DUBLIN, Feb. 17, 2020 /PRNewswire/ -- The "Wine Coolers Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global wine cooler market is expected to grow at a CAGR of over 6% during the period 2020-2025.
Key Market Insights
- The analysis of the wine cooler market provides market sizing and growth opportunities for the forecast period 2020-2025.
- Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the market.
- Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
- Delivers a complete overview of market segments and the regional outlook of the market.
- Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the market.
The need to preserve the quality and avoid unwanted spoilage of wine is driving the global wine cooler market. Since wine becomes detrimental when exposed to air, it should be properly stored at a specific temperature. Therefore, the impressive growth in modern refrigeration technology, which includes thermoelectric and compressor cooling techniques, is influencing several vendors to adopt advanced, robust wine cooling systems across the globe. The availability of convenient temperature controls and separate shelves for red and white wine is influencing the wine storage market. Hence, the rapid growth in refrigeration technology has led to the adoption of wine coolers in the market.
As health-conscious consumers worldwide are oriented toward consuming low alcoholic drinks, which reduces cholesterol and strengthens the heart, the consumption is growing. Studies have revealed that wine helps to live longer, stay healthier, and even protect people against certain types of cancers. Hence, the proven benefits are helping to increase sales, which is favoring the growth of the wine cooler.
Wine Cooler Market: Segmentation
This research report includes detailed market segmentation by installation, technology, structure, application, distribution, and geography.
Factors such as price and affordability are expected to bolster the application of free-standing coolers. They are inexpensive and can store up to 150 bottles. These chillers are designed for quick installation and easy maintenance; hence they are witnessing a large-scale adoption in commercial and residential sectors. The built-in wine cooler segment generated over $400 million in 2019.
Compressor-based technology is likely to bolster the market during the forecast period. Compressor-based coolers have a high storage capacity; hence a large number of bottles can be stored at the specified temperature for a more extended period without relying on external temperatures. Vendors are likely to focus on regions such as India, the UAE, and China to increase the penetration of compressor-based products due to humid temperature conditions. Compressor-based technology is expected to be widely applied for dual zoned coolers in countertop and free-standing types owing to their impressive cooling systems.
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. Single-zone cooling equipment is designed to hold a small number of bottles at a constant temperature. These coolers utilize thermoelectric cooling techniques and are witnessing adoption in the residential sector due to their energy efficiency. They are inexpensive and can hold up to 25 bottles. Single-zone cooling equipment is likely to witness increased sales in growing markets such as APAC, Latin America, and MEA.
The increased consumption of wine in restaurants, especially in Italy, Mexico, and the US is likely to emerge as a major driver of the growth of the commercial segment. Further, the increasing popularity of social drinking is expected to be a key influencer for the growth of commercial equipment. The growing disposable income, a high preference among millennials, and the need to prevent bacterial growth in drinks have led to the adoption of wine cooler in the residential sector. Wine has become an essential beverage in birthday parties and family reunions. Therefore, the increasing acceptance of the beverage in socializing events is a major contributor to the residential segment growth.
B2B channels are major distributors for wine cooler. The requirement of chillers is high in the business sector and is likely to be one of the major factors responsible for the growth of the market by 2025. Specialty stores cater to consumers in the residential sector. The consumers from APAC is likely to buy from these stores as they enable them to have a broad scope and knowledge regarding the working of a wine chiller. Moreover, new collection members are expected to acquire technological assistance from agents and supervisors in the store.
Insights by Geography
Europe is expected to increase its revenue contribution on account of a large number of wineries and vineyards in the region. The growing number of export and import facilities from Italy, France, Germany, and Spain is expected to fuel the consumption of wine, thereby influencing wine cooler sales. The millennials in the UK and Italy are likely to be prominent in wine consumption and are expected to surpass baby boomers during the forecast period.
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. The APAC region is expected to increase its revenue share due to the presence of Australian vineyards, which are one of the largest wine exporters in the world. The high alcohol consumption in the aging population of China and Japan is likely to boost the market.
Insights by Vendors
The global wine cooler market is highly fragmented, with a large presence of vendors. The product is highly tech-oriented, and the difference lies in the application of advanced innovative technology at an affordable price. The cost factor significantly influences expensive chillers in developing countries such as India, where the middle-class population constitutes a major share of the total population.
The penetration of the internet has increased product awareness and consciousness toward the cost-benefit ratio. Vendors enforce to think from the customer point of view, thereby trying to promote the value-oriented approach. Vendors gain an edge over their competitors by improving customer support, quality, and aftersales services.
Europe and North America are the crucial markets for alcohol consumption. The competitors in these regions are expected to rely on wine cooler, which are energy-efficient, eco-friendly, and value-oriented. The acquisition of small and effective vendors can help large vendors to increase production and reachability. This strategy helps them to reduce competition and extend business opportunities with wide distribution channels.
Key Topics Covered
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segments
4.4.1 Market Segmentation by Installation
4.4.2 Market Segmentation by Technology
4.4.3 Market Segmentation by Structure
4.4.4 Market Segmentation by Application
4.4.5 Market Segmentation by Distribution
4.4.6 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Increase in the Global Wine Consumption
8.1.2 Rising Awareness Regarding the Health Benefits of Wine
8.1.3 The Need to Curtail Bacterial Growth
8.2 Market Growth Restraints
8.2.1 Limited Penetration of Wine Coolers
8.2.2 High Cost of Wine Coolers
8.3 Market Opportunities and Trends
8.3.1 Growth in Advanced Refrigeration Technologies
8.3.2 Growth in Millennials Preference for Wine
9 Global Wine Coolers Market
9.1 Market Size & Forecast
9.2 Five Forces Analysis
9.2.1 Threat of New Entrants
9.2.2 Bargaining Power of Suppliers
9.2.3 Bargaining Power of Buyers
9.2.4 Threat of Substitutes
9.2.5 Competitive Rivalry
10 By Installation
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Free-standing
10.4 Countertop
10.5 Built-in
11 By Technology
11.1 Market Snapshot & Growth Engine
11.2 Market Overview
11.3 Compressor
11.4 Thermoelectric
12 By Structure
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Dual Zone
12.4 Single Zone
13 By Application
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Commercial
13.4 Residential
14 By Distribution
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
15 By Geography
15.1 Market Snapshot & Growth Engine
15.2 Overview
16 Europe
17 North America
18 APAC
19 Latin America
20 Middle East & Africa
21 Competitive Landscape
21.1 Competition Overview
21.2 Strategic Recommendations
22 Key Company Profiles
22.1 Haier
22.1.1 Business Overview
22.1.2 Product Offerings
22.1.3 Key Strengths
22.1.4 Key Strategies
22.1.5 Key Opportunities
22.2 Shenzhen VRBON
22.3 Electrolux
22.4 Viking Range
22.5 Vinotemp
23 Other Prominent Vendors
23.1 Avanti
23.1.1 Business Overview
23.1.2 Product Offerings
23.2 LG
23.3 Bosch
23.4 Siemens
23.5 Allavino
23.6 SAIXIN
23.7 Eurocave
23.8 Ferguson Group (Edgestar, Avallon, Koldfront)
23.9 MARVEL
23.10 Danby
23.11 Summit
23.12 Ivation
23.13 Homelabs
23.14 Costway
23.15 Della
23.16 Nutrichef
23.17 Carysil
23.18 New Air
23.19 Westing House
23.20 Whynter
23.21 AKDY
23.22 Wine Enthusiast
23.23 Kalamera
23.24 Midea
23.25 Aobosi
23.26 Frigidaire
23.27 Insignia
23.28 KitchenAid
23.29 Phiestina
23.30 MC Appliance (MCA)
23.31 Igloo
23.32 U-Line
23.33 Croma
23.34 Miele
For more information about this report visit https://www.researchandmarkets.com/r/uhxq33
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
