The global wine cooler market size was valued at USD 2.32 billion in 2020 and is expected to reach USD 3.28 billion with a CAGR of 5%. Increasing consumption of wine across the world is one of the main factors fuelling 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.
Free-standing wine cooler is held a market share of 53.2% in 2020. 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.
Commercial segment held the leading market share of 71.7% in 2020. 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.
The Wine cooler market is segmented on the basis of product, application and region. On the basis of product, the market is segmented into Free-standing, Countertop, and Built-in. On the basis of application Residential, Commercial.
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 2020, 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 2020.
Haier; LG Electronics; BSH Home Appliances Group. (Siemens AG); Climadi; Shenzhen VRBON Electrical Appliance Co., Ltd.; Allavino; Avanti Products; Electrolux; Donlert Electrical Co. Ltd; EuroCave Group.