Wine Cooler Market: Current Analysis and Forecast (2022-2028)

A wine cooler is a refrigerator specifically designed to keep your wine cooled to a certain temperature. They can be small in size, or they can be the size of a normal refrigerator, but the main idea is that it's strictly for keeping your wine chilled. A wine cooler, or wine fridge, is a great way to store and preserve your wine while keeping it safe and fresh. If you have a large number of wine bottles, then a wine cooler is a great alternative to a normal refrigerator that can keep the bottles too cold and inhibit the aging process.

An increase in alcohol consumption contributed to the growth of the wine cooler market during the historic period. Globally, there has been an increase in alcohol consumption during the historic period. For instance, in 2017, 77% of the Chinese consumed alcohol at least occasionally. During 2010-2017, per capita, alcohol consumption in India and Japan increased by 5.9 liters and 7.9 liters, respectively. Changing lifestyles, increasing affluence, and stress drinking is some major factors driving the demand for alcoholic drinks including wines, and the market for the wine cooler is uplifting.

The Global Wine Cooler market is expected to register a CAGR of around 6% over the period of 2022-2028. The 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 is anticipated to drive wine consumption.

Whirlpool Corp., Electrolux AB, Haier Group Corp., SMEG S.p.A., Avanti Products, LG Electronics, BSH Home Appliances Group. (Siemens AG), EuroCave Group, Shenzhen VRBON Electrical Appliance Co. Ltd., Allavino., etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Product, free-standing category accounted for the majority share in the market in 2020"

Based on the product, the market is fragmented into the free-standing, countertop, and built-in. The free-standing segment grabbed a considerable market share in 2020. Freestanding units are simple and low maintenance, meaning that end-user can literally push them up against the wall, plug them in, and start loading in their beverages. Moreover, the y, freestanding units tend to be less expensive than their built-in counterparts

"Amongst application, commercial segment is expected to witness highest CAGR during the forecast period"

Based on the application, the market is segmented into residential and commercial. The commercial segment grabbed a significanr market share owing to the growing demand from the HoReCa and nightclubs, pubs, and bars. As per a report by IHG, The global hotel industry is a USD 525 billion industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain ('branded'), up from 50% in 2012.

"Amongst distribution channel, online segment is expected to witness highest CAGR during the forecast period"

Based on the distribution channel, the market is fragmented into B2B, specialty stores, online, and others. The online segment is estimated to register the fastest CAGR from 2022 to 2028. Factors attributing to the growth of the online segment include social media influence and increased penetration of smartphones & e-commerce sites.

"North America to witness significant growth during the forecast period"

For a better understanding of the market adoption of the Wine Cooler market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), and Rest of World. North America region grabbed the major market for the wine cooler Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years

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