Liquor Cabinet Market - Overview
A liquor cabinet is a closet or cabinet in which alcoholic materials and beverages are kept for storage. These cabinets are made of wood or steel and are portable as they have casters installed to it. Historically, liquor was hoarded in dark vaults and caves. Private wine collections were earlier about the function and not for aesthetic purposes, as the dusty bottles were tucked in nooks below the stairs. Earlier, these cabinets were made of big thick doors of dark Tuscan wood; but there is a shift in preference to cabinets made with sleek metal and glass in order to increase the visibility of the liquors.
The increasing demand for liquor storage in both commercial and residential applications will drive the growth of the liquor cabinet market over the forecast period. Evolution in wine collection is the primary factor driving the liquor cabinet market. Amongst liquor, wine is the most preferred by users. Liquor cabinets are becoming increasingly common especially in high-end homes. Consumers are purchasing liquor cabinets more in the form of luxury rather than necessity. Consumers want the liquor cabinets to be visible (dining room or kitchen) instead of being placed in the basement.
Liquor Cabinet Market - Drivers and Restraints
Residential users are increasingly mimicking the commercial restaurant/bar industry by installing glitzy liquor cabinets often with steel racking or bespoke timber having mood lighting. Liquor cabinets are overtaking private cinemas and home gyms in terms of desirability due to the perception of making liquor space as a central design feature. Liquor cabinet manufacturers are shifting their focus from building the boxes to designing and installing the liquor rooms in new/existing constructions. These rooms are usually made adjacent to entertaining areas. For instance, Cellar Maison makes wine pods which are custom made glass screens which section off part of a room and have backlit wine walls which portray a room like a bookshelf.
The cabinets manufactured currently are not just wooden boxes but are also equipped with the latest technologies so as to provide favorable conditions for the liquor. The cabinets are also equipped with temperature control technology so that the collections should not be damaged. Many liquor cabinets have LED lighting in order to emit lesser heat and UV-filtered glass to prevent direct sunlight. The lighting controls are linked to the smartphones. The wireless inventory systems such as eSommelier helps in organizing vast collections with a barcode system to clock liquors in and out and to map out the exact location of the liquor bottles in commercial spaces such as restaurants, bars, or pubs. Many liquor cabinets also include finger-recognition locks or entry, to provide protection not only from thieves but accidental opening of high-end bottles.
Liquor Cabinet Market - Segmentation
The liquor cabinet market can be segmented on the basis of material into wood and steel. On the basis of end-use, liquor cabinets are classified into commercial and residential. The commercial end-users are restaurants, bars and pubs which store the liquor upfront in front of customers in order to provide aesthetic appeal without compromising on functionality. Residential users use comparatively smaller liquor cabinets which have the basic functionality of storage and maintaining temperature conditions.
Liquor Cabinet Market - Key Players
North America is expected to garner majority of the share of the liquor cabinet market and is expected to continue the same over the forecast timeline. Asia Pacific is expected to have the highest CAGR growth owing to increasing disposable income of users in the emerging nations. The liquor cabinet industry is highly fragmented with local participants contributing majority of the market share. Some of the major industry participants are B&B Italia SPA, Opinion Ciatti, Longhi SPA, and Gallotti&Radice srl.
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