Wine linked to the blockchain for provenance and authenticity for traders
| Segment | Wine Trading |
|---|---|
| Customer Characteristics | Wine trading house like BBR in London, CellarIt in Sydney, |
| Customer example | In comments - most in HK or UK |
| Needs, motivations, issues to solve | Wine traders need to know the wine they’re buying is authentic, with good provenance and kept at a good temperature to ensure value & Wine trading houses wanting to offer these services to their customers |
| How are they meeting needs today? | Wine houses like BBR buy directly from vineyard/distributor and cellar. All wine stays at BBR, thus inherent authenticity. Cellarit cellars wines from individuals, no auth or provenance guaranteed |
| Purchase Process | 1. Website 2. Delivery/Cellar buy 3. |
| Location / Geography | Concentrated geographies * London * Hong Kong |
| Key trends | Cellaring websites offer wine sales for cellared wines No real auth/provenance available No cross-cellar auth/provenance No real way to track wine health No global player |
| Market size | Wine market size $417.85 billion + CAGR = 6.4% Off-trade accounts for 89% in 2020 (shops, etc, not in-store) Europe led at 46% https://www.grandviewresearch.com/industry-analysis/wine-market#:~:text=The wine market size was,USD 685.99 billion by 2028. |
| Annual Growth | 6.4% |
| Competitive Intensity | High |
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15 x increase in requests for proof of condition, fill level
Security identifiers are increasingly common
Wine held in storage used as collateral
Customers listed here https://www.jancisrobinson.com/learn/where-to-store
Australia
- Cellarit
- Kennards
- MW Wines
- National Storage
- Pentridge Cellars
- Rushcutters Wine Storage
- Wine ARk
- Wineaway
UK
- Berry Bros & Rudd
- LCB
- Vinothèque
- Locke-King Vaults
- Octavian
- Seckford
- The Wine Society
US
- Vinfolio CA
- Western Carriers, NJ
- Zachys, DC
France
- Bordeaux City Bond
HK
- Crown Wine Cellars and many more
Recent developments in fine-wine storage as reported by Octavian
- A substantial increase in the number of private customers buying not to drink but for investment, so…
- There are many more requests for detailed information and on-site visits.
- Since 2012 requests for photographs of bottles (for proof of condition, fill level, etc) have increased from 500 to 7,500 a month.
- Pack sizes have diversified. In 2012 over 80% of wine stored was in 12-bottle cases but that proportion is now only just over 50%.
- Security identifiers on cases of particularly valuable wines are increasingly common and require additional time and effort to check – a case for the introduction of an industry standard?
- At least one multi-million-dollar loan has been negotiated with an American bank by a private customer using part of a wine collection held at Octavian as collateral.