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Smart Wine Cellar Market

Smart Wine Cellar Market

Increasing Wine Consumption Worldwide is Significantly Boosting Smart Wine Cellar Demand during 2021-2031

Smart Wine Cellar Market
FACT5802MR
  • Oct-2021
  • List of Tables : 84
  • List of Figures : 112
  • 170 Pages
  • Consumer Goods

Market Snapshot

According to Fact.MR’s recent study on the global smart wine cellar industry, the market is gaining traction steadily and is expected to ascend at around 8.5% CAGR through 2031. While sales across commercial spaces continue to surge, residential grade smart wine cellar sales are poised to expand at 7% CAGR from 2021 to 2031. Anticipated value of the market by 2031 is expected to be US$ 2.7 Bn.

Key Points Covered in Smart Wine Cellar Industry Survey

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • Assessment by Product Grade / Purity / Formulation Standards
  • Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
  • Certifications and Compliance Requirements
  • COVID-19 Impact on the Smart Wine Cellar Industry and How to Navigate
  • Recommendation on Key Winning Strategies

Revenue Analysis of Smart Wine Cellars 2016-2020 Vs Outlook 2021-2031

As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded at over 5% CAGR and registered nearly US$ 1 Bn at the end of 2020. Demand grew with innovation in smart wine cellars and advancements in manufacturing infrastructure.

Increase in demand for smart wine cellars in commercial spaces and residential sectors further boosted sales. As preference for online and offline sales channels is becoming prominent, suppliers of smart wine cellars are coming across more lucrative opportunities around the world.

Considering these factors, the global smart wine cellar market is slated to reach a valuation of over US$ 2.7 Bn by 2031-end, surpassing nearly US$ 1.4 Bn by 2025.

How is Increasing Wine Consumption Influencing Market Growth?

Changing lifestyles have been influencing the consumption of wine in various parts of the world. With the increasing purchasing power, wine consumption is also rising which is expected to contribute to the adoption of smart wine cellars due to improving lifestyle. 

Researchers of the Israel Institute of Technology found that the consumption of red wine improves the health of the cells lining the blood vessels, which then improves blood flow and heart health. Drinking red wine every day also helps in reducing cell death or what is known as apoptosis

Therefore, people are rapidly shifting toward the consumption of wine due to its several health benefits, which is expected to positively impact the growth of the smart wine cellar industry during the forecast period.

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How will Rising Smart Technology Penetration Widen Demand?

Many advanced & effective technologies are entering the world of home & commercial smart appliances and taking over the market. Rapid expansion in the information technology (IT) infrastructure is positively impacting the smart wine cellar market worldwide.

Smart wine cellars are customizable and are used in various commercial spaces, such as bars, pubs, restaurants, hotels, and cafes. An increase in the use of smart wine cellars in the commercial sector is one of the major and latest trends that are positively impacting the market. Various companies are expanding their production units to gain major market share. 

For instance, in March 2020, Whirlpool Corporation announced the launch of its new state-of-the-art Factory Distribution Center (FDC) which is US$ 55 million worth of investment. The new faculty is adjacent to its existing manufacturing plant in Tulsa, Oklahoma. 

Country-Wise Analysis

Why are Sales of Smart Wine Cellars Gaining Traction in the U.S?

Backed by a highly advanced commercial sector and manufacturing infrastructure, the U.S is a hotspot for smart wine cellar manufacturers. According to Fact.MR, the U.S is expected to lead in North America through 2031, capturing 60% revenue share.

According to the statistics published by the Wine Institute, nearly 1 billion gallons of wine were consumed in the United States in 2020. This is projected to propel growth in the market for smart wine cellars. 

How Lucrative is Germany for Smart Wine Cellar Manufacturers?

Germany is the leading market in Europe for smart wine cellars, expected to yield 50% revenue throughout the forecast period. Highly developed manufacturing hubs and an increase in demand from commercial & residential sectors are augmenting market growth in Germany.

According to a report published by the European Commission (EC), Germany’s hospitality industry is one of the leading industries in the European Union (EU), accounting for more than 30% of accommodation in hotels. These figures indirectly indicate the opportunities for smart wine cellars in Germany over the coming years.

What’s Fueling Demand for Smart Wine Cellars in China?

China is expected to prevail in the market for smart wine cellars. Demand from bars, restaurants, and residential sectors, and the adoption of advanced technologies by leading players are catering to market expansion in China. The East Asian giant will likely contribute 58% of total demand according to Fact.MR.

In April 2021, Chilean wine producer Viña Concha y Toro launched two key initiatives in the Asian market and announced plans to expand in China. Concha y Toro has added a new distribution subsidiary VCT China (Gan Lu Wine Trading), which used to be the company’s sales office in Shanghai, to its network of global offices.

Smart wine cellar market forecast analysis by Fact.MR

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

Which Capacity of Smart Wine Cellars is most Sought After?

Presently, smart wine cellars with a capacity of up to 500 bottles are most demanded in terms of capacity. A revenue share worth 45% is projected for smart wine cellars capable of storing up to 500 bottles.

According to Fact.MR, this segment will maintain its lead owing to its cost-effectiveness, easier transition, hassle-free installation & maintenance and reduced replacement cost.

Why are Residential Grade Smart Wine Cellars Sales Rising?

Fact.MR expects sales of residential smart wine cellars to expand at a CAGR of 7% across the 2021-2031 forecast period. Demand is increasing primarily due to growing preference for consuming premium quality wines at home.

Furthermore, popularity is also increasing amid growing preference for smart homes. As people increasingly seek advanced connectivity solutions, including entertainment systems, climate regulation and security, the trend of smart eating and drinking is prompting increased purchases of smart wine cellars.

Competitive Landscape  

Prominent smart wine cellar manufacturers around the world are investing in new R&D projects, making joint ventures, and partnerships for being ahead in the competition among others.  

  • In December 2020, the Middleby Corporation announced the acquisition of Zhuhai Guangdong China-based United Foodservice Equipment Group. The company is a leader in the design, manufacture, and supply of countertop commercial foodservice equipment with recent annual revenues of approximately US$ 10 million.
  • In September 2020, Haier announced the launch of its first Mono Zone and Double Zone connected wine cellars, created to enrich and complete the premium range that has led the brand to achieve market leadership.

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Report Scope 

Attribute

Details

Market size value in 2020

USD 1.2 Billion

Market forecast value in 2031

USD 2.7 Billion

Growth Rate

CAGR of 8.5% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value and '000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • BENELUX
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • ASEAN
  • Australia
  • New Zealand
  • Brazil
  • Mexico
  • Israel
  • GCC
  • South Africa

Key Market Segments Covered

  • Capacity
  • Application
  • Distribution Channel
  • Region

Key Companies Profiled

  • KitchenAid- Whirlpool Corporation
  • Electrolux AB
  • Haier Inc.
  • Liebherr-International AG
  • Dometic Group
  • BSH Home Appliances Corporation
  • Middleby Corporation
  • EuroCave SAS
  • La Sommeliere
  • Cellar Solutions Inc.

Pricing

Available upon Request

Key Segments Covered

  • Capacity

    • Up to 500 Bottle Smart Wine Cellars
    • Up to 1,000 Bottle Smart Wine Cellars
    • Up to 1,500 Bottle Smart Wine Cellars
    • More than 1,500 Bottle Smart Wine Cellars
  • Application

    • Residential Smart Wine Cellars
    • Commercial Smart Wine Cellars
      • Smart Wine Cellars for Restaurants & Bars
      • Smart Wine Cellars for Hotels & Others
  • Distribution Channel

    • Online Sales of Smart Wine Cellars
    • Offline Sales of Smart Wine Cellars
      • Smart Wine Cellars Sold at Specialty Stores
      • Smart Wine Cellars Sold at Mega Retail Stores
      • Smart Wine Cellars Sold via Other Distribution Channels

- FAQs -

As per Fact.MR, smart wine cellars sales are likely to touch US$ 1.2 Bn by 2021

From 2016 to 2020, smart wine cellars sales expanded at a CAGR of 5% as per Fact.MR

Fact.MR’s expects the global market for smart wine cellar projects to grow at 8.5% value CAGR by 2031.

The global market for smart wine cellar is envisaged to account for over US$ 2.7 Bn by 2031.

Increasing wine consumption is significantly increasing the demand for smart wine cellar across the major regions.

Some of the top companies manufacturing smart wine cellar are Whirlpool Corporation, Electrolux AB, Haier Inc., and Liebherr-International AG

The U.S is expected to account for 60% of the North American smart wine cellars demand

China is expected to account for 58% of total smart wine cellars demand

According to Fact.MR, from 2021 to 2031, smart wine cellar demand in Germany will account for 50% of the European market

Smart wine cellars with a capacity of up to 500 bottles are most demanded in terms of capacity, capturing 45% revenue share

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

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