Wine Cooler Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Free-Standing, Countertop, Built-In); Application (Residential, Commercial); Distribution Channel (B2b, Specialty Stores, Online, Others); and Region/Country
A wine cooler is a refrigerator specifically designed to keep your wine cooled to a certain temperature. They can be small in size, or they can be the size of a normal refrigerator, but the main idea is that it’s strictly for keeping your wine chilled. A wine cooler, or wine fridge, is a great way to store and preserve your wine while keeping it safe and fresh. If you have a large number of wine bottles, then a wine cooler is a great alternative to a normal refrigerator that can keep the bottles too cold and inhibit the aging process.
An increase in alcohol consumption contributed to the growth of the wine cooler market during the historic period. Globally, there has been an increase in alcohol consumption during the historic period. For instance, in 2017, 77% of the Chinese consumed alcohol at least occasionally. During 2010-2017, per capita, alcohol consumption in India and Japan increased by 5.9 liters and 7.9 liters, respectively. Changing lifestyles, increasing affluence, and stress drinking is some major factors driving the demand for alcoholic drinks including wines, and the market for the wine cooler is uplifting.
The Global Wine Cooler market is expected to register a CAGR of around 6% over the period of 2022-2028. The rising popularity of sparkling wine due to its fizziness, especially across party circuits is projected to drive the demand for wine coolers. Rising awareness regarding the heart-healthy benefits including lowering cholesterol and strengthening the heart is anticipated to drive wine consumption.
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., etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product, free-standing category accounted for the majority share in the market in 2020”
Based on the product, the market is fragmented into the free-standing, countertop, and built-in. The free-standing segment grabbed a considerable market share in 2020. Freestanding units are simple and low maintenance, meaning that end-user can literally push them up against the wall, plug them in, and start loading in their beverages. Moreover, the y, freestanding units tend to be less expensive than their built-in counterparts
“Amongst application, commercial segment is expected to witness highest CAGR during the forecast period”
Based on the application, the market is segmented into residential and commercial. The commercial segment grabbed a significanr market share owing to the growing demand from the HoReCa and nightclubs, pubs, and bars. As per a report by IHG, The global hotel industry is a USD 525 billion industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain (‘branded’), up from 50% in 2012.
“Amongst distribution channel, online segment is expected to witness highest CAGR during the forecast period”
Based on the distribution channel, the market is fragmented into B2B, specialty stores, online, and others. The online segment is estimated to register the fastest CAGR from 2022 to 2028. Factors attributing to the growth of the online segment include social media influence and increased penetration of smartphones & e-commerce sites.
“North America to witness significant growth during the forecast period”
For a better understanding of the market adoption of the Wine Cooler market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America region grabbed the major market for the wine cooler Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Wine Cooler Market|
|2.2.||Research Methodology of the Wine Cooler Market|
|5||IMPACT OF COVID-19 ON THE WINE COOLER MARKET|
|6||WINE COOLER MARKET REVENUE (USD BN), 2020-2028F|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||WINE COOLER MARKET OPPORTUNITIES|
|13||WINE COOLER MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Five Forces Analysis|
|17.3.||Haier Group Corp.|
|17.7.||BSH Home Appliances Group. (Siemens AG)|
|17.9.||Shenzhen VRBON Electrical Appliance Co. Ltd.|
Research Methodology for the Global Wine Cooler Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global wine cooler market were the three major steps undertaken to create and analyze the adoption of wine cooler in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global wine cooler market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the wine cooler market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the wine cooler market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, application, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the wine cooler market. Further, we conducted factor analysis using dependent and independent variables such as rising disposable income, rising hospitality sector, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Wine Cooler market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Wine Cooler market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of Wine Cooler market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Wine Cooler market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global wine cooler market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of products, application, and distribution channels in the global Wine Cooler market.
The main objective of the Global Wine Cooler Market Study
The current & future market trends of the global wine cooler market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the wine cooler market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of as product, application, and distribution channel
- Define and analysis of the regulatory framework for the wine cooler market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the wine cooler market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the wine cooler market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry