The Wine Cooler Market is expected to reach US$ 2 Bn in 2018, likely to surge at a vigorous 5.6% CAGR during the assessment period 2019 – 2029. The market will garner prominence on the back of heightened demand in hospitality, and food & beverages industries. Moreover, increased product launches owing to technological innovations is driving the market growth, finds a new Future Market Insights (FMI) report.
Attributes such as enhanced functionality and aesthetic appeal have contributed to the growth of wine cooler market. Internet of Things will play a pivotal role in product development through the projected period. Moreover, manufacturers continue to launch eco-friendly wine coolers to reinforce their sustainable practices.
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Key Takeaways of Wine Cooler Market Study
- Food & beverages industry continues to generate substantial demand for wine coolers, with hospitality closing in.
- Europe and North America collectively occupy approximately 66% of revenue share.
- Consumers in developing countries will account for greater consumption of wine coolers through 2029.
- Eco-friendly products will gain traction through the forecast period owing to increased government incentives and consumer preferences.
Heightened Per Capita Consumption of Wine Sustaining Growth of Wine Cooler MarketRising per capita consumption of wine amongst millennials is driving the growth of wine cooler market. Burgeoning hospitality industry in developing countries is soaring the demand for wine coolers.
Greater predilection of consumers towards enhanced product visibility and easy maneuverability is a significant growth contributor. Rising inclination towards energy-efficient wine coolers is fuelling the market growth. However, sales of new commercial wine coolers are restricted by demand for pre-used wine coolers. Most wine coolers are not equipped with door storage or adjustable shelves thereby limiting its functionality.
Innovation and Strategic Collaboration to Remain Pivotal for Industry LeadersGlobal wine cooler market is a fragmented landscape. FMI’s comprehensive study on wine cooler market features prominent market players including, but are not limiting to, Robert Bosch GmbH, Siemens AG, Viking Range, LLC, and Haier Group Corporation. Market leaders have escalated R&D activities to launch innovative wine coolers for stronger market foothold.
Wine coolers equipped with features such as multiple temperature zones, touchscreen panels, customized control settings for humidity and temperature have already infiltrated the market. Moreover, leading players continue to opt for strategic collaborations to foster their market presence.
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Wine Cooler Market: Segmentation
The global wine cooler market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
Installation
- Built-in
- Countertop
- Freestanding
End-use Industry
- Commercial
- Residential
