The market for wine coolers is anticipated to expand with a respectable CAGR of 5.6 percent throughout the forecast period (2019-2029). The market will become more well-known as a result of increased demand in the hospitality and food and beverage sectors. According to a recent Future Market Insights (FMI) analysis, more product launches brought on by technology advancements are also fueling the market’s expansion.
Features like improved functionality and aesthetic appeal have helped the wine cooler market expand. Through the anticipated period, the Internet of Things will be crucial to product development. Additionally, companies keep releasing environmentally-friendly wine coolers to promote their sustainable business methods.
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 the 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.
Heightened Per Capita Consumption of Wine Sustaining Growth of Wine Cooler Market
The market for wine coolers is expanding due to millennials’ increasing per capita wine consumption. The demand for wine coolers is skyrocketing due to the expanding hospitality sector in developing nations. A big growth contributor is consumers’ growing preference for products with improved visibility and use. The market is expanding due to a growing preference for wine coolers that use less energy. The demand for previously owned wine coolers, however, limits the sales of new commercial wine coolers. The majority of wine coolers lack movable shelves and door storage, which restricts their functionality.
Innovation and Strategic Collaboration to Remain Pivotal for Industry Leaders
The world market for wine coolers is dispersed. Robert Bosch GmbH, Siemens AG, Viking Range, LLC, and Haier Group Corporation, among others, are included in FMI’s thorough study on the wine cooler industry. Market leaders have increased their R&D efforts to introduce novel wine coolers for a stronger market position. Wine coolers with features like various temperature zones, touchscreen screens, and individualized humidity and temperature control settings have already started to appear on the market. Leading players also keep choosing strategic alliances to expand their market position.