Global Wine Fridge Market to Grow with a CAGR of 6.53% During 2021-2030; Market to Grow on Account of Growing Consumption of Wine Worldwide
Kenneth Research published a report titled Wine Fridge Market: Global Demand Analysis & Opportunity Outlook 2030 which delivers detailed overview of the global wine fridge market in terms of market segmentation by type, fridge capacity, technology, temperature zones, distribution channel, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global wine fridge market is anticipated to grow with a CAGR of 6.53% over the forecast period, i.e., 2021 – 2030. The market is segmented by type into built-in, countertop, undercounter, and freestanding, out of which, the freestanding segment is expected to garner the largest revenue of USD 2004.8 Million by the end of 2030. Moreover, in the year 2020, the segment generated a revenue of USD 1074.0 Million.
The global wine fridge market is estimated to garner a revenue of USD 3817.7 Million by the end of 2030, up from a revenue of USD 2037.1 Million in the year 2020. Rising need worldwide to preserve the quality and taste of wine is one of the major factors anticipated to drive the growth of the market in the coming years.
By region, the global wine fridge market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in Europe region is anticipated to garner the largest revenue of USD 2016.5 Million by the end of 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 1110.2 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Surge in the Production and Consumption of Wine Around the Globe to Boost the Growth of the Market
The International Organisation of Vine and Wine, in one of its statistics, stated that the production of wine around the world increased from 255 mhl in the year 2002 to 294 mhl in the year 2018.
The demand for wine around the globe is increasing at a massive pace. Over the past few years, the consumption of wine has also grown significantly, backed by the rise in awareness for the numerous benefits associated with drinking wine. As a result, there is a growing need amongst the consumers as well as restaurants, bars and lounges, to maintain the quality and preserve the taste of the wine, thereby driving the need to adopt wine coolers. Wine fridge are designed to maintain a certain temperature which can preserve the taste and quality of the wine for a longer period. Such a factor is thereby anticipated to drive the growth of the market in the coming years.
However, the high price of the product is expected to operate as key restraint to the growth of global wine fridge market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global wine fridge market which includes company profiling of Dunavox Ltd., Siemens AG, La Sommelière (FRIO Entreprise), EuroCave, KingsBottle, Liebherr-International Deutschland GmbH, Haier Inc., AB Electrolux, LG Electronics, Climadiff (FRIO Entreprise), and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global wine fridge market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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