Global Sparkling Wine Market is expected to reach a market size of ~US$ 56 billion by 2028: Ken Research
What Is the Size of Global Sparkling Wine Industry?
Global Sparkling Wine market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 55 Bn by 2028. The Sparkling Wine Market is largely driven by Rapid socioeconomic changes and urbanization. Growing food tourism or culinary tourism worldwide is positively influencing the consumption of sparkling wines in premium hotels and restaurants for fine dining.
The consumers’ shifting preferences towards a variety of alcoholic beverages, such as beer, liquors, spirits, and others due to their competitive prices may stifle the market growth of sparkling wine. The ongoing COVID-19 pandemic has resulted in an unprecedented drop in the global wine trade in 2020, due to the lockdowns imposed by several governments across countries, which have halted wine production. Furthermore, extensive closures of restaurants and bars, as well as the restrictions on socializing have lowered the sales of sparkling wine.
Global Sparkling Wine Market By Type
The Global Sparkling Wine market is segmented by Type into Red, Rose and White. The Red segment held the largest share of the Global Sparkling Wine Market in 2022, owing to its higher levels of vitamins and minerals, which helps in boosting the immune system.
Red wine is typically cultured with grape skins and seeds, and it is high in phytonutrients that provide numerous health benefits, such as lowering the risk of heart disease, increasing good high-density lipoprotein (HDL) cholesterol, easing joint pain, increasing insulin sensitivity, lowering the risk of osteoarthritis, and more.
Global Sparkling Wine Market By Product
The Global Sparkling Wine market is segmented by Product into Cava, Champagne, Cremant and Prosecco. The Prosecco segment held the largest market share of the Global Sparkling Wine Market in 2022, owing to its economic viability and ease of availability.
Prosecco contains polyphenols, a plant chemical with antioxidant properties which help in lowering blood pressure, and stroke risk, improving circulation, and strengthening heart health. Furthermore, unlike Champagne, it does not have a protected geographical location, so it can inherently be produced anywhere in the world.
Global Sparkling Wine Market By Distribution Channel
The Global Sparkling Wine market is segmented by Distribution channel into Supermarket/Hypermarket, Specialty Stores, On Trade and Others. The Supermarket/Hypermarket segment held the largest market share of the Global Sparkling Wine Market in 2022.
The growth is mainly attributed to the availability of a variety of products at lower prices as compared to bars, restaurants, nightclubs, hotels, and other on-trade channels. The modernization of retail stores across countries, notably in emerging countries, is increasing revenue generation through off-trade sales channels, such as supermarkets/hypermarkets.
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Global Sparkling Wine Market By Geography
The Global Sparkling Wine market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe accounted for the largest share of the Global Sparkling Wine Market in 2022, as Europe is the world’s top producer of wine.
The most popular sparkling wine, Prosecco, is primarily produced in Italy. For instance, in January 2022, according to the Prosecco DOC Consortium, Italy’s total wine production increased by 25% in 2021, with 627.5 million certified bottles of Prosecco being produced.
Furthermore, Italy followed by France is the second largest producer of sparkling wine. For instance, according to Comité Champagne, a France trade association that represents the interests of independent Champagne producers, total Champagne shipments in 2021 increased by 32% over 2020 to 322 million bottles.
Competition Scenario In Global Sparkling Wine Market
The Global Sparkling Wine Market is highly competitive with ~150 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology, and precision viticulture (through IoT and software) to improve the product taste, texture, and oenological potential of vineyards. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.
Regional players constitute about ~55% of the total competitors, while country-niche players comprise a share of ~35%. Some of the major players in the market include Accolade Wines, Bronco Wine Company, Casella, Caviro Extra S.P.A. S.U, Constellation Brands, Inc., E.&J. Gallo Winery, Concha y Toro, The Sparkling Wine Co., Illinois Sparkling Co., Freixenet Sa, and among others.
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What is the Expected Future Outlook for the Overall Global Sparkling Wine Market Across the globe?
The Global Sparkling Wine market was valued at USD ~37 billion in 2022 and is anticipated to reach USD ~55 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The Global Sparkling Wine market is driven by rapid socioeconomic changes and urbanization. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Sparkling Wine market is changing rapidly. For instance, In May 2022, Accolade Wines launched its zero-alcohol wine collection named ‘Called &Then’ which is made using the company’s own de-alcoholizing technique named ‘Zero Tech X technology’. In July 2021, E. & J. Gallo Winery partnered with Randall Grahm to release a new collection of wines named ‘The Language of Yes’ which is made mainly from grape varieties in California’s diverse Central Coast AVA.
The Global Sparkling Wines market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factor contributing to the increasing consumption of sparkling wine is the rising living standards across countries, along with the increased social engagements, and adoption of western. Though the market is highly competitive with around ~150 participants, few country-niche players control the dominant share and regional players also hold a significant share.
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