Valley Cottage, NY -- (SBWIRE) -- 06/13/2019 -- Future Market Insights emphasizes detailed analysis of the global wine cooler landscape, to reveal the current and prospective market growth outlook, emphasizing the deep-dive evaluation of multiple market growth influencers, key trends, actionable opportunities, and competition.
In a recent market intelligence study, FMI estimates just-under 6% year on year revenue growth for the wine cooler market, reaching beyond the valuation of US$ 2.2 billion in 2019.
Predominantly attributed to dramatically increasing consumption of wine across the millennial population and a constantly growing number of bars and lounges serving wine on the menu, the global wine cooler sales are projected to gain a prominent push by frequent launches of innovative wine storage solutions in the wine cooler category.
"Focusing on multifunctional product development and next-generation marketing strategies will be a paramount for leading companies in wine cooler market," projects a senior market research analyst at the company.
FMI Report Tracks the Most Significant Market Growth Influencers
According to the recent projections of Wine Market Council, the America's millennial population consumes almost half of the available wine in the US and a majority of women there tend to choose wine over other alcoholic drinks.
On-trade alcohol sale is witnessing a constant high in recent years.
An expanding health conscious consumer population is increasingly preferring red wine consumption.
Specialty stores secure an important position across the distribution network, accounting for the lion's share in wine cooler market revenue.
Multi-storage wine cooler appears as a highly lucrative investment category in market.
Low penetration of premium priced wine across the regions such as MEA prompts at a growing number of export opportunities for wine cooler manufacturers.
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Combination Wine Storage Solutions to Gain Ground
Freestanding wine cooler continues to bring in more than 55% revenue to wine cooler market, whereas the demand for built-in wines cooler is likely to witness a higher yearly growth in 2019 and ahead. On the other side, in terms of bottle holding capacity of a wine cooler, the most sought after bottle capacity remains 31 to 50 that currently accounts for a maximum share in the total revenue of wine cooler market.
A growing trend of combination wine coolers is currently trending the market, highlights the report. A growing number of consumers is demanding combination, multifunctional, multi-storage solutions even at the stake of additional price. However, sustained demand for pre-used commercial wine coolers is likely to eventually limit the sales of new products in the global market.
Multifunctional - Residential Wine Cooler to Pick-up in Coming Years
The report highlights that the commercial wine cooler remains top selling product in wine cooler market. The residential wine cooler is however gradually taking over, in terms of rate of demand growth, and is thus projected for higher yearly growth in 2019 and beyond.
Moreover, based on the temperature zone segment, wine coolers with single temperature zone represent over half of the market value at present, followed by wine coolers with a double temperature zone.
A classic example of the innovations in the aforementioned categories is a new multifunctional beverage storing appliance by The NewAir. "The California-based company recently introduced an innovative beverage storage solution that best combines the features of company's beer and wine coolers into a dual zoned customized appliance that stores wine, beer, and carbonated beverages all at their respective optimum temperatures. The new AWB-400DB is likely to create a revolutionary impression in the residential wine cooler category," updates the analyst.
The US, Europe, and APAC Form a Hotbed of Opportunities
The US, consistently the largest wine selling market, has been witnessing a constant high in terms of wine prices as well as consumption volume. In recent years, premium priced segments of wine are experiencing growing popularity among consumers clearly owing to the superior quality that they offer.
Following France, Italy, and Spain, the fourth largest wine producer is California, pushing the innovation in wine cooler sector across the US and thereby, in North America. Moreover, high wine production volumes and thus the growing need for preservation and storage continues to shape the growth of three largest wine producing European countries – widening the scope for wine cooler manufacturers to introduce innovative products in Europe's market.
North America currently holds more than 35% share in the total wine cooler market value, whereas APAC covers over 20% of the global market revenue. The latter is most likely to demonstrate the highest yearly growth in and ahead of 2019. Europe represents a market value share of around 30% at present. The US alone is projected to reach beyond US$ 600 billion in terms of wine cooler sales, according to the report.
Competitive Landscape Analysis Reveals Prominent Key Player Strategies
Danby Products, Inc., one of the important companies competing in the wine cooler landscape, had announced strategic alliance as an official appliance partner with Stirling Scottish Marathon in 2017. The objective is to push brand awareness across a wider customer base. The company also launched the first-ever thermoelectric-cooling wine display in the market, the same year.
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The Middleby Corporation announced multiple acquisitions in 2017, including that of Scanico A/S, QualServ Solutions, LLC, and Globe Food Equipment Company. These acquisitions have been signed with an objective of expanding the global footprint in commercial kitchen equipment, industrial cooling & freezing equipment space.
Apart from the aforementioned players, the report covers various other companies operating in the global landscape of wine cooler.