The global wine cooler market is expected to grow at a CAGR of over 6% during the period 2020–2025.
The need to preserve the quality and avoid unwanted spoilage of wine is driving the global wine cooler market. Since wine becomes detrimental when exposed to air, it should be properly stored at a specific temperature. Therefore, the impressive growth in modern refrigeration technology, which includes thermoelectric and compressor cooling techniques, is influencing several vendors to adopt advanced, robust wine cooling systems across the globe. The availability of convenient temperature controls and separate shelves for red and white wine is influencing the wine storage market. Hence, the rapid growth in refrigeration technology has led to the adoption of wine coolers in the market.
As health-conscious consumers worldwide are oriented toward consuming low alcoholic drinks, which reduces cholesterol and strengthens the heart, the consumption is growing. Studies have revealed that wine helps to live longer, stay healthier, and even protect people against certain types of cancers. Hence, the proven benefits are helping to increase sales, which is favoring the growth of the wine cooler.
The following factors are likely to contribute to the growth of the wine coolers market during the forecast period: •Increase in the Global Consumption of Wine •Rise in Awareness of Health Benefits of Wine •Need to Curtail Bacterial Growth •Growth in Advanced Refrigeration Technologies •High Preference for Wine among Millennials
The study considers the present scenario of the wine cooler market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Wine cooler Market: Segmentation This research report includes detailed market segmentation by installation, technology, structure, application, distribution, and geography. Factors such as price and affordability are expected to bolster the application of free-standing coolers. They are inexpensive and can store up to 150 bottles. These chillers are designed for quick installation and easy maintenance; hence they are witnessing a large-scale adoption in commercial and residential sectors. The built-in wine cooler segment generated over $400 million in 2019. Compressor-based technology is likely to bolster the market during the forecast period. Compressor-based coolers have a high storage capacity; hence a large number of bottles can be stored at the specified temperature for a more extended period without relying on external temperatures. Vendors are likely to focus on regions such as India, the UAE, and China to increase the penetration of compressor-based products due to humid temperature conditions. Compressor-based technology is expected to be widely applied for dual zoned coolers in countertop and free-standing types owing to their impressive cooling systems.
Dual-zone cooler extensively caters to commercial spaces where the storage demand is high. They consist of two different sections with varying temperature options, thereby helping to store red and white wine at the same time. Single-zone cooling equipment is designed to hold a small number of bottles at a constant temperature. These coolers utilize thermoelectric cooling techniques and are witnessing adoption in the residential sector due to their energy efficiency. They are inexpensive and can hold up to 25 bottles. Single-zone cooling equipment is likely to witness increased sales in growing markets such as APAC, Latin America, and MEA.
The increased consumption of wine in restaurants, especially in Italy, Mexico, and the US is likely to emerge as a major driver of the growth of the commercial segment. Further, the increasing popularity of social drinking is expected to be a key influencer for the growth of commercial equipment. The growing disposable income, a high preference among millennials, and the need to prevent bacterial growth in drinks have led to the adoption of wine cooler in the residential sector. Wine has become an essential beverage in birthday parties and family reunions. Therefore, the increasing acceptance of the beverage in socializing events is a major contributor to the residential segment growth.
B2B channels are major distributors for wine cooler. The requirement of chillers is high in the business sector and is likely to be one of the major factors responsible for the growth of the market by 2025. Specialty stores cater to consumers in the residential sector. The consumers from APAC is likely to buy from these stores as they enable them to have a broad scope and knowledge regarding the working of a wine chiller. Moreover, new collection members are expected to acquire technological assistance from agents and supervisors in the store.
Market Segmentation by Installation •Free-standing •Countertop •Built-in Market Segmentation by Technology •Compressor •Thermoelectric Market Segmentation by Structure •Dual Zone •Single Zone Market Segmentation by Application •Commercial •Residential Market Segmentation by Distribution •B2B •Specialty Stores •Online •Others
Insights by Geography
Europe is expected to increase its revenue contribution on account of a large number of wineries and vineyards in the region. The growing number of export and import facilities from Italy, France, Germany, and Spain is expected to fuel the consumption of wine, thereby influencing wine cooler sales. The millennials in the UK and Italy are likely to be prominent in wine consumption and are expected to surpass baby boomers during the forecast period. North America is estimated to be the fastest-growing region across the world due to the rapid drinking among US and Canadian households. The increasing consumption among females, especially in New York, Texas, Florida, and California, is also likely to influence market growth. The US market accounted for more than 75% of the total wine cooler market in North America. The US has a presence of more than 100 wineries in 13 states. Freestanding cooler emerged as the largest segment by installation with a revenue contribution of over $350 million in 2019. The demand for the freestanding chiller is likely to increase due to a low number of persons per household in the US and Canada. The APAC region is expected to increase its revenue share due to the presence of Australian vineyards, which are one of the largest wine exporters in the world. The high alcohol consumption in the aging population of China and Japan is likely to boost the market.
Market Segmentation by Geography •Europe oUK oItaly oFrance oSpain oGermany •North America oUS oCanada •Latin America oBrazil oMexico •MEA oSouth Africa oUAE •APAC oChina oAustralia oJapan oSouth Korea oIndia
Insights by Vendors
The global wine cooler market is highly fragmented, with a large presence of vendors. The product is highly tech-oriented, and the difference lies in the application of advanced innovative technology at an affordable price. The cost factor significantly influences expensive chillers in developing countries such as India, where the middle-class population constitutes a major share of the total population. The penetration of the internet has increased product awareness and consciousness toward the cost-benefit ratio. Vendors enforce to think from the customer point of view, thereby trying to promote the value-oriented approach. Vendors gain an edge over their competitors by improving customer support, quality, and aftersales services. Europe and North America are the crucial markets for alcohol consumption. The competitors in these regions are expected to rely on wine cooler, which are energy-efficient, eco-friendly, and value-oriented. The acquisition of small and effective vendors can help large vendors to increase production and reachability. This strategy helps them to reduce competition and extend business opportunities with wide distribution channels.
Key Vendors •Haier •Electrolux •Viking Range •Vinotemp
Key Market Insights The analysis of the wine cooler market provides market sizing and growth opportunities for the forecast period 2020–2025. •Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the market. •Includes a detailed analysis of market growth drivers, challenges, and investment opportunities. •Delivers a complete overview of market segments and the regional outlook of the market. •Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the market.
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