High Demand for Wine Globally to Drive the Wine Racks Market Past US$ 2298 Mn by 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Rising production and consumption of wine across the world is a key factor driving the global wine racks market. The U.K. wine racks market is expected to grow at 6.0% CAGR between 2023 and 2033. China’s wine racks market will grow at 6.2% CAGR during the forecast period (2023-2033).
DUBAI, United Arab Emirates, Dec. 29, 2022 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI), the global wine racks market is estimated to be valued at US$1,345.3Mn in 2023 and further grow at 5.5% CAGR during the forecast period reaching a valuation of US$2,298.0Mn by 2033. Rising demand for wine and rapid growth of end-use sectors are some of the key factors driving the global wine racks market.
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.
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.
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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