Because millennials are drinking more alcoholic and non-alcoholic wines, the wine cooler market is expected to rise rapidly in the next years. Throughout the projection period, the market is expected to grow at a steady 5.6 percent CAGR (2019-2029). The booming food and beverage business is fueling an increase in demand for wine coolers. Wine coolers’ features such as mobility, increased product visibility, cost-effective cooling, and energy economy are propelling the market forward. On that basis, the global wine cooler market was valued at a whopping US$ 2 billion in 2018, and the growing aesthetic value of wine coolers is driving up demand in the hospitality industry.
North America Captures Leading Market Share, with Europe Closing in
In terms of revenue, North America and Europe account for around 66 percent of the market. Both regions’ consumers have more disposable money. As a result, premium-priced and high-quality wine coolers see a significant increase in sales. Furthermore, the domestic market in the United States accounts for a significant portion of wine consumption.
Furthermore, due to its diverse grape types, geographical qualities, and ideal climate, Italy leads the market in terms of output. Spain and France, on the other hand, are among the world’s largest wine producers. As a result, wine cooler makers are obligated to take advantage of the significant wine consumption and production in both regions.
Demand for Wine Coolers to Soar Steadily in Developing Countries
During the projected period, the wine cooler market in developing nations will acquire significant traction. Because of the rise in the working population and increasing net worth earnings in emerging economies like India and China, consumers have more spending power. Furthermore, the increased demand can be attributed to customers’ better lifestyles. The booming tourism industry in these countries is fueling the increased demand for wine coolers.
Leading Players Forge Strategic Partnerships for Continued Growth
Allavino Company, Climadiff, AGA Marvel, LG Electronics Inc., General Electric Company, Robert Bosch GmbH, Siemens AG, Viking Range, LLC, and Haier Group Corporation are some of the important players included in the global wine cooler market study. The worldwide wine cooler market is a fiercely competitive and rapidly expanding sector.
To strengthen their worldwide presence, market giants continue to buy regional companies, develop alliances, and form joint ventures. New product launches and R&D to gain a better market presence are two of their main initiatives. Smeg UK Ltd., for example, increased its market share by introducing under-counter and integrated wine coolers with touchscreen technology.