The global wine market size is anticipated to reach USD 444.93 billion by 2027 on account of the increasing adoption of a lavish and wealthy lifestyle. Wine is an alcoholic drink made of fermented grape juice. The yeast helps to consume the sugar present in the grapes and changes it to carbon dioxide, ethanol, and heat. The variety of strains of yeasts and grapes produces different types of wine. Wine has been consumed by people for thousands of years and also has religious importance. Wine also has health benefits when consumed in limits. A recent report by Fortune Business Insights provides an elaborate overview of the market and its prime strategies. As per this report titled, “Wine Market Size, Share & Industry Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavour (Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027,” the market value was USD 364.25 billion in 2019 and is likely to exhibit a CAGR of 6.06% between 2020 and 2027.
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What are the Highlights of the Report?
The report provides a 360-degree overview of the market and various factors driving, restraining, challenging, and creating opportunities for the market. It also discusses the table of segmentation based on factors such as type, flavor, distribution channel, and geography, and lists the names of leading factors. Furthermore, the report highlights current trends prevalent in the market, significant industry developments, and other interesting insights into the market. To purchase this report, refer to the company website.
Rising Adoption of Wine as a Sign of Social Status will Propel Growth
The rising adoption of alcohol as a social drink is a major wine market driver. This, coupled with modernization, westernization, and promotion of alcohol consumption socially will also add impetus to the market in the coming years. Wine and alcohol consumption has now become a social status and this supports the growth of alcoholic beverages worldwide. Wine has refreshing appeals and has health benefits such as blood pressure control, type 2 diabetes, vision loss, gut health, dementia, and also helps to cleanse and provide glow to the skin when consumed in a limit. These advantages also help to augment the growth of the market in the coming years.
However, the gradual shift of non-alcoholic beverages and other alcoholic drinks may hamper the market for wine in the coming years. Nevertheless, the emergence of e-commerce platforms is likely to create lucrative growth opportunities for the market in the forthcoming years.
Market in Asia Pacific to Register Considerable CAGR Owing to Increasing Adoption of Westernized Trends
Geographically, North America earned the largest wine market share owing to the presence of lead importing companies in the region. Together with Europe, This region imports an average of 5 million liters annually to maintain the supply and demand chain in the respective regions. Europe also holds a significant share in the beer market as well, owing to the customs and cultural occasions that include the consumption of wine as a celebrating drink. In addition to this, France remains a major contributor of wine to the world but has witnessed a decline in the past few years due to emerging competitors worldwide. Moreover, the increasing number of young working-class population is also expected to help this region attract high revenue in the coming years.
On the other side, Asia Pacific market will rise at a robust pace during the forecast period on account of the increasing adoption of westernized trends and the adoption of international cuisines among consumers. Besides this, the HoReCa Sector (Hotel/Restaurant/Catering) Sector also included wine serving as a new trend and this is further anticipated to aid in the expansion of the market in the region. On the other side, the Middle East and Africa and South America markets may witness stable growth owing to the lack of awareness and the penetration of sub-optimal products.
Players to Focus on the Launch of Innovative Wine
The nature of the wine market is moderately organized owing to the presence of major manufacturers. Players are engaged in the manufacturing of various and flavored ABV wine to stay put in the competition. They are launching different flavors in their wine to gain momentum in the market. Some of the major players of this market include Halewood Wines, Distell Group, International Beverage Holdings, John Distilleries, and The Wine Group. The rise in efforts and capitalization by players to launch innovative products is likely to help attract high revenue to the market in the coming years.
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