The wine cooler market is estimated to reach US$ 2,790.1 million in 2023. Sales of wine coolers are expected to total US$ 4,996.6 million by 2033. The adoption of wine coolers is likely to advance at a CAGR of 6% from 2023 to 2033.
Furthermore, a recent Future Market Insights (FMI) analysis reveals that the market is growing due to an increase in product launches brought about by technical advancements. Features like improved use and visual appeal have helped the wine cooler market expand. Throughout the anticipated timeframe, product development will heavily rely on the Internet of Things. Additionally, producers keep releasing environmentally friendly wine coolers to further their commitment to sustainability.
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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 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 Freeze. 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 RD 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.
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
