Wine Cooler Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

The global Wine Cooler market is expected to register a CAGR of around 6% over the period of 2022-2028. The rising popularity of wine in countries such as the U.S., The U.K., Spain, Italy, South Africa, and Canada, especially among young consumers, is projected to further fuel the demand. Growing production and consumption of wine on account of the rising disposable income, the surging trend of partying out, and the surging number of bars, pubs, and night club in the country is uplifting the demand for wine coolers. The average wine consumption in the United States reached 3.09 gallons per resident in 2020 up from 2.91 gallons in 2019. Moreover, as per the International Organization of Vine & Wine (OIV), the world drank 23.4 billion liters—or just shy of 6.2 billion gallons—of wine in 2020. Of that, Americans imbibed in 872 million gallons of their favorite vinos, putting us in the top spot for wine consumption.

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Moreover, the United States had approximately 56.06 thousand businesses in the bar and nightclub sector in the United States in 2020. The sector was forecast to grow to 60.14 thousand businesses in 2021. The emerging number of bars and nightclubs would further contribute to the forthcoming years as well.

According to UnivDatos Market Insights (UMI)’ research report “Global Wine Cooler market”, the market is expected to witness robust growth during the forecast period 2022-2028F. Rapid technological advancements are taking place in electronic devices. Manufacturers are focused on the 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, and mobile apps to control coolers are witnessing high demand. Consumer preference for wine is increasing; wide acceptability from restaurants of wine as flavor addition is increasing demand for wine. In 2017, over 900,000,000 gallons of wine were produced in the US, and in January 2019, there were 10,043 wineries making the leading US in wine consumption in the world. With the high production and consumption of wine is an increasing demand for coolers.

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Based on product, the market is classified into free-standing, countertop, and built-in. Freestanding wine coolers can stand independently of cabinets and walls in which appliances with built-in capability are placed. Typically, larger than built-in units, freestanding wine coolers are ideal for people who want to place their wine collections just about anywhere.

Based on application, the market is categorized into Residential, Commercial. Among these, the commercial segment is expected to witness the highest CAGR during the forecast period. An emerging number of pubs, bars, and restaurants across the globe is contributing to the growing share of this segment. Moreover, the increasing demand for various types of wine and their growing popularity among millennials is expected to bode well for segment growth.

North America to witness extensive growth

For a better understanding of the market adoption of the Wine Cooler industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, Rest of North America); Europe (Germany, France, Italy, Spain,The United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the growing production and consumption of wine on account of the rising disposable income, the surging trend of partying out, and the surging number of bars, pubs, and night club in the country is uplifting the demand for wine coolers. The average wine consumption in the United States reached 3.09 gallons per resident in 2020 up from 2.91 gallons in 2019.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Wine Cooler market are Whirlpool Corp., Electrolux AB, Haier Group Corp., SMEG S.p.A., Avanti Products, LG Electronics, BSH Home Appliances Group. (Siemens AG), EuroCave Group, Shenzhen VRBON Electrical Appliance Co. Ltd., Allavino.  Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Wine Cooler Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors' capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.  

Market Segmentation:

1.      By Product (Free-Standing, Countertop, Built-In)

2.      By Application (Residential, Commercial)

3.      By Distribution Channel (B2B, Specialty Stores, Online, Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (Whirlpool Corp., Electrolux AB, Haier Group Corp., SMEG S.p.A., Avanti Products, LG Electronics, BSH Home Appliances Group. (Siemens AG), EuroCave Group, Shenzhen VRBON Electrical Appliance Co. Ltd., Allavino.)

Key questions answered in the study:

1.      What are the current and future trends of the global wine cooler industry?

2.      How the industry has been evolving in terms of technology and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global wine cooler industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global wine cooler suppliers across various region and countries?