Global Wine Cellar Market Overview:
A room full of bottles or barrels stored with wine, left to age over time to better the quality and taste of the wine is called as a wine cellar. Many parameters are controlled in the room. Temperature, pressure, humidity, sunlight, etc are maintained to let the wine age smoothly over time. Naturally, wine cellars are found all over the world including at residential places or set up by big manufacturers themselves. The product type can be single zone wine cooler, dual zone wine cooler, built in wine cooler or big wine coolers. The largest wine cellars date back to 3700 years.
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The slowdown of economic growth did impact the wine cellar market considerably. The average growth from $560 million in 2015 to $606 million in 2018 is touted to be the slowest growth rate in the history of the wine cellar market and is now expected to make a comeback with 18% CAGR till 2023. Europe is the dominant leader of the wine market in terms of revenue closely followed by North America, which by market share occupies over 64.13%. Asia Pacific and LAMEA are the other geographical regions boasting of a wine cellar market. The production capacity and market growth in the coming years is supposed to be dominated by North America. The rising disposable incomes, the growing love for wine and its benefits has boosted the growth of wine cellars since previous times. However, the growing love for beer, higher installation charges of the cellar are all inhibitors to this growth. Also, lately new methods of aging that are faster than traditional has put the concept of wine cellars in danger.
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Wines can be multiple varieties with the best tasting wines priced higher than the rest. So, its no surprise that not many players are venturing into the market on a global scale. Haeir, Danby, EdgeStar, Avanti, Vinotemp, Eurocave, U-Line, Newair are some prominent manufacturers across the globe. Regional players also exist and play in the lower to mid-level ranges of the market.
Often, from cellars from regional players are sold in bars, restaurants and kitchen purposes. Bigger players often target the niche market as their wines are more exposed to better cellar conditions and are lighter on the taste buds as compared to others. With wines coming in various flavours like fruity and more formats like fizzy, the market is expected to stay afloat and grow slowly but surely in the coming years.
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