MARKET OVERVIEW - GLOBAL WINE RACKS MARKET
Wine racks are storage device made of different material which is used for holding wine bottles. The main purpose of wine racks is to protect the contents of the bottle. Wine racks are made from all types of materials such as steel, aluminium, wood, nylon, and stone. It can be called structured shelves or built as individual stacking units for only a few bottles. Initially, wine racks have been built to position the neck of the bottle in a slightly downward direction so it helps the cork from drying out and stays moist for a long time. There are a number of variations seen in designs and materials in the design of a wine racks. The very simple design consists simply of a few circle cut-outs into which the bottle can be placed whereas some have concealed storage within a cabinet that incorporates permanent inclusion of racks inside a standard base or wall cabinet.
MARKET DRIVERS
The increasing consumption of wine is the primary major driving factor of the global wine racks market. The increasing disposable income and rapid urbanization, access to reasonably priced domestic wines will drive the market growth. In addition, the health benefits associated with the consumption of low-alcoholic beverages such as wine and changing consumer attitudes have led to a significant rise in sales of wine. The increasing demand for wines from emerging economies such as India and China will also boost market growth. According to Wine Intelligence, the Indian wine sector has become the fastest-growing alcoholic beverage category in the past decade and contributes to growth. However, wine racks enable to storage of wine safely and conveniently in one location and if stored horizontally, the cork will stay wet which is vital to prevent drying and crumbling. Wine racks are the safest way to store wine for any amount of time. These factors are attributed to market growth over the forecast period.
MARKET OPPORTUNITIES
The Wine Racks market will see significant opportunities over the mentioned forecast span as many emerging economies are focused on improving designs and collaborating with manufacturers will bring up so many opportunities. In addition, retailing channels to develop customized designs of wine cabinets, the evolution of customized designs, and the use of eco-friendly cardboard have led to many opportunities over the few past years. As well as increasing demand for wine cellars will also boost many future perspectives in terms of need and designs.
MARKET RESTRAINTS
The major hurdle is huge investment is required for the installation of wine cabinets in addition to the rent of the storage room. Wine rack installations can be quite expensive affairs if electricity bills and refrigeration involves. Even wine production is an expensive business and regulations and the nuisance of fluctuating taxation structures pertaining to the wine and spirits trade imposed by the government will hinder the market growth.
MARKET GROWTH CHALLENGES
The wine racks market has been facing challenges such as sometimes measurements not being perfect and there’s just additional install time for those associated with design such as refrigeration and other. There are other technical aspects involved while designing a wine cellar such as condensation could be ok the way that the cooling unit is not positioned correctly, the fans are not positioned correctly, they’re hitting the glass at a certain point when it should be circulating instead of hitting just the glass.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Wine Racks market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing consumption of wine and the increasing number of wine cellars for storing wines has led to the increasing demand for the Wine Racks market and is expected to witness growth at a specific CAGR from 2021-2028.
WINE RACKS MARKET SEGMENTAL OVERVIEW
The global Wine Racks market comprises different market segments like product type, material, bottle capacity, application and geography.
WINE RACKS MARKET BY PRODUCT TYPE
By product type, the Wine Racks include key segments of
- Free Standing
- Built-in
- Countertop
- Walk-in Cellars
Freestanding is expected to be dominant and is the biggest of market share over the forecast period. Freestanding racks are flexible and configurable as well as it is more affordable. It is even great for displaying and is an essential addition to the home bar collection. It is also called a floor wine rack and is ideal for a lot of wine to store and wants to display in a wine cellar, dining room or kitchen. These are some factors that are attributed to segment growth.
WINE RACKS MARKET BY MATERIAL
The Wine Racks is segmented by materials such as
The wood segment is going to have a major market share over the forecast period. Wood is the most used and popular material It is easily obtainable and very workable. There are many wood types are used in the construction of wine racks. Cedar is a popular choice because of the aroma it gives off. All Heart Redwood, Mahogany, Pine, Red Oak, Cedar, Fir, and premium redwood is the most used options.
The plastic segment is also growing at a considerable pace and is attributed to the growing use of plastic in modular wine racks.
WINE RACKS MARKET BY BOTTLE CAPACITY
The Wine Racks are segmented based on bottle capacity such as
- Below 70 Bottles
- 71- 150 Bottles
- 151-350 Bottles
- 351-600 Bottles
- Above 600 Bottles
Below 70 Bottles is the most dominant segment and growing at the same rate over the forecast period. The increasing demand for wine racks with a capacity of 70 bottles is ideal for home storage for home bar collections. It is even used in mid-sized restaurants.
351-600 Bottles segment is also leading at a significant pace over the forecast period. The increasing use of large bottle capacity in wine cellars is going to drive market growth.
WINE RACKS MARKET BY APPLICATION
The Wine Racks are applied across
- Restaurants
- Hotels
- Wine Retail Stores
- Supermarket
- Residential
- Gambling
Wine retail stores are the most dominant segment over the forecast period. The increasing demand for wine racks for wine cellars and wine retail stores will drive market growth.
Hotels are the second largest segment, the growth is owing to increasing dining experiences, increasing disposable income, and consumer preference for modern lifestyle will boost the market growth.
WINE RACKS MARKET BY GEOGRAPHY
The global Wine Racks market is studied for the following regions
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
Asia Pacific is a dominant region over the forecast period. The growth is owing to the increasing disposable income and rapid urbanization, access to reasonably priced domestic wines will drive the market growth in the Asia Pacific. The increasing alcohol consumption in major economies such as China and India will contribute to the Asia-Pacific wine market.
North America is the second-largest region and the growth of the region is attributed to increasing wine consumption. According to the study report by WineAmerica, US has nearly one million acres of grape-bearing land (wine, table grapes, and raisins), US accounts for 12% of the world’s wine production in the world.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL WINE RACKS MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Wine Racks market. In addition, a complete analysis of changes in the global Wine Racks market expenditure, and economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of a pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The COVID-19 crisis has impacted wine production in different countries affected differently and, therefore, differing in their perceptions toward it. The on-premise wine market collapsed with lockdowns limiting business and the movement of people in many wine-consuming countries. Globally, the wine market experienced a very strong contraction in the spring of 2020. The study report by Wine Intelligence (2020) revealed that the wines sold are no longer the same as consumers prefer -level and mid-range wines or bag-in-box wines.
The decline in the fine dining and travel & leisure industry amid the lockdown has made a drastic impact on wine sales as well as consumers, collectors, and investors whose purchasing power is suffering from the economic and financial turmoil that has affected the country.
The post-COVID trends brought a permanent e-commerce shift, and ecommerce wine sales saw a huge boom over the last two years. In addition, the change in consumer preference for larger packaging formats for the food and wine industry has seen serious growth since COVID-19.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Wine Racks market is majorly focused on expanding the global growth of the Wine Racks industry with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the Wine Racks sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
- The EuroCave Group
- Climadiff S.A
- EnofrigoSpA.
- Esigo Srl
- VintageView
- Millesime wine racks
- RTA Wine Racks
- Herzig Reisen
- Architonic
- Traditional Wine Rack Company
- Perlick Corporation
- Liebherr Appliances
- Wine Cellar Innovations, LLC
- Wine Enthusiast Companies
- Avanti Products
- Danby Appliances Inc.
RECENT DEVELOPMENT:
May 2021: EuroCave Group is acquired its controlling interest by Falcon Private Holdings, LLC which is private investment firm.
