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Freezer Beverage and Wine Cooler Market Segmented By Installation such as Freestanding, Countertop, Built-In with Bottle Capacity such as Less than 10, 1 to 30, 31 to 50, 51 to 300, 301 and Above
According to Persistence Market Research, the freezer beverage and wine cooler market generated a revenue of US$ 2,658.8 Mn in 2022. The demand for freezer beverage and wine cooler will accelerate, with the top market players holding a prominent share of the freezer beverage and wine cooler market in 2022. The global market for freezer beverage and wine cooler is expected to reach US$ 5,224.7 Mn by 2033, growing at a ~6.4% CAGR from 2023 to 2033.
Global Freezer Beverage and Wine Cooler Market Size (2022A)
US$ 2,658.8 Mn
Global Freezer Beverage and Wine Cooler Market Size (2023E)
US$ 2,815.4 Mn
Projected Freezer Beverage and Wine Cooler Market Value (2033F)
US$ 5,224.7 Mn
Value CAGR (2023-2033)
Collective Value Share: Top 3 Countries (2022)
Freezer beverage and wine cooler products are gaining popularity all around the world. Sales of beverage freezing and chilling equipment have increased due to rising health beverage consumption. The popularity of frozen and chilled food and beverages has risen as a result of changes in dietary habits and way of life.
Global demand for ready-to-drink drinks and various food products is rising as a result of an increased number of working people eating out at hotels and restaurants. This has significantly increased demand for refrigeration and cooling equipment, such as freezers and coolers for foods and beverages that must be kept at low temperatures.
To keep their qualities and ensure that their flavor doesn't alter over time, beverages and their many organoleptic features need the best protection. For this precise reason, businesses are producing beverage freezers and coolers with appropriate humidity and temperature levels. To make items more appealing, they are also enhancing the decorative elements of beverage freezers and coolers.
Many more unique growth factors have been thoroughly examined, and Persistence Market Research's study also includes a full assessment of some of the significant difficulties for freezer beverage and wine cooler.
The study also contains a detailed regional analysis, which shows that North America controls the majority of the market for freezer beverage and wine cooler. The study also provides a comprehensive COVID-19 impact analysis to help readers make well-informed business decisions for the present and future.
Between 2017 and 2022, demand for freezer beverage and wine cooler recorded a 5.8% rise. Companies around the globe are concentrating on the launch of new products with the most up-to-date technology and high quality, as well as expanding their market presence through the establishment of new manufacturing facilities and sales channels to reach potential customers, which are some of the key factors driving the demand for freezer beverage and wine coolers throughout the world.
Moreover, favorable trade policies, the growing production of electronic goods, a global increase in per capita income, favorable demographics and shifting consumer preference to branded products are also among factors that are expected to boost the demand for freezer beverage and wine coolers during the forecast period.
Additional factors such as increasing population and growth in the adoption of e-commerce for selling products globally has significantly boosted business to customer businesses in various domains. Consumer behavior has changed dramatically over the years, and more people are turning to the internet to search for and buy goods, including FMCG items, clothing, electronics, and other goods. This is helping the freezer beverage and wine cooler industry develop globally. Which is also contributing to the global growth of the freezer beverage and wine cooler market.
Massive online marketing campaigns and promotions reflect the restructured retail environment, where e-Commerce and technical behemoths have altered consumer purchasing habits and the retailing arena. The online retailing industry is expanding, which has resulted in a growth trajectory for consumer good products. Online sales is more convenient for both buyers and merchants.
The online channel is a place where all businesses house their items with easy segmentation for clients to find the best product. Online sites also allow clients to compare the characteristics they have customized. Furthermore, user reviews are provided to help future customers comprehend the product feedback.
With technology breakthroughs accelerating, businesses are implementing cutting-edge production methodologies to improve productivity and output while also instilling excellent manufacturing standards and product innovation. Product positioning and customer-specific category specification has been a source of worry for the manufacturer. However, the simple introduction of extra functionalities within the product is increasingly raising its demand from customers.
Design innovation is becoming more prevalent in the retail sector. Electrical innovations include multipurpose cabinets made for wine storage that have two distinct serving zones, a hotter one and a cooler one. These multipurpose cabinets frequently include a glass door that protects the beverage from UV rays, and this design facilitates long-term storing.
In order to prevent shrinkage and dryness of the cork while maintaining the necessary exposure to air, it is essential to check that the environment in the cabinet is adequately wet before long-term wine storage. These characteristics are enhancing beverage freezer and cooler sales growth globally.
The installation of freezer beverage and wine cooler is quite expensive, as they have high-end technology systems along with various innovative devices that keep the wine fresh. Also, the maintenance cost of these machines is high as compared to normal machines. These factors, coupled with economic stagnancy, are expected to affect the sales of wine cooler adversely.
Why Sales in the U.S. Market are increasing?
The U.S. is expected to register a market value share of ~ 17.7% in global market. The U.S. beverage business has seen rising volumes and pricing over the past several years, and customers are drawn to expensive goods that provide the highest quality.
Due to the belief that alcohol induces a relaxed state of mind, more people are consuming it across the United States. It is also anticipated that the U.S. would see a rise in alcohol sales due to changing lifestyles, the influence of social media and the Internet, and an increase in social gatherings. Adolescents who are more influential in their social networks, have wealthier families, and have access to alcoholic beverages more easily are more likely to drink more.
At present, nearly all millennials are aged 21 years and above, thus, they are developing their drinking habits and overall attitudes. The amount of wine that they drink is above conventional standards. In addition, they want to explore a larger variety of grapes from different regions as well as the different methods that are used for the production of wine.
A drug and alcohol recovery facility called Florida House Experience conducted an independent survey that found that nearly half of the wine sold in the United States is consumed by millennials. According to the report, over half of all millennial women favor wine over all other alcoholic beverages. Additionally, more than any other age group, American millennials consumed 42% of all the wine in the US, according to the Wine Market Council.
Is the U.K. Investing on New Product Innovation?
The U.K. is expected to grow at a CAGR of 3.1% during 2023 to 2033. Numerous sizable international groups have been attempting to develop rapid beverage chilling solutions for years, but none have succeeded in doing so. The EU commission has pledged to provide even more EU money for initiatives of this nature that improve people's lives.
Furthermore, Enviro-Cool (UK) Limited, a British organisation, came up with the Rapid cool concept. Enviro-Cool (UK) Limited received a €903,000 grant from the EU to assist advance the concept to commercial formation. The end result is a key breakthrough that enables energy productivity and incredibly quick cooling periods.
Will China’s Regional Brands Maintain their Dominance in the Market?
China is expected to register a market value share of 12.5% in global market. Freezer beverage and wine cooler machines require relatively low space as compared to open retail sales, and also products are displayed in an organized manner, owing to which, the sale of products becomes more organized and convenient.
The convenience of accommodating a large number of products in a small space, along with relatively low manpower, as wine coolers are unattended buying stations, are expected to increase the demand for wine cooler across the China.
How is India’s Freezer Beverage and Wine Cooler Market Faring in Current Scenario?
India is expected to grow at a CAGR of 12.2% during 2023 to 2033. As more people use digital technology for mobile transactions and online purchases of different goods, factors including the broad use of flavored alcohol and wines, expanding internet penetration, and increased e-Commerce adoption are predicted to boost market revenue growth.
Furthermore, Companies operating in India concentrate on attracting customers in a number of underserved markets in order to boost sales and profits. There are various locations in India where imported premium alcohol is distributed.
Companies are focusing to expand and manufacture their premium products in the country itself, leading to comparatively low cost. Increased consumer demand for foreign brand in the countries creates an opportunity for manufacturers to expand their product portfolio by adopting foreign taste. This all factors impacts on the India’s freezer beverage and wine cooler market.
Which Installation Type of Beverage Freezers Dominates the Market?
Countertop installation of wine coolers and freezers has a significant demand in the freezer beverage and wine cooler market due to rising demand for compact electric appliances for small kitchens. A terrific approach to show off all the frozen goods that are kept in storage to consumers is with countertop freezer and cooler installation. A countertop cooler may accommodate practically any little product that has to be chilled before being offered to your client, including a wide variety of pop, energy drinks, and iced coffee as well as pre-made sandwiches and freshly baked muffins.
Countertop type in terms of installation is expected to register a market value share of 41.1%. Several market players are stepping up their research and development efforts in order to supply advanced freezers and wine coolers. Countertop coolers not only maintain products at the ideal chilled temperature, but also serve as an eye-catching display that will tempt customers to buy something last-minute when they are hungry or thirsty. This growth of the freezer beverage and wine cooler market with countertop installation type is influenced by countertop coolers.
How the Commercial Use of Beverage Freezers and Coolers Driving Demand?
The commercial beverage freezers and cooler industry is in high demand Due to the regular introduction of large bottle capacity freezers and coolers for reputable cafés and restaurants throughout the world. To increase their global reach, several suppliers in this market sector are broadening their sales channels and production capabilities.
As a result, the manufacturer in the market are focusing on production of innovative freezer beverage and wine cooler for commercial use at higher range with discounted prices. The commercial sector has a considerable market share of around 78.6% in the global market.
On a global level, the market for freezer beverage and wine cooler is moderately competitive, with many producers competing for market supremacy. Freezer beverage and wine cooler manufacturers have experienced a number of expansion strategies used by market rivals during the past few years, including acquisitions, mergers, and partnerships.
Manufacturers are also using technological advancement as a strategy to expand their market share. As more consumers’ focuses on buying an electrical goods with advance technology in freezing and cooling, boosting product sales.
Historical Data Available for
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
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By Bottle Capacity
The global freezer beverage and wine cooler market is valued at US$ 2,658.8 Mn as of 2022.
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Haier Inc., AB Electrolux, Concepcion Industrial Corporation, General Electric Corporation, PT. Royal Sutan Agung, Sanden Intercool, Frigoglass S.A.I.C., Hoshizaki Singapore Pte Ltd., Midea Group, Sharp Electronics Co. Ltd., The Cool Company, Whirlpool Corporation, Blue Star Limited, LG Electronics Inc., and Siemens AG among others.
Top 5 countries driving most of the demand for freezer beverage and wine cooler are the US, Germany, India, China, and GCC Countries.
China, U.S., France and Germany are major producers and exporters of freezer beverage and wine cooler.
In recent years, product innovation has taken the lead in generating a demand for consumer goods, and consequently, manufacturers are investing in research and development, thereby widening growth prospects. Online retailing is boosting the demand for new product variants, as a consequence of which companies are investing towards natural and multifunctional products within the category.