Premium Wine Cooler Market by Temperature Type (Double Zones, Single Zones, Triple Zones, & Others), By Technology: (Compressor Based, Thermoelectric Based) & Region - Forecast to 2021 - 2031
Premium Wine Cooler Market - Analysis, Outlook, Growth, Trends, Forecasts
- September 2021
- 300 pages
- Consumer Product
Premium Wine Cooler Market Snapshot
[300 Pages Report] The rapidly growing wine consumption has scaled up the need to purchase premium wine coolers with high bottle capacity. The demand for premium wine coolers is likely to increase in both residential and commercial sectors. Future Market Insights (FMI) has forecast the market to register a year-on-year growth rate of 5.5% in 2021.
As per the FMI analysis, the premium wine cooler market size will surpass US$ 660.5 Mn in 2021. Between 2021 and 2031, the market is expected to exhibit compound annual growth rate (CAGR) of 6.3%. In terms of technology type thermoelectric category is expected to reflect a positive growth trajectory with an above average CAGR of 7.2% through the assessment period.
Key Points Covered in the Premium Wine Cooler Market Report
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 impact on premium wine cooler market and how to navigate
- Recommendation on key winning strategies
2021-2031 Premium Wine Cooler Market Outlook in Comparison to Sales Registered in 2016-2020
Consistent efforts by market players to develop smart and connected premium wine coolers that work best with voice-control virtual assistant is likely to reshape consumer preference. FMI has forecast the premium wine cooler market to rise at 6.3% CAGR between 2021 and 2031.
The ability of the appliance to protect the wine collection from any harmful elements has attracted the attention of wine enthusiasts. Thus, with rising home wine consumption, the demand for wine coolers is expected to rise among wine enthusiasts in the residential sector.
Apart from residential sector, the growing penetration of bars, clubs, restaurants, etc. is likely to scale up the demand for wine coolers in the commercial sectors across different regions. However, the covid-19 pandemic has slowed down the growth temporarily.
The change in wine consumption attitude has further driven the demand for premium wine coolers in the market. It is not surprising that wine consumption among millennials is rapidly increasing. Millennials and Gen Xers are playing a significant role in driving wine consumption across different regions.
Millennials possess a different wine consuming attitude than the older generations. Millennials show limited interest in low priced wines, thus making an outsized contribution to the growth of premium wines. Premium wines further scale up the need for a good storage refrigeration thus positively impacting the market growth in the coming years.
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Why are Market Players Focusing on Product Design and Aesthetics?
In the highly competitive market, the players are constantly adopting efforts to strengthen product innovations with more focus on enhancing product design and aesthetics. For instance, the market players are focusing on building premium range wine coolers that incorporate additional freezer and refrigerator drawers.
Such product designs facilitate additional temperature zones enabling consumers to store food and other beverages as well. With living spaces turning more compact day by day the demand for such multifunctional products is likely to scale up in the coming years.
Besides this, additional features like convertible drawer temperatures and auto lift systems and among others are further expected to attract attention of wine enthusiasts. LG Electronics in the year 2018, unveiled ultra-premium product range LG Signature under which the company has launched premium range wine cooler.
What is the Impact of the COVID-19 Crisis on the Gaming Market?
The pandemic outbreak did impact the sales of wine coolers as well as supply chain that supports the manufacturing and distribution of products in the market. The financial hardships across different industry sectors as well as consumer categories has further impacted market figures.
The COVID-19 outbreak largely influenced consumer sentiments. Amid the outbreak consumers across various regions resorted to mindful consumption. In light of this, consumers spending largely shifted from non-essential to essential categories thus impacting the sales of premium wine coolers in the market.
The pandemic outbreak resulted in drastic fluctuations in the demand for wine coolers across different sectors. For instance, the outbreak largely forced wine enthusiasts to consume wine at home, which is why the need for a proper wine storage was felt to some extent among wine enthusiasts in the residential sector. Besides this, the restrictions imposed by the regional governments on the operation of public places like restaurants, cafeterias, etc. negatively impacted the demand for wine coolers in the commercial sectors.
However, with the economies entering in the reviving phase the market is expected to reflect growth in the coming years.
Will The ‘Drinking In’ Trend Scale Up Need For Premium Wine Cooler In The Residential Sector Of The United States?
North America is predicted to be one of the most attractive markets during the forecast period, according to Future Market Insights. The United States is expected to account for over 84.2% of market share in North America through 2021.
‘Drinking in’ is the new trend that the wine enthusiasts in the United States have largely resorted to. Consumer’s unwillingness to pay restaurant wine markups is escalating the ‘drinking in’ trend which means consuming wine at home.
The pandemic outbreak has further escalated the popularity of this trend in the region, as the regional government had imposed temporary restrictions on operation of public places and clubs.
Thus, the increasing popularity of this trend in the United States is expected to play a key role in raining the demand for wine coolers in the residential sector.
What Is The Demand For Premium Wine Coolers Rising In France?
France is expected to account for over 15.0% of market share in Europe through 2021. France is another market where the consumption of wine is prominent. The rapidly growing penetration of food service chains, restaurants, etc. is expected to further scale up the need for wine storage appliances in the coming years.
France is characterized as a country where wine consumption is embedded in the domestic culture. The individuals and local public highly considers wine consumption as an important part of their lifestyle. Majority of people also relate wine consumption with sophistication and tradition. Thus, the high penetration of wine enthusiasts is expected to open up new sales opportunities for players in the market.
Why is the Demand for Premium Wine Cooler Increasing in India?
In 2021, India will account for over 26.1% market share in South Asia. Smart homes are getting increasingly popular in India. Millennials have however a larger role to play in this case.
They constitute the largest demographic category in the country. Besides this, millennials in India are quite tech-savvy and prefer smart and connected devices over traditional appliances. Such changing attitudes are likely to impact growth of premium category or connected wine coolers in the market.
Besides this, when it comes to providing recommendations for home gadgets, millennials are a powerful group. They are, however, notoriously difficult to contact through standard marketing methods.
New buying patterns and corresponding influencer marketing potential for brand sponsorships will undoubtedly arise as more platforms offer e-commerce functionality to users.
These generations are thought to be the most tech savvy, and they are heavily reliant on social media to keep up with the latest technology developments. As a result, they are thought to be key influencers.
Why is the Demand for Freestanding Premium Wine Coolers Increasing?
In terms of installation type, freestanding and built-in segments account for a notable share in the market. However, freestanding premium wine coolers hold the lead, accounting for 57.2% of the market in 2021. Flexibility in terms of portability has made the commercial sector largely opt for freestanding coolers.
Single Zone Wine Coolers to Remain Top-Selling Category
In terms of temperature type, single zone wine coolers will remain the top selling category. Single zone wine coolers accounted for a share of 43.7% of global premium wine cooler sales in 2021.
Besides this, as per the analysis it has been observed that preferences for multi zone wine coolers is further expected to scale up in the coming years.
Why Are Online Sales Expected To Scale Up During The Forecast Period?
As per the analysis, in terms of sales channel store based retailing is still dominant among consumers when it comes to electronic appliances. Even today a significant proportion of consumers in developed and developing regions still prefer buying electronics after conducting a physical check in stores. This is one of the prominent reason why Specialty appliances stores, home improvement stores, direct-to-consumer exclusive stores, hypermarkets/supermarkets together account for a notable share.
However, online retailing is expected to register a significant growth CAGR of 9.7% during the forecast period. Electronics is one of the top categories that consumers are increasingly preferring to buy via online retail platforms.
Besides this, the pandemic is also playing an important role in escalating the transition to digital commerce.
Which Bottle Capacity is Preferred for Premium Wine Coolers?
As per the analysis in terms of bottle type, wine coolers with a capacity of 51 to 300 bottles dominate the market as these wine coolers tend to support the needs of serious wine collectors as well as commercial establishments.
Besides this, large capacity wine coolers are increasingly perceived to possess a richer set of features and conveniences. Besides this, premium wine coolers with 301 and above capacity are expected to register significant growth during the forecast period.
How Are Residential And Commercial Sectors Aiding Demand?
In terms of end use analysis, commercial sectors dominate the market. The demand for freestanding premium wine coolers is quite prominent in commercial sectors. Besides this, the residential sectors is likely to register significant growth in the coming years.
Residential use of premium wine cooler is expected to account for a share of 26.0% by the end of 2021. The rising trend of connected homes is supporting the penetration of premium wine cooler across different regions.
The premium wine coolers market is characterized as highly competitive with large number of well-established as well as regional and local players operating in the market. Promoting and focusing more on product development is likely to help capitalize the demand in the market. Besides this, enhancing penetration in the developing regions is likely to scale up revenue generation.
Companies operating in the premium wine cooler market are aiming at strategic collaborations and partnerships with other manufacturers to expand their product portfolio to address the demand of an expanding pool of consumers. Besides this, few of the players in the market are also aggressively focused on enhancing their penetration through active mergers and acquisitions. Middleby Corporation is one such example.
Scope of Report
Historical Data Available for
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa
Key Segments Covered
Installation Type, Bottle Type, Temperature Type, Technology, End Use, Sales Channel, and Region
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Market by Category
By Installation Type:
By Bottle Type:
- Less than 10
- 10 to 30
- 31 to 50
- 51 to 300
- 301 and Above
By Temperature Type:
- Double Zones
- Single Zones
- Triple Zones
- Compressor Based
- Thermoelectric Based
By End Use:
- Retail and Specialty Stores
- Food and Beverage Processing
- Hotels and Restaurants
By Sales Channel:
- Departmental Stores
- Hypermarkets/Supermarkets/mass Merchandise
- Specialty Appliances Stores
- Home Improvement Stores
- Online Retailers
- Direct-to-Consumers/Exclusive Stores
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)