Wine Cooler Market: Overview
The wine market is witnessing surge in demand in recent years. The surge in demand is attributed to increasing consumption of wine across the globe. This is one of the key factors driving growth of wine cooler market.
Rising popularity about wine and its benefits is fuelling demand for wine in several regions. To name some, the U.S., Spain, U.K., South Africa, Italy, and Canada. In these regions, young population is keen about consumption of wine.
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To protect wine from harmful bacterial growth at room temperature, wine cooler is being adopted widely. The wine cooler market is witnessing demand from, both, residential and commercial sectors.
Considering the demand, manufacturers operating in wine cooler market are consistently introducing advanced technologies. These technologies aim at maintaining shelf life as well as taste of the beverage.
For example, Interior Vinotemp’s Vinotemp BioBlu technology used LED lighting in wine cooler. The new addition aims at reduction in growth of bacteria and mold. Similarly, Silhouette launched Danby model SR001. The model has triple pane low E glass for protection of wine form UV light.
Such introductions are likely to fuel growth of wine cooler market in coming years.
The upcoming report on wine cooler market provides insight about various segments contributing to growth of the market. Role of trends and drivers is studied properly to analyze growth trajectory of the market during forecast period (2019-2027). Further, the market is divided on the basis regions and sub-regions. Contribution of each region is given in detail. Also, the market intelligence report gives information about factors that may restrain growth of wine cooler market in coming years.
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Wine Cooler Market: Notable Developments
Recently, a Dutch company Kooduu designed a multifunction wine cooler. It is equipped with 10-watt wireless speaker with 180-foot Bluetooth range, LED lamp with warm yellow illumination.
The cooler is available in varying sizes i.e. small, medium, and large.
Wine Cooler Market: Key Trends
Inclination of consumer towards wine, wide option of flavors, increasing disposable income are some of the key factors anticipated to influence wine and allied industry sectors.
For example, preference of millennial towards wine over beer and other alcohol types. As a result, in last decade, growth of beer market has declined slightly. Meanwhile, alcohol market has witnessed surge in demand for whiskey, wine, and vodka. Such demand trends are anticipated to influence wine cooler market in tenure of forecast period.
Registering the demand, manufactures are introducing wine cooler as per the convenience of the consumers. They are diversifying their product portfolio by widening dimension, hence increasing the storage area of the wine cooler.
Introduction of such products is influencing growth of wine cooler market.
In 2018, free-standing wine cooler accounted for significant share in the wine cooler market, followed by counter top. These categories contributed extensively in terms of revenue.
As per market research analyst, these segments are likely to continue their significance in the global wine cooler market.
Wine Cooler Market: Regional Outlook
Lately, Asia Pacific is witnessing surge in demand for wine. This is due to growing popularity of the beverage among young generation in developing economies such as India, Indonesia, and China among other countries. As a result, the region is anticipated to contribute significantly in growth of the global wine cooler market during forecast period.
Further, North America has also witnessed surge in demand for wine, owing to various health benefits offered by wine. In 2018, the U.S. accounted for substantial contribution. As per market analysts, the region is anticipated to contribute significantly in coming years as well.
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