U.S. Wine Cooler Market: Homecare Shops Distribution Channel Segment Accounted For The Largest Share
U.S. Wine Cooler Industry Overview
The U.S. wine cooler market size is estimated to reach USD 536.2 million in 2028, registering a CAGR of 6.4% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growth in the adoption of wine coolers can be attributed to the increasing consumption of wine in American households. Consumers can be seen storing wine at home, making wine coolers a basic necessity.
The growing number of millennials, classified as being born between 1982 and 2004, are reaching the legal drinking age. The rising number of food joints including hotels & restaurants, nightclubs, bars, and cafes serving wine and other beverages have further increased the product demand in the U.S.
The specialty stores/homecare shops distribution channel segment accounted for the largest share of 38.1% in 2020 and is expected to grow at a significant CAGR during the forecast period. The growth of the segment is majorly driven by the quality of products and the overall consumer experience offered by these stores. The online segment is estimated to record the fastest CAGR from 2021 to 2028. Factors attributing to the growth of the online segment include social media influence, the rising popularity of e-commerce sites, increased use of smartphones, and transformative technology.
The price category USD 500 to USD 1,500 holds a decent range of wine coolers. Freestanding equipment with a high capacity as well as built-in wine cooler units with moderate capacity is available in this price category. Moreover, the rising demand for wine fridges from the residential sector is driving the growth of less than USD 500 price range. The segment is projected to grow at the fastest CAGR during the forecast years. The U.S. is the largest wine consumer and the fourth-largest wine producer in the world.
U.S. Wine Cooler Market Segmentation
Grand View Research has segmented the U.S. wine cooler market on the basis of product, application, distribution channel, and price range:
Based on the Product Insights, the market is segmented into Free-standing, Countertop, and Built-in.
- The free-standing segment accounted for the largest revenue share of over 52% in 2020 and is projected to ascend at a steady CAGR from 2021 to 2028. Free-standing equipment is more affordable and offers various benefits over its counterparts. In addition, unlike regular refrigerators, a wine cooler helps store a collection of wines at a suitable temperature maintaining its precise taste and, thus, driving the segment growth.
- Built-in wine coolers serve as an excellent option for those who want their wine fridges to complement and blend with their existing home décor. Its compact design is ideally suitable for small kitchens, apartments, recreational vehicles, and other smaller spaces. NewAir’s AWR-290DB and AWR-190SB are popular examples of built-in wine chillers.
Based on the Application Insights, the market is segmented into Residential, and Commercial.
- The commercial segment dominated the market in 2020 with a revenue share of more than 73% and will grow at a steady CAGR from 2021 to 2028. The growing number of hospitality and entertainment centers including hotels, restaurants, resorts, pubs, bars, and food cafes is attributed to the highest share of the segment.
- There are several claims about the benefits of drinking wine; such as it helps lower blood sugar levels, lose weight, reduce chances of catching a cold, and improve memory. These factors result in increased consumption of wine, which, in turn, drives the product demand. The growing number of millennials are reaching the legal drinking age.
Based on the Distribution Channel Insights, the market is segmented into Supermarket/Hypermarket, Specialty Stores/Homecare Shops, Company-owned Outlets, and Online.
- The specialty stores/homecare shops distribution channel segment accounted for the largest revenue share of 38.1% in 2020 and is expected to grow at a significant CAGR during the forecast period. The segment growth is majorly driven by the quality of products and the overall consumer experience offered by these stores. The online segment is estimated to register the fastest CAGR from 2021 to 2028.
- The supermarket/hypermarket segment is also projected to have significant growth over the coming years. Kroger Co., Costco Wholesale Corp., are the key hypermarket chains that offer a variety of items ranging from appliances, beauty products, clothing, to furniture and electronics.
Based on the Price Range Insights, the market is segmented into Less than USD 500, Above USD 500 to 1,500, and Above USD 1500.
- The above USD 1,500 segment accounted for the highest revenue share of 45.3% in 2020. The segment is anticipated to expand further at a considerable CAGR over the forecast period. Wine coolers that are priced more than USD 1,500 are typically used at commercial spaces, such as hotels, restaurants, bars, pubs, cafes, and resorts, as they can store a large number of bottles at a time.
- The price category of USD 500 to 1,500 holds a decent range of wine coolers. Freestanding wine chillers with a high capacity as well as built-in units with moderate capacity are available in this price category. The less than USD 500 price range segment is projected to grow at the fastest CAGR during the forecast years.
Key Companies & Market Share Insights
The market is highly fragmented and is characterized by the presence of several well-established as well as some small- and medium-scale companies. The impact of established players on the market is quite high as a majority of them have vast distribution networks across the country. Recent developments & innovations carried out by companies through various R&D activities and investments have significantly contributed to the market growth.
For instance, Cuisinart launched its e-commerce website, which retails approximately 200 products and 1,500 replacement parts from the company’s portfolio. In January 2020, Allavino introduced Tru-Vino Temperature Control technology, and in September 2018, Newair launched Dual Zone Wine and Beverage Refrigerator. The refrigerator offers two cooling zones, one for carbonated drinks and one for wines. Some of the key companies in the U.S. wine cooler market are:
- Haier Group Corp.
- LG Electronics, Inc.
- Whirlpool Corp.
- Koolatron
- Newair
- Samsung Electronics Co. Ltd.
- EdgeStar
- hOmeLabs (hOme)
- Allavino
- EuroCave
- Wine Enthusiast
- BSH Home Appliances Group
- Electrolux AB
- Whynter LLC
- The Avanti Products
- NutriChef Kitchen, LLC
- Vinotemp
- Cuisinart
- Liebherr Group
- Danby Appliances
- SMEG S.p.A.
- Phiestina
Order a free sample PDF of the U.S. Wine Cooler Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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