Wine Cooler Market Likely To Touch At .17 Billion By 2025Posted by Mrudula Anil Karmarkar on May 27th, 2021 The global wine cooler market size is anticipated to reach USD 3.17 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% during the forecast period. Increasing consumption of wine around the world, especially in India, China, and Japan is expected to fuel the growth. 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 countertop wine cooler segment is expected to expand at the fastest CAGR of 7.0% over the forecast period. Commercial application is expected to continue leading in terms of overall market share throughout the forecast period. Growing popularity of wine among millennial is the key factor driving the segment growth. Residential segment, on the other hand, is expected to expand at the fastest CAGR of 7.2% over the forecast period. 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. Europe is expected to remain dominant region in terms of overall market share throughout the forecast period. It is expected to expand at a CAGR of 6.0% from 2019 to 2025, driven by increasing consumption wine. Germany led the Europe wine coolers market in 2018, accounting for more than 15% share. 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, are anticipated to drive the wine consumption. Increasing wine consumption, especially among young consumers and health-conscious consumers is anticipated to drive the market over the forecast period. Wine Coolers Market Report Highlights
The wine market in India is expected to witness significant growth over the forecast period, owing to rising popularity among young generation. Rising consumption of wine among young generation owing to its sweeter taste compared to other sprits is poised to fuel the demand for wine coolers over the forecast period. Requirement to protect wine from potentially harmful bacterial growth at room temperature is expected to fuel demand for the temperature controlled storage products, such as coolers. Manufacturers focus on introducing advanced technologies to maintain taste and shelf life of wines. Interior Vinotemp’s Vinotemp BioBlu technology which used LED lighting, helps reduce the growth of bacteria and mold.Silhouette has also introduced the Danby model SR001 with a triple pane Low E glass for the protection from UV light. Free-standing wine cooler is held a market share of 53.2% in 2018. It is expected to maintain its dominant position throughout the forecast period and expand at a CAGR of 6.0%. Manufacturers are continuously introducing new products with wider dimensions in this category to provide bigger storage area. Countertop held the second largest market share in terms of revenue in 2018. It is expected to witness the fastest CAGR over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6299/ibb The global market is highly competitive in nature due to the presence of a high number of vendors. Haier holds a significant share of global market and is the leading vendor in the Asia Pacific region, especially China. Some of the other market players are Haier, LG Electronics, BSH Home Appliances Group. (Siemens AG), Climadi, Shenzhen VRBON Electrical Appliance Co., Ltd., Allavino, Avanti Products, Electrolux, Donlert Electrical Co. Ltd, and EuroCave Group. Market players are adopting mergers and acquisitions strategies to enhance their product offerings. Moreover, the companies focus on expanding their production capacity and hence adopt innovative technologies. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global wine cooler market report on the basis of product, application:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |