Wine Cooler Market to Grow at 5.6% CAGR Through 2029
Wine cooler market is projected to grow at a promising pace with a healthy CAGR of 5.6% through the course of forecast 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.
Leaders in the global wine cooler market must adopt multipronged strategies such as product development, joint ventures, and M&A to revitalize their global presence and competitive ascendancy.
Heightened Per Capita Consumption of Wine Sustaining Growth of Wine Cooler Market
Rising 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.
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Innovation and Strategic Collaboration to Remain Pivotal for Industry Leaders
Global 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.
More About the Report
FMI’s study offers an in-depth market forecast and analysis on the wine cooler market. The major categories encompassed by the report include installation type (built-in, countertop and freestanding), temperature zones (single zone, double zones and triple zones), end-use (commercial and residential), bottle capacity (less than 10, 10-30, 31-50, 51-300, 301 and above) across five regions (North America, Europe, Latin America, Asia Pacific, Middle East & Africa).
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