Global Wine Coolers Market - 2022-2029

Global Wine Coolers Market - 2022-2029

Market Overview

The global wine coolers market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Wine coolers are electronic consumer goods and gadgets used to cool or lower the temperature of the wine. They keep wine chilled, stored, and preserved inside bottles. These wine coolers assist in maintaining the proper temperature and humidity for the wines. A wine fridge or cooler keeps wine drinkable for a longer amount of time and improves the flavor of wine, which is a key factor driving market growth throughout the projection period. Increasing consumption of wine across the world is one of the main factors fueling the product demand.

Market Dynamics:

Increase consumption of wine in the food & beverage industry

Over the forecast years, the wine cooler market is likely to be driven by increased awareness of the advantages of wine drinking and the increasing availability of specially customized wine storage products. A growing number of wine varietals accessible and a greater focus by manufacturers on producing innovative and technologically advanced products are all contributing to the wine cooler market's growth. Retail sales of alcoholic beverages, particularly wines, are increasing in many major countries worldwide, which is a primary driving force behind the market for wine coolers and refrigerators.

The growing popularity of sparkling wine, particularly among party circuits, is expected to fuel the demand for wine coolers. Wine consumption is expected to rise as people become more aware of its heart-healthy effects, such as decreasing cholesterol and strengthening the heart. Over the projected period, the market is expected to be driven by rising wine consumption, particularly among young and health-conscious customers.

Market Segmentation:

Free standing segment accounted for the highest share in global wine coolers market

In 2021, the market share of freestanding wine coolers was XX percent. It is predicted to maintain its dominant position and grow at a CAGR of XX percent over the forecast period. Freestanding wine coolers are made freestanding as they are designed with a vent on the back of the cooler. Manufacturers are always launching new products in this category with larger dimensions to provide more storage space.

In 2021, the commercial segment had a market share of XX percent. Throughout the forecast period, this segment is expected to remain dominant. The increasing consumption of wine worldwide is the primary driver of sector growth. Furthermore, rising demand for various types of wine and their growing popularity among millennials are likely to boost the segment's growth. Shifting consumer preferences, the availability of a wide range of flavors, and increased consumer spending power are all projected to positively impact worldwide alcohol demand patterns. For example, millennials prefer beer to wine and other alcoholic beverages. However, beer consumption has decreased by more than 5% in the recent decade, while demand for other alcoholic beverages such as wine, whiskey, and vodka has increased steadily.

Geographical Penetration:

Asia-Pacific is the fastest growing region during the forecast period

Due to rising wine consumption, Asia Pacific is predicted to grow at the fastest CAGR of XX percent throughout the projection period. Furthermore, the beverage's rising popularity among young people in China, India, and Indonesia, among other nations, is expected to boost product demand in the coming years. China leads the global market in wine coolers and refrigerators production, accounting for most of the global market. The wine cooler industry in Asia-Pacific is expected to grow rapidly as western influence grows in the region.

Due to rising knowledge of the health advantages of wine, North America will maintain a substantial proportion of the global market in 2021. Due to the increased in-house consumption of wines and other alcoholic beverages in the region, North America has been the leading consumer of wines in recent years, with the wine coolers market expected to be the largest in the region.

Competitive Landscape:

The global wine cooler market is largely fragmented, with participation from major electronic appliance manufacturers around the world and a few wines cooler-specific companies. The key market players are Dunavox, Avanti Products, Haier Group, Shenzhen VRBON Electronic Appliance Co., Electrolux, and Eurocave SAS, among others. Most of the companies engaged in the business focus on technological advancements as one of their leading strategies. For instance, in May 2019, Vinotemp announced the extension of their wine storage solution with the commercial launch of “Vinotemp Wine Vault,” with the product offering capacity of 30 wine racks and customized cooling and humidity control.

COVID-19 Impact:

Negative impact on the global wine coolers market

The demand for alcoholic beverages has declined marginally during the COVID-19 pandemic. The global shutdown hampered the distribution of alcoholic beverages. Due to the lockdown, bars, restaurants, pubs, and breweries were forced to close, and client visits were severely restricted. Due to many store closures, economic turbulence, and rising unemployment rates worldwide, the COVID-19 pandemic affected the market studied, leading to a decline in consumer purchasing power and a shift in consumer preferences away from alcoholic beverages such as wine.

Why Purchase the Report?

Understand the current market scenario and viability of global wine coolers market over the forecast period

Visualize the composition of the global wine coolers market in terms of product, temperature zones and application to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global wine coolers market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global wine coolers market report would provide an access to approximately 61 market data tables, 52 figures and 185 pages.

Target Audience:

Alcoholic Beverages Manufacturers

Electronics Manufacturers

Import and Export Companies

Industry Investors

Education & Research Institutes

Research Professionals