Before we start to discuss the global win cooler market, we bring back the introduction of wine cooler first. What is a wine cooler and how it works? A wine cooler is an application that stores wine in the right conditions, including the right temperature and humidity level, and fewer vibrations. Therefore, nothing is causing to harm the quality of the wine. According to Grand View Research, the global wine cooler market size was valued at USD 2.30 billion in 2020 and hopefully will reach 6.4 percent of CAGR (compound annual growth rate). North America held a significant share of the global market, also Asia-pacific is expected to expand at the fastest CAGR of 7.1 percent over the forecast period. https://www.grandviewresearch.com/industry-analysis/wine-cooler-market This article will briefly describe the increasing demand of wine cooler and how we can earn profit from it.
Regional Insight: demands for wine coolers in different regions.
This paragraph will describe the regional wine cooler market, and what drives the increasing demands in these regions.
Developed Country: North America and Europe
As we mentioned before, North America especially The U.S. is the largest market and it accounted for more than 75 percent of the regional market in 2018. According to Future Market Insight, North America and Europe collectively account for approximately 66 percent of the market share in terms of revenue. Consumers in developed countries have greater disposable incomes and thereby are more willing to purchase wine and wine coolers. Secondly, a sizeable of wine consumption will increase the demand for wine coolers. In order to store more wine and guarantee the quality of the wine. Thirdly, some countries in these regions are the main wine producers and leverage the substantial consumption of wine coolers as well. Fourthly, people are going awareness regarding the health benefits of wine. Thereby increasing demand for wine, and for wine coolers as result.
According to Wine Intelligence, wine drinkers have been more often to wine as a beverage during the COVID-19 pandemic and thereby increasing the demands for wine coolers due to ‘lock-down’ occasions. The table below shows the wine consumption frequency changed during COVID-19 pandemic.
According to Mordor Intelligence, As per regions, Europe and North America have been the primary consumers of wine over the recent year. Owing to the increasing in-house consumption of wines and other alcoholic beverages in both these regions. The wine cooler market is estimated the largest in the regions. The more consumers are willing to purchase their own wine or beverage for in-house consumption, the more their need for wine coolers.
Developing Country: Asia Pacific and South Africa
The picture bellowed shows the Wine cooler market that is described by market size. We can see that Asia- pacific can be defined as the medium class of market size followed by North America and Europe. https://www.mordorintelligence.com/industry-reports/wine-cooler-market According to Grand View Research, Asia-pacific is expected to expand at the forecast CAGR of 7.1 percent over the forecast period (2019-2025) which is higher than the regions in developed countries.
Consumers in emerging economies such as China and India have a greater spending capacity owning to rise in disposable income and higher net worth incomes as result. Moreover, the consumers’ improved life also boosts the demand for wine. The increasing demand for wine and other alcoholic beverages then promotes the development of the wine cooler market. Other countries like South Korea, Japan, and Singapore are always greater consumers of wine because they are more ‘western’ life compared to other countries in Asia-pacific. However, the population of these countries is far lower than others, therefore they are defined as medium-class of wine cooler markets.
Segmentation of the Wine cooler market:
In order to analyze the wine cooler market, we can classify the wine cooler by different groups.
By Installation Type (Freestanding, built-in, countertop)
Freestanding segments are more affordable and carry a large capacity compared to countertops. On the other hand, countertop equipment is an ideal solution for homes will less floor space. Built-in wine coolers serve as an excellent option for those who want their wine fridges to complement and decor of kitchen.
According to Grand View Research, Freestanding wine coolers held by market share of 53.2 percent in 2018. It is expected to maintain its dominant position throughout the forecast period and expand at a CAGR of 6 percent. Countertop held the second-largest market share in terms of revenue in 2018.
By Technology (Compressor, Thermoelectric- based)
As we mentioned in the previous article which describes the differences between compressors and thermoelectric-based wine coolers. The motor-compression refrigerator always carries large capacity than thermoelectric-based one and high precision in temperature control. As result, freestanding wine coolers often come with a compressor while countertop or built-in wine coolers can come with thermoelectric.
What elements drive the competition in the future?
The global market is highly competitive in nature due to the presence of a high number of vendors. Market leaders have escalated R&D activities to launch innovative wine coolers for a stronger market foothold. Wine coolers equipped with features such as humidity and temperature have already infiltrated the market. Energy efficiency and greater functionality have been primary areas of research in the wine cooler market. Moreover, optimized electronics and innovative technological solutions have upgraded the performance of wine coolers.
About Odino and what we can provide to you.
If you are looking for a professional wine cooler manufacturer, Ordino is who to call. With over 10 years in the wine fridge business, we have the expertise and strength to help you built up your wine cooler business. I hope this article can help you explore the market information. It is not really a matter of which system is better. It is more important that it can fit your storage needs. Odino provide both high-quality wine cooler that can fit your needs.