The global wine market is anticipated to grow at a CAGR of around 6.5% during the forecast period 2021 to 2028 and to reach around US$ 689.3 Bn by 2028.
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Product, By Distribution Channel, and By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, The Wine Group, Castel Frères, Accolade Wines, Constellation Brands, Treasury Wine Estates (TWE), Pernod Ricard, E. & J. Gallo Winery, and Viña Concha y Toro|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Acceptance of liquor consumption socially, high consumers spending capacity on beverage products and rising travel & tourism activities across the globe serving liquor beverage are major factors expected to drive the growth of global wine market. Consumer interest towards consumption of wine is changing. With the high spending capacity demand for wine with different taste is gaining attraction. U.S. consumers spent about 140 U.S. dollars per year on the wine they consumed at home, compared to about 46 U.S. dollars for wine at full-service restaurants. With the rising demand manufacturers are focused enhancing the production capacity in order to cater the rising need. In the US production of wine in 2016 was over 800 million gallons which was nearly 9 percent of the global wine production volume. Favorable business policies by the government and establishment of new wineries are factors expected to impact the market growth. According to Wines & Vines, in 2020 in the US there were 10,742 wineries catering the rising demand. In addition, major players approach towards enhancing the business through strategic partnership and new product launches is expected to augment the growth of global wine market.
In 2020, Riboli Family Wines, a global wine provider launched “Highlands 41” its newest estate-based wine brand. The product launch is expected to help company enhance the business and increase product portfolio. In 2020, Bronconess, a US based winery partnered with St. Julian Winery with the focus to launch its new product “Bronconess Peach Bubbly”. The collaborative approach is expected to help enterprise enhance its customer base and enhance the business.
With the preset pandemic situation across the globe and supportive lockdown are impacting the sales of wine positively. The 2020 pandemic changed the way that Americans purchase alcohol, with an amazing 167% increase in online alcohol sales. White wine, the second most popular before COVID also showed 22 percent increase in consumption during the pandemic. These factors are expected to support the market growth. Factors such as high cost of wine and availability of other alcohol alternatives are expected to hamper the growth of global wine market. In addition, influence on consumers related to living healthy lifestyle is expected to lower the consumption of alcohol this is expected to challenge the growth of target market. However, increasing players spending on product development, increasing partnership activities and new product launch are factors expected to create new opportunities for players operating in the wine market over the forecast period. In addition, high demand form food sector as flavor is expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to changing consumer’s preference. Government of developing countries is spending high on the development of liquor sector as considering it as early income sector. Their approach towards establishment of new enterprises and emergence of small & mid size enterprises is expected to support the growth of target market. Indian local wine production was 17 Mn liters whereas import was 5.2 Mn liters in 2018 that valued US$ 28.3 Mn. Players approach towards tracking the untapped market in developing countries through strategic partnership is expected to support the growth of regional market.
The global wine market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Wine Market Segment Analysis, 2020
The global wine market is segmented into product and distribution channel. The product segment is divided into table wine, dessert wine, and sparkling wine. Among product the table wine segment is expected to account for major revenue share in the global wine market. The distribution channel segment is bifurcated into on-trade and off-trade. Players profiled in the global wine market are Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, The Wine Group, Castel Frères, Accolade Wines, Constellation Brands, Treasury Wine Estates (TWE), Pernod Ricard, E. & J. Gallo Winery, and Viña Concha y Toro.
Market By Product
Market By Distribution Channel
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The global wine market in 2028 is expected to be above US$ 689.3 Bn.
The CAGR of the global wine market from 2021-2028 is above 6.5%.
Acceptance of liquor consumption socially, high consumers spending capacity on beverage products and rising travel & tourism activities across the globe serving liquor beverage are major factors expected to drive the growth of global wine market.
In product the table wine drugs segment is growing at faster pace.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Beijing Yanjing Beer Group Corporation, The Wine Group, Castel Frères, and Accolade Wines.
The Europe is expected to account for major revenue share in the global market.