According to a new report published by UnivDatos Markets Insights, the Wine Cooler Market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Product (Free-Standing, Countertop, Built-In); Application (Residential, Commercial); Distribution Channel (B2B, Specialty Stores, Online, Others); and Region/Country.
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The Wine Cooler market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Wine Cooler market. The Wine Cooler market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Wine Cooler market at the global and regional levels.
Market Overview
The demand for the wine cooler is witnessing an uptick on account of the emerging wine demand across the globe specifically from the millenniums owing to the rising trend of partying culture and the availability of wine at very affordable prices. The world’s wine consumption in 2020 was 234 million hectolitres (Mhl) according to OIV estimates. This marks a decline of 3% (7 Mhl) compared to 2019. It is the third year in a row that consumption decreases. It is the lowest level since 2002. The three biggest wine-consuming countries are the USA, France, and Italy. Counting per capita consumption, the three most enthusiastic wine drinkers are Portugal, Italy, and France.
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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.
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, EuroCave Group, Shenzhen VRBON Electrical Appliance Co. Ltd., and Allavino.
COVID-19 Impact
COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. Due to the restriction of a limited workforce, the wine cooler market suffered from the supply side. Also, spending on non-essentials was curtailed drastically, owing to the economic hit. However, after the situation gets back to normalcy, this market is predicted to grow significantly.
The global Wine Cooler market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on application, the market is classified into residential and commercial. The commercial segment grabbed the major market share and dominated the market in 2020. 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. Moreover, the increasing demand for various types of wine and their growing popularity among millennials is expected to bode well for segment growth.
· Based on the distribution channel, the market is segmented into B2B, specialty stores, online, and others. The B2B segment grabbed a considerable market share in 2020. As per a study by Harward business review 73% of customers use multiple channels to shop. Before the COVID-19 pandemic hit, online stores and all things e-commerce have proven to be such disruptive forces in the global economy.
Have a Look at the Chapters
Wine Cooler Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is expected to witness the highest CAGR during the forecast period as the region is characterized by the presence of many players available in the market. The rising working population, emerging disposable income, and growing trend of paying out among millenniums are contributing to the market growth. per a survey by Heineken USA, 52% of respondents had increased their consumption of alcohol-free beer and mocktails. Another major factor for the increase in demand for zero-alcohol content beer is that it allows consumers to drink in moderation and regularly. The survey also shows that 42% of respondents were likely to choose an alcohol-free beer because it allows them to drink regularly.
The major players targeting 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
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Wine Cooler market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Wine Cooler market?
• Which factors are influencing the Wine Cooler market over the forecast period?
• What are the global challenges, threats, and risks in the Wine Cooler market?
• Which factors are propelling and restraining the Wine Cooler market?
• What are the demanding global regions of the Wine Cooler market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
Browse Other Related Research Reports from UnivDatos Market Insights
· Indian Alcoholic Beverage Market
· Frozen Bakery Products Market
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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The global wine cooler market size is anticipated to reach USD 3.17 billion by 2025, according to a new report by Radiant Insights, Inc.
Free-standing wine cooler segment held the largest market share of 53.2% during the forecast period and is expected to continue leading over the forecast period.
Rapid product innovation and introduction of new products with wider dimensions for increased wine bottle storage is anticipated to bode well for the growth of the segment in the forthcoming years.
For instance, in February 2019, Vinotemp launched a Technical Veneer Wrap option for its large-capacity private reserve series wine coolers at the Kitchen & Bath Industry Show, Las Vegas, Nevada.
The tradition of drinking wine with dinner in various countries including U.S. and China is the key factor driving the demand for wine cooler from residential sector.
Market players focus on mergers and acquisitions, expanding their production capacity, and innovation to boost their product sales Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/wine-cooler-market Table of Contents Chapter 1.
The research report included company profiles of top manufacturers, their data, deals income, revenue share, deal volume, and purchaser volume is equally specified.
It also contains forecasts using a suitable set of expectations and approaches.
The report determines with the profiles of foremost players in the global.
The major market players are estimated on various factors such as company overview, product selection, and revenue of ‘Global Wine Cooler Refrigerator Market’.
‘Global Wine Cooler Refrigerator Market’ Report covers market appearances, size and progress, segmentation, provincial collapses, competitive background, market shares, tendencies and strategies for this market.
Significant financial deals which have molded the market in the previous years are recognized.
