Wine Cooler Market Size, Share & Trends Analysis Report By Product (Free-standing, Countertop, Built-in), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2019 - 2025

Report Overview

The global wine cooler market size was valued at USD 2.05 billion in 2018. Increasing consumption of wine across the world is one of the main factors fueling the product demand. Rising popularity of wine in countries such as the U.S., The U.K., Spain, Italy, South Africa, and Canada, especially among young consumers, is projected to further fuel the demand.

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.

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.

Product Insights

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.

Application Insights

Commercial segment held the leading market share of 71.7% in 2018. This segment is expected to remain dominant throughout the forecast period. Increasing consumption of wine around the world is the major driving factor for the growth of the segment. Moreover, increasing demand for various types of wine and their growing popularity among millennials is expected to bode well for the segment growth.

Shifting consumer preference, availability of a wide range of flavors, and rising spending power of the consumers are some of the factors expected to positively impact the demand trends in the global alcohol industry. For instance, millennials prefer beer over wine and other types of alcohols. However, in last decade, beer consumption has witnessed has dropped by more than 5%, while the consumption of other sprits such as wine, whiskey, and vodka has witness a steady rise in demand. Such demand trends are anticipated to drive the wine cooler market over the forecast period.

Residential segment held a market share of more than 25% in 2018. The segment is expected to expand at the fastest CAGR of 7.2% over the forecast period. The tradition of drinking wine with dinner across various regions including the U.S. and China is expected to positively impact the market growth.

Regional Insights

Asia Pacific is expected to expand at the fastest CAGR of 7.1% over the forecast period, owing to increasing consumption of wine. Furthermore, growing popularity of the beverage among young generation in China, India, and Indonesia among other countries is projected to fuel the product demand in the forthcoming years.

North America held a significant share of global market in 2018, due to growing awareness regarding the health benefits of wine. The U.S., is largest market in North America and it accounted for more than 75% of the regional market in 2018.

Key Companies & Market Share Insights

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.

Wine Cooler Market Report Scope

Segments Covered in the Report

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, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2025)

  • Free-standing

  • Countertop

  • Built-in

• Application Outlook (Revenue, USD Million, 2015 - 2025)

  • Residential

  • Commercial

• Regional Outlook (Revenue, USD Million, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • Japan

  • Central & South America

    • Brail

  • Middle East & Africa

    • South Africa