The global wine cooler market is expected to grow over 6% during the period 2020–2025. Since wine gets damaged when exposed to air, essential it be properly stored at a certain temperature. Enter wine-cooling devices and their growth business for forward-thinking entrepreneurs.
The following aspects contribute to the growth of the wine cooling devices market:
- Increase global consumption of wine
- Rise in awareness of the health benefits of wine
- Need to curtail bacterial growth
- Growth in advanced refrigeration technologies
- High preference for wine among millennials
Greater need to preserve wine quality is arising, as customers seek to avoid unwanted spoilage of wine across the global wine cooler market. Wine will become detrimental when exposed to air; it must become stored at a specific temperature. Therefore, the impressive growth in modern wine cooling systems, which includes thermoelectric and compressor cooling techniques, makes sense. The luxury of having convenient temperature controls and separate shelves for red and white wine is influencing the wine storage market. Thanks to the further development and growth in refrigeration technology, the adoption of wine coolers in the market is increasing.
Since people are now more health-conscious and becoming oriented towards consuming low-alcoholic drinks, which reduces cholesterol and strengthens the heart, the consumption for wine is growing. Wine will help you live longer, stay healthier, and could even protect against certain types of cancers. These attitudes are stimulating sales, favoring the growth of the wine cooler business.
People who have a limited budget or would like not to spend a lot of money are expected to bolster the application of free-standing coolers. They are inexpensive and can store a lot of bottles. These wine coolers are designed for easy quick installation and run low on maintenance; hence they are witnessing a large-scale adoption in commercial and residential sectors. This built-in wine cooler segment generated over $400 million in the year 2019.
Compressor-based coolers can store a lot of bottles; hence a large number of bottles can be stored at the specified temperature for a more extended period without relying on external temperatures. Vendors will focus on areas such as India, the UAE, and China to increase the sales of compressor-based products, due to the humid temperature conditions in these areas. Compressor-based technology is going to be applied for dual zone coolers in countertop and free-standing types thanks to their impressive cooling technique.
Dual-zone wine coolers extensively cater to commercial spaces where the storage demand is high. Two different sections with varying temperature options help with storing red and white wine at the same time in the samen cooler. Wine coolers with single-zone technique are designed to hold a small number of bottles at a constant temperature. These coolers make use of thermoelectric cooling techniques and are winning popularity in the residential sector due to their energy efficiency. They are less expensive and can hold up to around 20 bottles. Single-zone coolers will become sold more in growing markets such as APAC, Latin America and MEA.
Wine drinking in restaurants is increasing in Italy, Mexico and the USA. Social drinking is increasing in popularity and is going to be a key influencer for the growth of commercial devices. Wine is becoming an essential part of birthday parties and/or family reunions.
The B2B channels are a major distributor for wine coolers. The requirement of chillers in the B2B market is likely to be one of the major factors which will increase the growth of the total market by 2025.
Europe is going to increase its revenue on account of a large number of wineries and vineyards in the area. The increasing number of export and import options from Italy, France, Germany and Spain will fuel the consumption of wine and increase the sales of wine coolers. North America will become a growing region across the world because of the rapid drinking among US and Canadian families.
The increasing consumption among women, especially in New York, Texas, Florida, and California, will influence the market growth even more. The US counts more than 100 wineries in 13 states. Freestanding cooler emerged as the largest segment by installation with a revenue contribution of over $350 million in 2019. The sales of free standing chillers is going to grow due to a low number of persons per household in the US and Canada.
Australian vineyards will increase revenue in the APAC region, which are one of the biggest wine exporters in the world. The large amount of alcohol consumption in the aging population of China and Japan will also significantly boost the market.
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