Wine Cabinets Market Share, Size, Trends, Industry Analysis Report, By Product Type (Free Standing, Integrated Under Counter, Built-in, and Walk-in Cellars); By Technology; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 112
- Format: PDF
- Report ID: PM3645
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global wine cabinets market size and share was valued at USD 1,029.71 million in 2022 and is expected to grow at a CAGR of 5.5% during the forecast period.
The increasing awareness among consumers regarding the health benefits associated with the consumption of wine, such as inflammation and reduction in the risk of heart diseases because of the availability of antioxidants in wine, coupled with the rising research & development activities to introduce cabinets with advanced features and help in maintaining its aroma and flavor are propelling the demand and growth of the market. In addition, a surge in wineries, hotels, and restaurants and the widespread availability of wine racks with severe styles and capacities will likely contribute significantly towards the market growth.
When storing wines, maintaining the apt temperature is highly crucial. This is because perfect temperature ensures the flavor of the wine remains and it doesn’t age prematurely due to storage conditions. Wine cabinets are a great solution for wine storage. As self-contained units, wine cabinets can be seamlessly integrated into almost any space. The cabinets can be built to fit a wall and corner or take the form of a stand-alone piece that goes great with the home décor.
There are several different wine cabinet types in the wine cabinets market. The most popular types are single-temperature wine cabinets, 2/3-temperature wine cabinets, and multi-temperature wine cabinets. Single-temperature wine cabinets have the capability to maintain constant temperature levels, which makes them suitable for prolonged storage of wine bottles. Multi-temperature wine cabinets, on the other hand, provide different temperature zones for different chilling environments. These cabinets are largely used in hotels, restaurants, and residential spaces. Besides, wine cabinets can be found in wine retail stores and supermarkets.
The research report offers a quantitative and qualitative analysis of the wine cabinets market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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For instance, in April 2023, Wine Rack Concepts announced the launch of its new Vinter Series Wine Racks, offering the ability to easily stack the wine racking with 6, 7, 8, 9, and 10-foot ceiling heights. The new cabinets provide various storage styles, including diamond bins, adjustable shelves, case storage, and individual bottles.
Furthermore, the integration of smart technology has become increasingly common in wine cabinets in recent years that can be connected to home automation systems, allowing users to monitor and control the temperature, humidity, and lighting remotely through smartphone apps, which are gaining significant traction across the globe.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the wine cabinet market. The rapid spread of the deadly coronavirus across the globe had a severe economic impact, including job losses, reduced income, and uncertainty, which resulted in a decline in consumer spending on luxury items like wine cabinets. The temporary closure of the restaurants, hotels, and bars, among the major consumer of wine cabinets due to imposed lockdowns and stringent regulations, had negatively influenced the market.
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Industry Dynamics
Growth Drivers
The growing penetration for incorporating temperature control features for preservation purposes, especially in modern wine cabinets, along with the increasing need for proper storage conditions crucial to preserving the quality and wine for a longer period, are major factors driving the market growth. Manufacturers are continuously innovating and improving wine cabinet technology, including features like precise temperature control, humidity management, UV protection, smart connectivity, and energy efficiency, to meet the rising consumer demands, propelling the market.
Furthermore, with the increasing number of wine enthusiasts across the globe who are looking to build their wine collections at home and often seek reliable and aesthetically pleasing wine cabinets to store and display their wines, thereby the key market players offering high-quality, customizable, and stylish wine cabinets are likely to gain a competitive edge and maximize their revenues.
Report Segmentation
The market is primarily segmented based on product type, technology, application, and region.
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By Product Type |
By Technology |
By Application |
By Region |
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Free standing segment accounted for the largest market share in 2022
The free-standing segment accounted for the largest market share in 2022 and is likely to retain its market position throughout the anticipated period on account of the increasing popularity and prevalence of free-standing wine racks or cabinets among customers who prefer to stalk the wine bottles in large amounts along with the rising focus of manufacturers towards providing cabinets that can withstand heavy weight and are also rust free.
These types of products are also gaining significant traction, as they offer convenience and easy accessibility to wine bottles and is specially designed to organize wine bottles efficiently. Some new models being introduced to the market also include additional storage options for wine accessories like glasses, corkscrews, and decanters, making it convenient for wine lovers to have everything they need in one place.
The integrated under-counter segment is likely to grow at a significant growth rate over the study period, mainly due to the increasing proliferation of incorporating these cabinets in kitchens, as they are well designed to seamlessly blend with the kitchen cabinetry and countertops, creating a cohesive and visually appealing kitchen design.
Electric-based segment is expected to witness the highest growth during the forecast period
The electric-based segment is expected to grow at a healthy CAGR during the anticipated period, which is mainly driven by its ability to provide superior temperature and humidity control compared to traditional wine storage methods, along with significant advancements like user-friendly interfaces, digital displays, and programmable settings, allowing wine enthusiasts to easily monitor and adjust the storage conditions according to their preferences and needs.
The compressed-based segment led the industry market with substantial market share in terms of volume, mainly attributable to its numerous beneficial features, including adjustable shelving and temperature control options, coupled with the emergence of compressed cabinets as an effective element of interior design, as they often have modern and sleek designs, leading to its higher adoption among people who prioritize aesthetics and want to improve their overall home décor.
Hotels segment held a significant market revenue share in 2022
The hotel's segment held the maximum market share in terms of revenue in 2022, that is largely accelerated by the widespread adoption of wine cabinets among hotels because they usually have a wider and highly diverse range of wine collections that require to be displayed or stored quickly, which is very crucial to maintain the quality and appeal of a hotel's wine offerings.
Furthermore, with the increasing awareness about sustainability, hotels are constantly becoming more and more conscious regarding their environmental footprint. Thus, adopting energy-efficient wine cabinets that minimize energy consumption and utilize eco-friendly materials aligns with many hotels' sustainability goals and has grown rapidly in recent years.
North America region dominated the global market in 2022
In 2022, the North America region dominated the wine market and is projected to continue to do so. This is because developed countries like the US and Canada have a growing appreciation for fine wines, and people have the financial means to indulge in wine during social gatherings and dining experiences frequently. The NSDUH reports that 86.3% of adults in the US have consumed alcohol at some point in their lives, and 26.5% have engaged in binge drinking.
The Asia Pacific region is expected to grow fastest in the coming years due to urbanization and a shift in consumer lifestyles. As more urban dwellers adopt Western lifestyles, wine becomes a part of their daily routines. Additionally, many consumers are willing to spend more on luxury and premium products, such as wine and wine-related accessories like cabinets, to showcase their status and sophistication, driving the market growth.
Competitive Insight
Some of the major players operating in the global market include HAIER, Wine Enthusiast Companies, Enofrigo, Liebherr, PERLICK, Avanti Products, Wine Cellar Innovations, Esigo, Joseph & Curtis, Middleby Corporation, Electrolux, Home Products, AB Electrolux, Vigilant., Thermador, Perlick Corporation, EuroCave Company, Living Direct, and EDGESTAR.
Recent Developments
- In February 2022, DOMETIC, a leading company providing leisure equipment, announced the launch of its new complete collection of wine coolers & cabinets integrated with carbon filters to eliminate potential odors & low emissions. The company is leveraging its years of expertise in silent and energy-efficient refrigeration technology by introducing these products into its offerings.
- In March 2021, WineCab unveiled its new luxury fine wine showcase and a robotic arm that picks out the desired bottle for the customer. The new technology integrated into the wine showcase can fetch fine wine from the wide collection and deliver it to the drinkers through a glass-paneled hatch. It also has facial recognition security, allowing one to lock out important bottles from certain users.
Wine Cabinets Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,084.80 million |
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Revenue Forecast in 2032 |
USD 1,763.90 million |
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CAGR |
5.5% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Product Type, By Technology, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
HAIER, Enofrigo, Liebherr, PERLICK, Avanti Products, Wine Cellar Innovations, Wine Enthusiast Companies, Esigo srl, Joseph & Curtis LLC, The Middleby Corporation, Electrolux, Home Products Inc., AB Electrolux, Vigilant Inc., Thermador, Perlick Corporation, The EuroCave Company, Living Direct Inc., and EDGESTAR. |
Delve into the intricacies of wine cabinets in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
FAQ's
key companies in Wine Cabinets Market are HAIER, Wine Enthusiast Companies, Enofrigo, Liebherr, PERLICK, Avanti Products, Wine Cellar Innovations.
The global wine cabinets market is expected to grow at a CAGR of 5.5% during the forecast period.
The Wine Cabinets Market report covering key are product type, technology, application, and region.
key driving factors in Wine Cabinets Market are Growing demand for temperature control features in preservation.
The global wine cabinets market size is expected to reach USD 1,763.90 million by 2032.
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