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U.S. Wine Cooler Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The U.S. wine cooler products market was valued at USD 9.2 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. The market is driven by the rising demand for wine coolers from millennials and Gen-Z consumers. Furthermore, the growing popularity of home entertaining has been driving the demand for wine coolers for residential applications. Moreover, the increasing trend of gifting wine coolers as gifts is also contributing to the growth of the market.
The market is further driven by the increasing demand for premium and luxury wine coolers. Upscale retail outlets are stocking luxury wine coolers, which are made of expensive materials such as stainless steel and wood. In addition, the introduction of smart wine coolers is also driving the growth of the market. For instance, in April 2021, Vinotemp launched the new VINO-4500 series wine cooler with voice control, the first of its kind in the market.
The increasing penetration of wine coolers in commercial applications is also driving the market growth. The growing number of bars, pubs, and restaurants are procuring these products for storage and display purposes. The advent of new technologies, such as UV-C LED technology, is creating new opportunities for the market. For instance, in December 2021, NewAir launched a new line of wine coolers with UV-C LED technology, which is said to eliminate 99.9% of bacteria and viruses.
Furthermore, the market is witnessing the introduction of advanced features in wine coolers. For instance, in February 2021, Marvel launched a new range of wine coolers with integrated Wi-Fi and voice control features. These features help customers monitor their cellars remotely, allowing them to adjust the temperature, check inventory, and receive alerts. In addition, the increasing number of collaborations between wine cooler manufacturers and beverage brands is driving the growth of the market. For instance, in December 2021, Sub-Zero and Wolf partnered with Mionetto to launch a limited-edition wine cooler.
Product Insights
The freestanding segment is expected to hold the largest market share during the forecast period. The convenience of freestanding wine coolers in terms of installation, space utilization, and cost-effectiveness is driving its demand in the U.S. According to an article published by Wine Enthusiast, in November 2019, freestanding coolers are great for smaller apartments and homes because they don’t require installation and are relatively easy to move.
The built-in segment is expected to be the fastest-growing segment during the forecast period. According to an article published by the International Wine of the Month Club, in April 2020, built-in wine coolers are a great option for homeowners who want to create a fully integrated look in their kitchen. These coolers are designed to fit within the existing cabinetry and are available in a variety of colors and finishes. In addition, various technological advancements such as temperature control, digital display, and energy-saving features are further driving the growth of the built-in wine cooler segment.
Distribution Channel Insights
The supermarkets & hypermarkets segment is estimated to account for over 40.5% of the market share in 2022. This segment is expected to witness a steady growth during the forecast period due to the increasing sale of wine coolers through supermarkets & hypermarkets. Supermarkets & hypermarkets offer a wide variety of wine coolers and other related products for consumers. These outlets provide a wide range of brands and products to the consumers, thus making it easier for them to make the right decision. In addition, supermarkets & hypermarkets also provide promotional offers such as discounts and cashback on the purchase of wine coolers.
The online segment is anticipated to expand at a CAGR of 14.3% over the forecast period. The increasing penetration of the internet and the growing trend of online shopping among customers is one of the major factors driving the growth of this segment. Online platforms such as Amazon, eBay, and Walmart offer a wide range of wine coolers, allowing customers to compare prices and features of different products to make an informed purchase decision. In addition, online retailers also provide discounts, cashback, and other promotional offers to attract more customers.
Type Insights
The freestanding segment accounted for the largest revenue share of 70.4% in the United States in the year 2022. The increased demand for freestanding wine coolers is attributed to the cost-effectiveness of these products, as well as their low energy consumption and easy installation. Furthermore, the flexibility of these wine coolers in terms of placement and the availability of a wide variety of sizes are some of the other factors driving the demand for freestanding wine coolers.
The built-in segment is anticipated to expand at the highest CAGR of 7.2% over the forecast period. The increasing trend of kitchen renovation to incorporate built-in appliances is driving the demand for built-in wine coolers. The built-in wine coolers are integrated into kitchen cabinets, which adds an aesthetic appeal to the kitchen and also helps to save space. Furthermore, the growing trend of smart kitchen appliances is likely to drive the demand for built-in wine coolers in the near future.
Regional Insights
The U.S. dominated the market and accounted for the largest revenue share of over 40.5% in 2022. Increasing awareness regarding the health benefits associated with moderate wine consumption is a key factor behind this growth in the region. This factor, coupled with the increasing disposable income of consumers, is expected to drive the market in the U.S. For instance, in December 2021, the U.S. Department of Agriculture reported that the average real disposable income of Americans had increased by 7.4% from a year ago.
Europe is expected to witness the second-fastest growth in the coming years. Rising preference for wine among consumers is a key factor driving the growth of the market in the region. In addition, the increasing number of wine bars and pubs is expected to further drive the growth of the market in the region. For instance, in December 2021, there were more than 5,000 wine bars and pubs in the U.K., with many more opening up in other European countries.
Financial Projections
In this part of the U.S. Wine Cooler Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the U.S. Wine Cooler Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a U.S. Wine Cooler Products business comes from the sale of wine coolers, wine chillers, and other related products. Additional revenue sources may include advertising, sponsorships, customer loyalty programs, and other promotional activities.
Projecting Expenses
In this section, all the regular expenses related to keeping the U.S. Wine Cooler Products business running will be described. The list of operating expenses includes salaries for staff, shipping costs, warehouse rent, advertising, insurance policies, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the U.S. wine cooler market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Whirlpool Corporation launched the ‘Whirlpool Wine Cellar’, a new line of wine coolers designed to maintain the ideal temperature and humidity levels for wine storage.
– In August 2022, Danby Appliances launched the Silhouette Professional series of wine coolers designed to provide a sleek and stylish look.
– In October 2022, Haier Group Corporation launched the Wine Cellar range of wine coolers designed to provide an optimal environment for aging wines.
Some of the prominent players in the U.S. wine cooler market include:
– Danby Appliances
– Whirlpool Corporation
– Electrolux AB
– Haier Group Corporation
– Sub-Zero Group Inc.
– Vinotemp International Corporation
– Koolatron Corporation
– Wine Enthusiast Companies
– Hestan Corporation
– KingsBottle USA Inc.
Global U.S. Wine Cooler Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global U.S. wine cooler products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Built-In
– Freestanding
– Portable
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key trends influencing the U.S. Wine Cooler Products market?
[A]: The U.S. wine cooler products market is mainly driven by the growing popularity of wine consumption among millennials and the increasing demand for premium wines. The demand for wine coolers is also driven by convenience, as they provide a consistent temperature for wine storage. Additionally, the growing popularity of smart and connected wine coolers is anticipated to drive the market further.
[Q]: Who are the key players in the U.S. wine cooler products market?
[A]: Key players in the U.S. wine cooler products market include Haier, Danby, NewAir, Avanti, and Whynter.
[Q]: What are the drivers for the growth of the U.S. wine cooler products market?
[A]: The growing demand for premium wines and the convenience of having a consistent temperature for wine storage are key drivers for the growth of the U.S. wine cooler products market. Additionally, the increasing popularity of smart and connected wine coolers is also expected to drive the market.
[Q]: What is the regional outlook of the U.S. wine cooler products market?
[A]: The U.S. is the largest market for wine coolers in the world, accounting for more than half of the global market share. The U.S. wine cooler market is expected to experience a healthy growth, with the West and the South emerging as the fastest-growing regions.
[Q]: What are the challenges faced by the U.S. wine cooler products market?
[A]: The major challenge faced by the U.S. wine cooler products market is the rising competition from other beverage coolers. Additionally, the increasing cost of raw materials is also expected to challenge market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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