ROCKVILLE, Md. - According to a new research study by Fact.MR, over 7,000 units of wine cabinets are projected to be sold globally by the end of 2026, a nearly 5% compounded annual growth in volume for the 2017 to 2026 forecast period.
Wine cabinets have been in high demand hover the past few years with consumers across the globe are eyeing wine cabinets as a must-have for both premium as well as standard kitchens. Combination cabinets have also surged in popularity with consumers willing to pay more for combination products that provide multi-storage and temperature facilities.
Fact.MR’s study has 7 key takeaways on wine cabinet trends:
1- 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.
2- 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.
3- 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.
4- 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.
5- 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.
6- 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.
7- Key market players identified in the report include Middleby Corporation, HAIER, Danby, Avanti, EDGESTAR, SUB-ZERO, Electrolux, Eurocave, PERLICK, Liebherr, Climadiff and Enofrigo.
For more information, visit factmr.com.
Have something to say? Share your thoughts with us in the comments below.