According to a recently compiled report of Fact.MR, the global wine cabinets market is projected to reflect 5.5% CAGR through the forecast period (2017-2026), in terms of value. Over 7,000 units of wine cabinets are estimated to be sold across the globe by 2026-end.
With increasing consumer interest to entertain their guests, and wider variety of wine gaining traction among the alcohol-consuming population globally, it is no surprise that wine cabinets are witnessing a surge in demand over the past few years. Consumers across the globe are eyeing wine cabinets as a must-have, desirable fixture, considering both premium as well as standard kitchens. Combination cabinets have become a major success story in the market, with consumers willing to pay more for combination products that provide multi-storage and temperature facilities. More and more fine wine lovers are becoming eager in showing off their most-prized wine bottles by commissioning luxurious wine cabinets and wall displays.
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Alleviated promotion of health benefits associated with moderate consumption of red wine, such as lower risk of cancer, stroke and heart disease has been rapidly driving its sales among health-conscious consumers globally. This has partly bolstered the social status of red wine and is considered to be more sophisticated than rose or white wines, which in turn has influenced demand for wine cabinets. Vendors in the global wine cabinets market are competing on the basis of pricing, and product differentiation. Owing to intense competition, these vendors have begun engaging in M&A activities for ensuring smooth raw material supply and increasing their market presence.
7 Key Takeaways from Fact.MR’s Report on Wine Cabinets Market for Forecast Period 2017-2026
Based on price range, mid-range wine cabinets will continue to be preferred in the market. However, revenues from sales of economy wine cabinets will increase at the highest CAGR through 2026. In contrast, revenues from premium wine cabinets will record the lowest CAGR through 2026.
Free-standing wine cabinets are anticipated to remain sought-after among products in the global wine cabinets market. Volume sales of free-standing wine cabinets are expected to surpass 4,000 Mn units by 2026-end. This number is estimated to remain relatively higher than those from all the other product segments combined.
North America is expected to remain the most remunerative market for wine cabinets, both in terms of value as well as volume. However, demand for wine cabinets in North America is expected to witness a significant decline over the forecast period.
Revenues as well as volume sales of wine cabinets in Asia-Pacific excluding Japan (APEJ) are projected to register the fastest expansion through 2026. Europe will also remain a lucrative market for wine cabinets, with revenues poised to account for over one-fourth market share by 2026-end.
On the basis of technology, compressed wine cabinets are expected to account for a significantly larger revenue share of the market than electric wine cabinets during the forecast period. However, sales of compressed and electric wine cabinets are expected to register a nearly equal CAGR through 2026, in terms of value and volume.
Residential applications of wine cabinets are expected to remain dominant in the market, and are estimated to account for over three-fourth market revenue share through the forecast period. In addition, restaurants and pubs/bars are anticipated to be the fastest expanding applications of wine cabinets during 2017 to 2026, in terms of volume and value.
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Key market players identified in the report include Middleby Corporation, HAIER, Danby, Avanti, EDGESTAR, SUB-ZERO, Electrolux, Eurocave, PERLICK, Liebherr, Climadiff and Enofrigo.