The global wine cooler market is likely to witness considerable growth over the period of forecast due to the thriving business of the food and beverage industry across the globe.
San Francisco, CA -- (SBWIRE) -- 04/02/2020 -- Wine Cooler refers to an appliance that is designed specially to keep wines, both white and red ones, at their optimum temperature. Depending on the size of one's collection, wine coolers are far more portable. In addition to that, one is able to regulate the temperature needed for the wines as well as for the level of humidity. The global wine cooler market is likely to witness considerable growth over the period of forecast due to the thriving business of the food and beverage industry across the globe.
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In addition, there has been a rising trend of consumption of non-alcoholic wines amongst the younger generation, which is estimated to propel the global wine cooler market toward a promising growth trajectory.
Several features of wine coolers such as energy efficiency, cost-effective cooling, enhanced product visibility, and easy portability are furthering driving its demand all over the world. Furthermore, increasing aesthetic value of wine coolers is also expected to present lucrative growth prospects to the global wine cooler market in the years to come.
Increased Health Consciousness to Stoke Demand for Wine Coolers
Flourishing beverage business play a significant role in the development of the global wine coolers market. However, as health consciousness amongst the consumers grows across the globe, a trend toward consumption of low- or non-alcoholic drinks is observed. Such trend in consumption leads to reduction of cholesterol and in keeping the heart healthy. Several studies, such as the one published in January2020 by Harvard Health Blog, observes that drinking wine in low to moderate amounts can keep one's heart healthy. Presence of resveratrol in grapes, which is used as a main ingredient in making wines, is believed to have many health benefits, such as improving functions of brain, lowering cholesterol, and protecting heart. This factor is estimated to bolster the growth of the global wine cooler market.
Apart from increased consumption of wine, the global wine coolers market is likely to be shaped by the need to curb bacterial growth in wine, which can at times convert wine to vinegar as well. Refrigeration is needed to prevent bacterial growth in wine. Apart from refrigeration, commercial wine coolers also make use of air filer to keep away bacteria that causes odour in wines.
In addition, manufacturers are emphasizing more on various new developments to maintain the quality of wine and do away with the risk of bacterial growth. Growing significance of aesthetic appeal, energy efficiency, and better and more functionality have been the core areas of research for the upgradation and innovation of wine coolers.
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Favourable Climate for Grape Cultivation to Fuel Demand in Europe
In the global wine cooler market, Europe and North America collectively hold more than half of the total market revenue. Such dominance of the market by both the regions is mainly due to the presence of a large base of wine drinkers. In addition to that, consumers have high disposable income in both Europe and North America, which paves way for considerable spending on wines and wine coolers.
Besides, Italy is estimated to be one of the leading producers of wine due to the presence of several varieties of grapes and favourable climate for grape production. Likewise, both France and Spain are also prominent producers as well as consumers of wine. As such, wine coolers are predicted to observe high growth trajectory in these countries, which is estimated to boost the market in Europe over the period of assessment.
Product Innovation Leads to Increased Competition in the Market
Some of the prominent vendors profiled in the study of global wine cooler market include, Haier Group Corporation, Robert Bosch GmbH, Siemens AG, LG Electronics Inc., Allavino Company, Viking Range, LLC, and AGA Marvel. The global wine cooler market is considered as a competitive and rapidly expanding industry.
Leading market players are likely to continue with the strategy of acquiring regional companies, forging partnerships and forming joint ventures to reinforce their global presence.
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