The wine cooler and chest freezer is expected to register robust growth in the Indian market. The availability of cheap indigenous wines, and exposure to quality wines, a variety of cooling options, and favorable regulatory environment are major drivers for growth.
The wine cooler and chest freezer market in India is expected to grow at robust 4.9% and reach US$ 197.8 mn by 2025. The wine cooler and chest freezer market in India was evaluated at US$ 127.5 mn in 2016.
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Key Factors Driving Wine Sales in India
- The wine sales are rising in India as well as globally. This is largely thanks to the rise in quality wine manufacturing all over the world. However, challenges in the global sales continues to remain as high prices, and dominance of few countries like France, and Spain in establishing quality brands prevents growth. On the other hand, the Indian market is witnessing emergence of affordable, quality, and brands suited for local tastes. The various initiatives and lower taxes for wines are expected to continue growth high wine sales in the near future. For example, in Maharashtra state in India, taxes for hard-liquors can range between 200-300%. On the other hand, wine enjoys a completely free hand as it is touted as a healthy liquor as compared to all others.
- Thanks to India’s large population, changing consumer preferences, and burgeoning urban metros like Delhi, Bangalore among others; there were over 1.2 million cases sold between 2012. Additionally, the investment in wineries continues to remain within reach of new players in Indian market. For example, according to the journal of Hotel and Business Management, players invested as little as $44,000 between 2009-2013 periods to start some of India’s top wineries. The wine production in India is still in its nascent stages, and continues to struggle to compete with the most premium brands from around the world. However, the growing disposable income, and growing demand for wines are expected to boost growth of the wine cooler and chest freezer market in the near future.
- Globally, the sales of hard-liquors are undergoing dynamic shifts. On one hand, the demand for hard liquor is experiencing challenges as social drinking is becoming more commonplace in conventional markets like US and Europe. For example, in recent surveys in the US, nearly 40% of the US consumers showed a preference for beer making it the most popular drink. On the other hand, the demand for celebratory and healthy drinks like wine and champagne is rising. The trends in the liquor market are in line with scientific studies recommending limits on alcohol and are expected to provide strong push for more investment in emerging markets like India. Additionally, the initiatives by the Indian government are in line with future trends and as India’s alcohol consumption matures, are likely to pay major dividends for players.
Region in Focus
- North India
North continues to drive robust growth for the wine cooler and chest freezer market. The high-level of consumption in cities like Chandigarh, and Delhi, and extreme weather changes are expected to fuel growth of the market in the region. The hospitality, and food & beverage sector in North India are expected to emerge as the largest end-use industries. Furthermore, the production of wine is expected to remain limited in the South with states like Karnataka and Maharashtra constituting for over 60% of the local wine production. Due to the long distances, the wine cooler and chest freezer market is also expected to witness high demand during transportation.
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Key Players in the Wine Coller and Chest Freezer Market
Some main players operating in the Indian wine cooler and chest freezer market are AB Electrolux, Rockwell Industries Ltd. Kieis Ltd., Haier lnc, Williams Refrigeration, Elan Professional Appliances Pvt. Ltd, Westinghouse Electric Corporation, The Middleby Corporation, Western Refrigeration Private Limited, and Whirlpool of India Limited.
This review is based on the findings of a TMR report titled “Wine Cooler and Chest Freezer Market (Product – Wine Cooler and Chest Freezer; Wine Cooler Capacity – Less than 16 Bottles, 16 to 30 Bottles, 31 to 60 Bottles, 61 to 100 Bottles, and More than 100 Bottles; Wine Cooler Price – Economical and Premium; Chest Freezer Capacity – 500 & above Liters, 300 to 500 Liters, 200 to 300 Liters and 200 & Below Liters; Chest Freezer Price – Economical and Premium; Application – Retail, Hospitality, Food and Beverage Processing, and Cold Storage and Warehouses; Geography – North, West, South, and East) – India Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”