Wine coolers are electronic consumer goods and gadgets used to cool or lower the temperature of the wine. They keep wine chilled, stored, and preserved inside bottles. These wine coolers assist in maintaining the proper temperature and humidity for the wines. A wine fridge or cooler keeps wine drinkable for a longer amount of time and improves the flavor of wine, which is a key factor driving market growth throughout the projection period. Increasing consumption of wine across the world is one of the main factors fueling the product demand.
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Market Dynamics
Over the forecast years, the wine cooler market is likely to be driven by increased awareness of the advantages of wine drinking and the increasing availability of specially customized wine storage products. A growing number of wine varietals accessible and a greater focus by manufacturers on producing innovative and technologically advanced products are all contributing to the wine cooler market's growth. Retail sales of alcoholic beverages, particularly wines, are increasing in many major countries worldwide, which is a primary driving force behind the market for wine coolers and refrigerators.
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Segment Analysis
Throughout the forecast period, this segment is expected to remain dominant. The increasing consumption of wine worldwide is the primary driver of sector growth. Furthermore, rising demand for various types of wine and their growing popularity among millennials are likely to boost the segment's growth. Shifting consumer preferences, the availability of a wide range of flavors, and increased consumer spending power are all projected to positively impact worldwide alcohol demand patterns. For example, millennials prefer beer to wine and other alcoholic beverages. However, beer consumption has decreased by more than 5% in the recent decade, while demand for other alcoholic beverages such as wine, whiskey, and vodka has increased steadily.
Competitive Landscape
The global wine cooler market is largely fragmented, with participation from major electronic appliance manufacturers around the world and a few wines cooler-specific companies. The key market players are Carrier Midea India, Climadiff S.A, Avanti Products, Perlick Corporation, Whirlpool, Inventor Concept SRL, Allavino, Marvel Refrigeration, Eurodib, Sunpentown,Inc, among others. Most of the companies engaged in the business focus on technological advancements as one of their leading strategies. For instance, in May 2019, Vinotemp announced the extension of their wine storage solution with the commercial launch of “Vinotemp Wine Vault,” with the product offering capacity of 30 wine racks and customized cooling and humidity control.
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