Wine cooler market is projected to grow at a promising pace with a healthy CAGR of 5.6% through the course of forecast period (2019-2029). The market will garner prominence on the back of heightened demand in hospitality, and food & beverages industries. Moreover, increased product launches owing to technological innovations is driving the market growth, finds a new Future Market Insights (FMI) report.
Owing to rising consumption of alcoholic and non-alcoholic wines amongst millennials, the wine cooler market is set to follow a promising growth trajectory over the course of following years. The market is projected to exhibit a steady 5.6% CAGR through the forecast period (2019-2029). The flourishing food and beverages industry continues to generate an upswing in demand for wine coolers.
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Various attributes of wine coolers such as easy portability, enhanced product visibility, cost-effective cooling and energy efficiency are fueling market growth. On that premise, the global wine cooler market was valued at a staggering US$ 2 Bn in 2018 and its rising aesthetic value is surging the demand for wine coolers in hospitality industry.
Attributes such as enhanced functionality and aesthetic appeal have contributed to the growth of wine cooler market. Internet of Things will play a pivotal role in product development through the projected period. Moreover, manufacturers continue to launch eco-friendly wine coolers to reinforce their sustainable practices.
Key Takeaways of Wine Cooler Market Study
- Food & beverages industry continues to generate substantial demand for wine coolers, with hospitality closing in.
- Europe and North America collectively occupy approximately 66% of revenue share.
- Consumers in developing countries will account for greater consumption of wine coolers through 2029.
- Eco-friendly products will gain traction through the forecast period owing to increased government incentives and consumer preferences.
Leaders in the global wine cooler market must adopt multipronged strategies such as product development, joint ventures, and M&A to revitalize their global presence and competitive ascendancy.
Wine cooler market in developing countries will gain noteworthy momentum through the forecast period. Consumers in emerging economies such as India and China have greater spending capacity owing to rise in working population and higher net worth incomes. Moreover, the surging demand can be ascribed to consumers’ improved lifestyle. The heightened demand for wine coolers is underpinned by the thriving tourism industry in these countries.
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Compititive Analysis:
Some of the prominent players profiled in the global wine cooler market study include, Allavino Company, Climadiff, AGA Marvel, LG Electronics Inc., General Electric Company, Robert Bosch GmbH, Siemens AG, Viking Range, LLC, and Haier Group Corporation. The global wine cooler market is a competitive and swiftly growing industry.
Market leaders continue to acquire regional companies, forge partnerships and form joint ventures to fortify their global presence. Their key strategies include new product launches, R&D to garner stronger market foothold. For instance, Smeg UK Ltd. launched under-counter and integrated wine cooler versions with touchscreen technology which bolstered its market presence.
By Segment:
The global wine cooler market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
Installation
- Built-in
- Countertop
- Freestanding
End-use Industry
- Commercial
- Residential
Region
- North America
- Latin America
- Europe
- MEA
- Asia Pacific
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Energy efficiency, aesthetic appeal, and greater functionality have been the primary areas of research in wine cooler market. All three aspects have been greatly enhanced owing to expeditious technological advancements. For instance, novel wine coolers are now equipped with humidity level and temperature control settings to maintain the optimal taste and characteristics of the wine.
Moreover, optimized electronics and innovative technological solutions have upgraded the performance of wine coolers. For instance, Vinotemp Company launched a new wine cooler which is accoutered with features such as front exhaust, dual temperature zone cooling and 300-bottle capacity. Moreover, the upcoming decade will witness the rise of IOT-powered wine coolers.