Future Market Insights (FMI) predicts that the worldwide wine racks market will be worth US$ 1,345.3 million in 2023 and will rise at a 5.5% CAGR to reach a valuation of US$ 2,298.0 million by 2033. Some of the major reasons propelling the global wine racks market are the increasing demand for wine and the quick expansion of end-use industries.
Wine racks are equipment or solutions used for storing wine more conveniently across various sectors. Adoption of these solutions helps users to save space and reduce the chances of dry corks. They also aid in enhancing the décor of end use sectors. Hence, they are being extensively installed across various sectors including restaurants, wine retail stores, households, and hotels.
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Businesses that sell wine racks have seen a significant increase in sales during the last few years. This is because many people are buying wine racks to store their wine collections at home.
Similarly, increasing popularity of wine among consumers due to its various health benefits and rising number of households that are purchasing wine racks as part of their home décor are some factors stimulating the growth of wine tacks market.
Wine racks are available in different capacities and styles which allows users to choose any specific type as per their requirements. This is playing a key role in boosting the overall wine racks market and the trend is likely to continue during the projection period.
Key Takeaways:
- Based on material, wood segment holds the largest share of the global wine equipment market.
- By product type, free standing racks category is likely to grow at the highest pace during the forecast period.
- Germany is expected to hold around 22.7% share of the global wine racks market in 2023.
- The U.S. will account for approximately 33.3% share of the global market in 2023.
- The U.K. wine racks market is expected to grow at 6.0% CAGR over the next ten years.
“The major force behind the expansion of wine racks market is the increasing demand for wine storage solutions from commercial and domestic end-users. Besides this, rising popularity of wine as an investment option is also fueling the demand for wine racks,” says a lead FMI analyst.
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Competitive landscape:
Top 5 manufacturers of Wine Racks are HAIER, Enofrigo, Liebherr, Danby, and PERLICK.
As the market for Wine racks and other storage equipment continues to grow, so does the competition. In order to increase their sales and stay relevant in the market, key players are constantly upgrading their product portfolios.
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Future Market Insights, in its new offering, provides an unbiased analysis of Wine Racks presenting historical demand data (2018-2022) and forecast statistics for the period from 2023-2033.
Market Segments Covered in Wine Racks Market Analysis
By Material:
- Wood
- Metal
- Plastic
By Product Type:
- Free Standing
- Walk-in Cellars
- Built-in
- Countertop
By Application:
- Restaurants
- Hotels
- Wine Retail Stores
- Supermarket
- Residential
By Technology:
- Electric
- Compressed
By Region:
- North America
- Latin America
- Europe
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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