Wine Cooler Market Estimated To Reach US$ 4.4 Billion By 2028 Covering Covid-19 Impact: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wine Cooler Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The Global Wine Cooler Market is estimated to grow at a CAGR of around 6.0% during the forecast period 2021 to 2028 and to reach around US$ 4.4 Bn by 2028.
New product launches and rising demand for wine across the globe are major factors expected to drive the growth of global wine cooler market.
North America is expected account for significant revenue share in the global wine cooler market due to increasing consumption of wine from consumers. Consumer preference for wine is increasing; wide acceptability from restaurants of wine as flavor addition is increasing demand for wine in the region. In 2017, over 900,000,000 gallons of wine produced in the US and in January 2019, there were 10,043 wineries making leading US in wine consumption in world. With the high production and consumption of wine is increasing demand for coolers. California is a major exporter of wine accounting 95% of US wine export. In 2018 the wine export of the US reached US$1.46 Bn in value. Demand for flavored wine such as sangria, wine spritzers, and agave wine are gaining importance among consumers.
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The market in Asia Pacific is expected to witness faster growth in the target market due to high alcohol consumption in countries such as China and India. Demand from residential sector for wine coolers is increasing. Consumers demand for imported wine is increasing and approach towards keeping the wine cool and safe from bacteria is increasing demand for coolers. Major players approach towards enhancing the business in developing countries in order to track the untapped market is expected to support the growth of target market. In addition, favorable business policies by the government and emergence of small & mid size enterprises with innovative solutions are expected to support the regional market growth.
Alcohol consumption is rising among consumers at a noticeable rate. Sale of spirits has gone up drastically across the globe. With social acceptance for alcohol consumption demand for various spirits and coolers is increasing this is expected to drive the growth of global wine cooler market. Rapid technological advancements are taking place in electronic devices. Manufacturers are focused on development of advanced fridges/coolers that aid consumers in keeping the wine safe and fresh. Features such as smudge-proof, internet-enabled touch screens and recipe guides, mobile apps to control coolers are witnessing high demand. Major players approach towards new product launch in order to attract new customers and enhance the business through acquisition is expected to augment the wine cooler market growth.
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