Global wine cooler market is expected to foresee significant growth. North america to lead the growth!
- Vikas Kumar
- November 19, 2022
- CONSUMER GOODS, NEWS
- 0 Comments
The Global Wine cooler market is expected to register a CAGR of around 6% over the period of 2022-2028. 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.
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Based on product, the market is classified into free-standing, countertop, and built-in. Amongst products, the free-standing segment accounted for a significant share of the market. Freestanding wine coolers can stand independently of cabinets and walls in which appliances with built-in capability are placed. Typically, larger than built-in units, freestanding wine coolers are ideal for people who want to place their wine collections just about anywhere.
Based on application, the market is categorized into residential, and commercial. Among these commercial segments is expected to witness the highest CAGR during the forecast period. An emerging number of pubs, bars, and restaurants across the globe is contributing to the growing share of this segment. Increasing consumption of wine around the world is the major driving factor for the growth of the segment.
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For a better understanding of the market adoption of the Wine cooler industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of rising disposable income, and the growing trend of partying out among millenniums.Moreover, the adoption of home appliances with multi-functional features is an upcoming trend in the residential sector. Moreover, along with alcohol, the consumption of non-alcoholic wines amongst millennials has been on the rise over the past few decades. One of the greatest functions of a wine cooler, which is driving its rapid deployment in the residential and commercial sectors, is its ability to protect wine collection from any natural elements that could potentially be damaging.
Some of the major players operating in the market include 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.
Global Wine cooler Market Segmentation
Market Insight, by Product
- Free-standing
- Countertop
- Built-in
Market Insight, by Application
- Residential
- Commercial
Market Insight, by Distribution Channel
- B2B
- Specialty Stores
- Online
- Others
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- U.K
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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
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