In 2023, the wine cooler market is projected to grow to a value of US$ 2,790.1 million. By 2033, wine cooler sales are projected to reach a total of US$ 4,996.6 million. From 2023 to 2033, the use of wine coolers is anticipated to increase at a CAGR of 6%. Moreover, increased product launches owing to technological innovations are driving the market growth, finds a new Future Market Insights (FMI) report.
Features that include better functionality and increased product attractiveness have played a role in the development of wine cooler market. Over the anticipated period, IoT will be key in product innovation. Secondly, eco-friendly wine coolers are rolled out by manufacturers for the purpose of reinforcing their sustainable operations.
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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 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.
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
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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