Global Canned Wine Market Is Expected To Reach A Market Size Of ~US$ 700 Million By 2028 – Ken Research
According to Ken Research Analysis, the Global Canned Wine Market was valued at ~US$ 200 million in 2017. Furthermore, the portability, convenience, and sustainability coupled with canned wines, it is estimated to be ~US$ 350 million in 2022 and is expected to reach a market size of ~US$ 700 million by 2028 growing with a CAGR of ~12% during 2022 to 2028.
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Key Growth Drivers
- The popularity of outdoor leisure activities, such as overnight camping, recreational vehicle (RV) camping, hunting, and trekking has grown in recent years, increasing demand for portable beverages, including canned wine.
- The growing consumer inclination toward ready-to-drink products, owing to their hectic work schedules, and busy lifestyles is likely to boost the demand for canned wines.
- The meteoric rise of greenhouse gas emissions from the production of aluminum cans may impede the growth of the canned wine market.
- 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 canned wine.
Key Trends by Market Segment
By Type: The Sparkling Wine segment held the largest share of the Global Canned Wine Market in 2021, owing to the rapid socioeconomic changes and fast-paced urbanization, along with the continuous rise in living standards across countries are propelling the demand for sparkling wines.
- In May 2020, according to Forbes, a USA-basexxxxxxxxd media company, sparkling wine production has increased by 57% since 2002, with 2.5 billion sparkling wine bottles produced in 2019. Furthermore, sparkling wine is exported significantly more than other wines. Sparkling wine accounts for 19% of Italian wine exports, 14% of French wine exports, and 9% of Spanish wine exports. Although sparkling wines account for only 9% of global exports, they account for 21% of total export value. Additionally, in terms of volume, Italy, France, and Spain account for 85% of global sparkling wine exports in 2018.
- The increased consumer preference for bubbly drinks, particularly on special occasions such as Christmas, new year’s, and marriage, has increased the global popularity of sparkling wine.
By Color: The Red segment held the largest share of the Global Canned Wine Market in 2021, 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.
- According to the Journal of Cardiovascular Development and Disease published by the Multidisciplinary Digital Publishing Institute (MDPI), a Switzerland-based publisher of open-access journals, in September 2022, consumption of wine reduced the risk of death from cardiovascular causes.
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By Distribution Channel: The Supermarket/Hypermarket segment held the largest market share of the Global Canned Wine Market in 2021.
- 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.
By Geography: North America accounted for the largest share of the Global Canned Wine Market in 2021, owing to the increasing number of households participating in camping as an outdoor recreational activity.
- According to the 2022 North American Camping Report conducted by Kampgrounds of America, Inc. (KOA), a USA-based company that offers outdoor hospitality, more than 93.8 million North American households considered themselves campers.
- The increased adoption of portable and convenient products by consumers, notably in USA, and Canada during travel and outings is also driving demand for canned wines over bottles.
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Competitive Landscape
The Global Canned 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 modern packaging innovations, such as Trebodur Mabeerial, and Eco Rings to substitute traditional materials such as paper and plastics, and the reliance on plastic, which typically pollutes the environment. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.
Regional players comprise about ~55% of the total competitors, while country-niche players represent ~35% of competitors. Some of the major players in the market include E.&J. Gallo Winery, The Wine Group, Treasury Wine Estates, Castel Group, GRUPO PEÑAFLOR, Union Wine Company, Accolade Wines, Canned Wine Co., Sula Vineyards, Francis Ford Coppola Winery, and among others.
Recent Developments Related to Major Players and Organizations
- In May 2022, Accolade Wines introduced a canned format of its existing Hardys VR range of wines in three varietals, including Rosé, Chardonnay, and Shiraz across on- and off-premise channels in the market.
- In February 2021, E. & J. Gallo partnered with Alixir Co. (doing business as Bev), a California-based wine supplier, to distribute Bev’s portfolio of premium canned wines across the USA.
CONCLUSION
The global Canned Wines market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factor contributing to the increasing consumption of canned wine is the rising living standards across countries, along with the increased social engagements, and adoption of western culture. 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.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of 2 working weeks.
Ken Research has recently published report titled, “Global Canned Wine Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Global Canned Wine Market is segmented by type, color, and distribution channel. In addition, the report also covers market size and forecasts for the four major regions’ in Canned Wine Market. The revenue used to size and forecast the market for each segment is US$ million.
Market Taxonomy
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