Business news

Wine Cooler Market Impacted by COVID-19, Market to Remain Dormant in Near Term, Projects FMI 2022 -2029

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.

Request a Sample Copy

Ankush Nikam

Ankush Nikam is a seasoned digital marketing professional, having worked for numerous online firms in his distinguished career. He believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature. Ankush is an avid music listener and loves to travel.

Published by
Ankush Nikam

Recent Posts

Air Ambulance Market 2023: Trends and Questions to Consider

As per the report published by The Brainy Insights, the global air ambulance market is…

3 hours ago

All You Need to Know About LEI Numbers: What Are They and How Can You Get One?

Every business, regardless of size, needs a Legal Entity Identifier (LEI) number. This number is…

9 hours ago

The Mnembar Atoll Tour Not Just For Water Sports Enthusiasts: It Includes A Visit To Nungwi

The Mnembar Atoll Tour is a secluded getaway that’s perfect for water sports enthusiasts. It…

9 hours ago

Giant Reign E+2 VS Magicycle Ebike SUV

Full-suspension electric mountain bikes are perfect for all ages, and no matter if you’re an…

9 hours ago

What are QuickBooks Support

QuickBooks is a popular accounting software designed for small and medium-sized businesses. It offers a…

10 hours ago

What is the concept of Coinbase Transactions on cryptocurrencies?

Transaction means dealing your assets on a particular value from one end to another. Similarly,…

10 hours ago