. Additionally with the growth of restaurants, pubs, bars, and tourism industry etc. is the driving the growth of wine cooler in the forecasted period. . said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Wine Cooler Market, By Product Type (Free-standing, Countertop, Built-in), By Application (Residential, Commercial), By Region (North America, Europe, Asia-Pacific, Middle East & Africa, South America), Competition, Forecast & Opportunities, 2017-2027F”, has evaluated the future growth potential of wine coolers and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Wine Coolers globally.
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