Wine Coolers Market Growth & Trends
The global wine cooler market size is anticipated to reach USD 3.17 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% during the forecast period. Increasing consumption of wine around the world, especially in India, China, and Japan is expected to fuel the growth.
Free-standing wine cooler segment held the largest market share of 53.2% during the forecast period and is expected to continue leading over the forecast period. Rapid product innovation and introduction of new products with wider dimensions for increased wine bottle storage is anticipated to bode well for the growth of the segment in the forthcoming years. For instance, in February 2019, Vinotemp launched a Technical Veneer Wrap option for its large-capacity private reserve series wine coolers at the Kitchen & Bath Industry Show, Las Vegas, Nevada.
The countertop wine cooler segment is expected to expand at the fastest CAGR of 7.0% over the forecast period.
Commercial application is expected to continue leading in terms of overall market share throughout the forecast period. Growing popularity of wine among millennial is the key factor driving the segment growth. Residential segment, on the other hand, is expected to expand at the fastest CAGR of 7.2% over the forecast period. The tradition of drinking wine with dinner in various countries including U.S. and China is the key factor driving the demand for wine cooler from residential sector.
Europe is expected to remain dominant region in terms of overall market share throughout the forecast period. It is expected to expand at a CAGR of 6.0% from 2019 to 2025, driven by increasing consumption wine. Germany led the Europe wine coolers market in 2018, accounting for more than 15% share.
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Wine Coolers Market Report
Wine Coolers Market Report Highlights
- Free-standing segment is expected to reach USD 1.64 billion by 2025, growing at a CAGR of 6.0% from 2019 to 2025
- Restaurant segment is expected to reach USD 944.5 billion by 2025
- Europe held more than 33% share of global wine coolers market due increasing consumption of wine coupled with rising awareness regarding the health benefits of wine
- Asia Pacific is expected to expand at a CAGR of 7.1% over the forecast period owing to increasing consumption wine
- Major 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 focus on mergers and acquisitions, expanding their production capacity, and innovation to boost their product sales
Wine Coolers Market Segmentation
Grand View Research has segmented the global wine coolers market by product, application, and region:
Wine Coolers Product Outlook (Revenue, USD Million, 2015–2025)
Wine Coolers Application Outlook (Revenue, USD Million, 2015–2025)