A wine cellar is a storage room, which is full of barrels or bottles of wine that is stored for years to improve its quality and taste. Several factors such as temperature, humidity, pressure, and sunlight are maintained to protect wine from harmful external factors. When wines are properly stored, they are not only maintained in terms of quality but also their aroma, flavor, and complexity are improved. The best wine cellars are designed in such a way that it provides easy access and label visibility. The purpose of wine cellars are to find bottle quickly and without any difficulty. To make the label clear is the main intent of wine cellars.
Due to changing lifestyle and rising income level, drinking wine is being considered as a way of attaining high social status. This is expected to augment the demand for wines across the globe. This, in turn, would drive the wine cellar market during the forecast period. Wine stored in wine cellars has improved flavor. This factor is also expected to fuel the demand for wine cellar from 2018 to 2026. Advancements in technology and increasing availability of products are expected to fuel the market between 2018 and 2026. Movie theaters, bookstores, bars, and pubs along with grocers such as Kroger and Wegmans are promoting the consumption of wine.
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Increasing demand for wines of superior value has prompted vendors to adopt the strategy of premiumization, which leads to increase in the number of wine cellars across the globe. Growing knowledge of consumers about different wine varieties is making them shift toward more expensive wines. These factors are expected to propel the wine cellar market during the forecast period. Manufacturers are investing in research and development such as in 2015 La Sommelière company will provide effective protection against UV light by way of solid double doors or anti-UV treated glazed doors.
Wines are expensive in nature and they are consumed by only a section of the society, as all sections cannot afford wine. High amount of investments is required for installation of wine cellars. Wine cellars add cost to the production of wines, in terms of various overhead expenses, such as rent of storage rooms, electricity bills, and refrigerator expenditures. This is expected to hamper the wine cellar market between 2018 and 2026, as manufacturers cannot recover these costs, due to lower consumption of wine. Rising number of government rules and regulations and imposition of taxation systems regarding wine and wine cellar are hindering the wine cellar market. Availability of substitutes, such as cabinet home bars, is expected to restrict the wine cellar market from 2018 to 2026.
The wine cellar market can be segmented based on product and application. In terms of product, the market can be categorized into single-zone wine coolers, dual-zone wine coolers, built-in wine coolers, and big wine coolers. Based on application, the market can be classified into bars, restaurants, and residential.
The global wine cellar market can be segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is projected to dominate the global market in the near future, due to modernized processing methods used in the region. The market in Asia Pacific, is likely to expand rapidly during the forecast period, due to the rising number of retail wine companies in the region.
Major players operating in the global wine cellar market are Living Direct, Inc., La Sommeliere, Viking Range Corporation, The Liebherr Group, Avintage, Climadiff S.A., Sunpentown Inc., Dometic Group, Electrolux AB, and Avanti Products.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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