Wine cooler market size is expected to grow at a CAGR of around 7% during the period 2019−2025.
Key Highlights Offered in the Report:
- The growth potential for the countertop wine coolers is high which is expected to post an incremental growth of $300 million during the forecast period.
- Energy efficiency and ease of placement led the free-standing wine coolers segment account for over 50% of the total revenue in 2019.
- The operating procedure and the efficient cooling mechanism in compressor technology are expected to fuel the demand for the segment which is growing at a CAGR of over 7%.
- The rise in number of bars, restaurants, hotels, and café has enabled the growth of single zone wine coolers in Europe which is expected to generate a revenue of approximately $460 million by 2025.
- The rise in the number of social wine drinkers is creating high potential for the commercial wine coolers segment in countries like UAE, India, China, and Mexico during the forecast period.
- North America is expected to grow at the fastest CAGR of around 9% due to the rising number of millennial drinkers and overall wine consumption rate during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by installation, technology, structure, application, distribution, and geography
- Competitive Landscape – Profile of 5 key vendors and 34 other vendors
Wine Cooler Market – Segmentation
- The built-in wine cooler segment generated over $400 million in 2019. This cooling equipment complement the kitchen space. They are usually installed under the kitchen cabinet.
- The thermoelectric wine cooler segment generated a revenue of over $900 million in 2019 and is likely to touch over one billion by 2025. This cooling technology offers useful features such as zero noise and vibrations. It is energy-efficient, eco-friendly, and reliable to preserve quality.
- Dual-zone cooler extensively caters to commercial spaces where the storage demand is high. They consist of two different sections with varying temperature options, thereby helping to store red and white wine at the same time.
Market Segmentation by Installation
- Free-standing
- Countertop
- Built-in
Market Segmentation by Technology
- Compressor
- Thermoelectric
Market Segmentation by Structure
- Dual Zone
- Single Zone
Market Segmentation by Application
- Commercial
- Residential
Market Segmentation by Distribution
- B2B
- Specialty Stores
- Online
- Others
Wine Cooler Market – Dynamics
One of the major concerns associated with the wine is that of storage. The importance and involvement given by the consumer for choosing and buying wines must also be given to the storage. As the value and specialty of the wine rely on the age factor, the price and importance surge up with the age of the wine. Thus, storage seems to play an important role in the status of the wine. When stored properly, they can even last for decades and centuries, which will grow in the quality as well. On the contrary, poor storage can spoil the greatest of wines in seconds. Since the wine is a carbon-based product out of fermentation, it does expire based on the storage options. It is also greatly recommended to store wines in the wine coolers and not regular refrigerators as they are designed exclusively for storing wines with variable storage space shelves and impressive compressor and thermoelectric cooling technology. Another major factor is that storing in a wine cooler will also prevent cross-contamination from other foods.
Key Drivers and Trends fueling Market Growth:
- Rising Awareness Regarding the Health Benefits of Wine
- Increase in the Global Wine Consumption
- Growth in Advanced Refrigeration Technologies
- Growth in Millennials Preference for Wine
Wine Cooler Market – Geography
North America is estimated to be the fastest-growing region across the world due to the rapid drinking among US and Canadian households. The increasing consumption among females, especially in New York, Texas, Florida, and California, is also likely to influence market growth. The US market accounted for more than 75% of the total wine cooler market in North America. The US has a presence of more than 100 wineries in 13 states. Freestanding cooler emerged as the largest segment by installation with a revenue contribution of over $350 million in 2019. The demand for the freestanding chiller is likely to increase due to a low number of persons per household in the US and Canada.
Market Segmentation by Installation
- Free-standing
- Countertop
- Built-in
Market Segmentation by Technology
- Compressor
- Thermoelectric
Market Segmentation by Structure
- Dual Zone
- Single Zone
Market Segmentation by Application
- Commercial
- Residential
Market Segmentation by Distribution
- B2B
- Specialty Stores
- Online
- Others
Major Vendors
- Haier
- Electrolux
- Viking Range
- Vinotemp
Other vendors include – Avanti, LG, Robert Bosch GmbH, SIEMENS, Allavino, SAIXIN, EuroCave, Ferguson Group (Edgestar, Avallon, Koldfront), Marvel, Danby, Summit, Ivation, Homelabs, Costway, Della, Carysil, NewAir, Westing House, Whynter, AKDY, Wine Enthusiast, Kalamera, Midea, Aobosi, Frigidaire, Insignia, KitchenAid, Phiestina, Magic Chef, Igloo, U-Line, Croma, and Miele.
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