Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wine Cooler Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The Global Wine Cooler Market is estimated to grow at a CAGR of around 6.0% during the forecast period 2021 to 2028 and to reach around US$ 4.4 Bn by 2028.
New product launches and rising demand for wine across the globe are major factors expected to drive the growth of global wine cooler market.
North America is expected account for significant revenue share in the global wine cooler market due to increasing consumption of wine from consumers. Consumer preference for wine is increasing; wide acceptability from restaurants of wine as flavor addition is increasing demand for wine in the region. In 2017, over 900,000,000 gallons of wine produced in the US and in January 2019, there were 10,043 wineries making leading US in wine consumption in world. With the high production and consumption of wine is increasing demand for coolers. California is a major exporter of wine accounting 95% of US wine export. In 2018 the wine export of the US reached US$1.46 Bn in value. Demand for flavored wine such as sangria, wine spritzers, and agave wine are gaining importance among consumers.
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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 in order to track the untapped market is expected to support the growth of target market. In addition, favorable business policies by the government and emergence of small & mid size enterprises with innovative solutions are expected to support the regional market growth.
Alcohol consumption is rising among consumers at a noticeable rate. Sale of spirits has gone up drastically across the globe. With social acceptance for alcohol consumption demand for various spirits and coolers is increasing this is expected to drive the growth of global wine cooler market. Rapid technological advancements are taking place in electronic devices. Manufacturers are focused on development of advanced fridges/coolers that aid consumers in keeping the wine safe and fresh. Features such as smudge-proof, internet-enabled touch screens and recipe guides, mobile apps to control coolers are witnessing high demand. Major players approach towards new product launch in order to attract new customers and enhance the business through acquisition is expected to augment the wine cooler market growth.
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In 2021, Zephyr, a global beverage storage solution provider launched “Preserve Single Zone Beverage Cooler and Dual Zone Wine Cooler” in the US market. Press is designed with all new innovative technology making it perfect for the storage of wine and beverage. The product launch is expected to help company enhance the business and increase the product portfolio.
In 2018, Vinotemp, a global wine storage solution provider launched a new line of “Private Reserve Series Wine Coolers.” The introduction of new line is expected to help company enhance the business and increase the customer base.
In addition, increasing acquisition activities by major players in order to enhance the business presence is expected to impact the growth of target market. In 2016, Electrolux AB, a global home appliance manufacturer acquired Vintec. The acquisition was focused on enhancing the Electrolux AB product line in climate-controlled wine cabinets. The acquisition helped the company to enhance the business in Asia Pacific market and increase the business. Factors such as high cost of coolers and availability of short term storage options are expected to hamper the growth of global wine cooler market.
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In addition, high cost of maintenance is expected to challenge the growth of target market. However, rapid technological advancement in coolers by manufacturers and introduction of AI in products for better cooling at lower cost are factors expected to create new opportunities for players operating in the wine cooler market over the forecast period. In addition, rising partnership between regional and international players is expected to support the revenue transaction of the target market.
The global wine cooler market is segmented into product and end use. The product segment is divided into free-standing, countertop and built-in. Among product the free-standing segment is expected to account for major revenue share in the global wine cooler market. The end use segment is bifurcated into residential and commercial. Players profiled in the global wine cooler market are Haier, LG Electronics, BSH Home Appliances Group, Climadi, Shenzhen VRBON Electrical Appliance Co., Ltd., Allavino, Avanti Products, Electrolux, Donlert Electrical Co. Ltd, and EuroCave Group.
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