The Wine Storage Cabinet Market is expected to reach USD 7,434.1 Mn during the forecast period at a 4.8% CAGR.
Wine cabinets are units that specially designed for storing of the wine bottles, and also are fine furniture pieces. These wine storage units are made considering the best conditions like best humidity, low vibration and balanced temperature, which allows the wine to age perfectly with time. The Wine storage cabinet market size is influenced owing to the increased consumption of wine by all. It is also considered a must have luxury by the wealthy wine collectors and wine enthusiasts.
The wine storage cabinet market trends indicate growth owing to the increased number of entertaining being done at home by the younger generation. It is more of a style-statement and something to be shown with pride. The trends also indicate a steady rise in demand of wine cabinets as an important and required furniture for all types of kitchens. Furthermore, the combination cabinets which actually works as a multi-storage device at the same time maintain temperatures are in huge demand and are helping growth in Wine storage cabinet market size.
Another factor influencing the growth of Wine storage cabinet market size is increased consumption of wine and the growing number of fine wine lovers that are eager to showcase their collection of the expensive wine bottles through the luxurious wine cabinets. Some of the types of wine cabinets are free-standing cabinets, walk-in cellars, and built-in cabinets and integrated under the counter cabinets. Another factor that is influencing the wine storage cabinet market share is the availability of wine cabinets at various e-commerce websites. E-commerce has made it possible for people to buy wine cabinets at a pocket-friendly price.
The wine-consumers from North-America region are favoring high-quality, premium wines owing to the awareness about various types and sub-types. There is awareness about the various types of wines and people are able to differentiate within the various types of wine, based on its quality and cost. Wine storage cabinet market size is also growing owing to the international media and wine clubs.
The Wine storage cabinet market is segmented on the basis of Type, Price, Application, Technology and region. Based on the product type it is segmented as Free Standing, Built in, Integrated Under counter, Walk-in Cellars and others. The use of free standing wine cabinets is gaining popularity owing to its utility as a combination cabinet. Segmentation on the basis of price is done as Economy, Mid-Range and Premium. The economy and mid-range segments are gaining popularity in the Asia-Pacific regions owing to the increased spending power of the people and the status-quo, associated with it.
Segmentation of the wine storage cabinet market is done as Residential, Restaurants, Hotels, Pubs and Bars and Others. Based on technology it is segmented as Compressed and Electric. Segmentation on the basis of region is done as North America, Latin America, Europe, Japan, Asia-Pacific and Middle East and Africa. Currently, North America contributes the maximum share whereas Asia-Pacific is expected to showcase a high growth owing to increased popularity of wine, in countries like India.
The Key players in PERLICK, Enofrigo, Climadiff, Electrolux, Liebherr, Eurocave, and many others.
Various segments of wine storage cabinet market are:
By Product type:
- Free Standing
- Built in
- Integrated Under counter
- Walk-in Cellars
- North America
- Latin America
- Asia Pacific