With the emergence and long-term Impact of COVID-19, Global Wine Cooler Market to reach USD 4.2 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Wine Cooler Market points towards a potential rise to USD 4.2 Billion by 2030. Wine coolers refer to electronic consumer appliances specifically designed for cooling and regulating the temperature of wine. These devices primarily use refrigeration to store and preserve bottled wine, ensuring they provide precise temperature and humidity levels tailored to the specific needs of various types of wines. The market growth is driven by key factors such as increasing consumption of wine across the world, rise in the availability of uniquely optimized wine storage products, and rise in the health benefits offered by wine.
As per Statista, in 2022, global wine consumption was approximated at 232 million hectoliters, reflecting a decrease from the 2017 figure of 247 million hectoliters. Wine, an alcoholic beverage typically crafted through the fermentation of grapes, may also be produced from alternative sources like rice, plum, cherry, pomegranate, and elderberry. The roots of wine production can be traced back to as early as 6000 BC, originating in the country of Georgia. Furthermore, the leading global wine-producing nations are Italy, France, and Spain. In the year 2022, Italy’s wine production reached 49.8 million hectoliters.
The overall worldwide wine production for the same year was estimated at approximately 258 million hectoliters. Despite the overall growth in global wine production over the past two decades, there has been a reduction in the surface area covered by vineyards during this period. However, short-term storage alternative in comparison to wine cellars, and rise in the complications in the wine-storage due to the increased dryness in the enclosed cooler stifle market growth throughout the forecast period of 2023-2030.
Geographically, the global Wine Cooler market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The wine coolers market is led by the Asia-Pacific region, driven by the increasing popularity of beverages among the youth in China, India, and Indonesia.
This dominance is further fueled by the availability of specially optimized wine storage products, the recognition of health benefits associated with wine, including cholesterol reduction and heart health, and the overall rise in disposable income in the region. North America is anticipated to be a key growth region for the wine coolers market, attributed to the growing significance of installing wine coolers to extend the shelf life of beverages in this area.
The global Wine Cooler market is highly competitive owing to the presence of several key players such as LG Corporation Dunavox Kft. The Legacy Companies (Avanti Products Inc) Haier Group Corporation Shenzhen VRBON Electrical Appliance Co., Ltd. Investor AB (Electrolux AB) Eurocave SAS La Sommeliere Int. SAS Liebherr Group Caple Industrial Solutions, and others.
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Key findings of the study suggest:
- Global Wine Cooler Market is anticipated to grow with a healthy growth rate of more than 6.06% over the forecast period 2023-2030.
- In the Type segment, Free-Standing emerged out as the leading market segment in 2022.
- Asia-Pacific is anticipated to drive regional growth owing to the increasing popularity of beverages among the youth in China, India, and Indonesia. This dominance is further fueled by the availability of specially optimized wine storage products, the recognition of health benefits associated with wine, including cholesterol reduction and heart health, and the overall rise in disposable income in the region.
- North America is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Free-Standing
- Counter Top
- Built-In
By Technology:
- Compressor-based
- Thermoelectric-based
By Distribution Channel:
- Online
- Offline
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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