Premium Wine Cooler Market Forecast with Potential Impact, Despite COVID-19 Pandemic, Finds FMI 2022 - 2031

 

According to Future Market Insights (FMI), the premium wine cooler market is predicted to reach a value of US$ 1,215.9 million by 2031, with a CAGR of around 6.3 percent.

Today’s homes are more connected than ever before. Smart devices, such as networked refrigeration systems, are becoming increasingly popular among consumers. As a result of shifting consumer tastes, companies are increasingly focusing on adjusting their advertising techniques.

Aside from focusing on promotional activities, shops selling connected devices are employing a variety of techniques to achieve more than just sales conversion. This includes the development of know-how counters to train or educate customers on how to use and benefit from products. In the near future, these factors are projected to help the market grow.

Millennials and Gen X are expected to have a significant impact on market growth in the coming years, owing to two primary factors: increased wine consumption and strong desire for smart tech gadgets and linked storage units in the residential sector.

Apart from this, the commercial sector is also likely to reflect prominent sales opportunities due to rapidly growing demand for premium sleek and unique wine storage appliances that better match the aesthetics and ambience of the space along with incorporating better features.

Key Takeaways from the Premium Wine Coolers Market Study

  • Freestanding premium wine coolers are expected to hold a leading revenue share of 57.2% in 2021 due to its portability nature.
  • In terms of bottle type, premium wine coolers with a capacity of 51 to 300 bottles is comparatively more. The category holds a notable share of 19.3% during 2021.
  • The U.S. is expected to hold a noteworthy value share of 84.2% in North America owing to the rapid upsurge of wine consumption at home as well as in commercial sectors thus escalating the need for wine storage units.
  • India is a key market in South Asia reflecting a CAGR of 26.1% as smart homes are increasingly gaining popularity.
  • France is further expected to open up new sales opportunities as consumption of wine is quite prominent in the region.

“Focus on new design developments or additions, including refrigerated/freezer drawers or adjacent storage cabinets is likely to help players gain an edge in the highly competitive market. Apart from this, implementation of direct-to-consumer model is likely to successfully strengthen brand positions in the market,” says an FMI analyst.

Impact of COVID-19 on the Market

The covid-19 outbreak resulted into a temporary downswing across different sectors and regions. The economic downswing caused a tremendous impact on both supply as well as demand side in the market.

Apart from this, it also largely impacted consumers purchasing habits as a large proportion of consumers shifted from free-spending towards mindful spending thus impacting the demand for premium wine coolers to some extent.

The outbreak of COVID-19 worldwide signaled an unprecedented disruption of commerce. Post-pandemic, consumers have adopted short-term behaviors that in some cases have turned permanent. Transition to digital was the most profound behavioral change that was observed post-pandemic. Retail categories like consumer electronics and entertainment are some of the few sectors that have been significantly disrupted by digital over the past few decades.

 Who is winning?

Leading manufacturers of premium wine coolers are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of Premium Wine Coolers globally.

Major players present in the premium wine coolers market are Allavino Company, Avanti Products, Inc., Danby Appliances, Inc., Electrolux AB, Marvel refrigeration, Haier group Corporation, Viking Range Corporation, Vinotemp, Perlick Corporation, Robert Bosch LLC, Uline Company, WHynter LLC, Lanbo International Inc., Liebherr, LG Electronics and among others.

Information Source: 
https://www.futuremarketinsights.com/reports/premium-wine-cooler-market

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