Wine Market Size to Reach $599.5 Billion at a CAGR of 6.20% by 2028
Wine Market is projected to reach a value of USD 599.5 Billion by 2028 at a CAGR of 6.20% over the forecast period.
Global Wine Market is valued at USD 417.9 Billion in 2021 and is projected to reach a value of USD 599.5 Billion by 2028 at a CAGR of 6.20% over the forecast period.
Wine Market Overview
Alcohol consumption saw an adverse supply shock across all regions during the pandemic, which was caused by the unprecedented and staggering global impact of COVID-19. According to our research, international sales were down 6.79 percent worldwide in 2020. This market's demand and growth are responsible for the unexpected increase in CAGR, and they will return to pre-pandemic levels once the pandemic is over.
The industry's taste and refreshing properties have helped it gain immense popularity in markets worldwide, transporting customers to idyllic rural settings. Since trade duties and tariff barriers in marketing have been lowered, the beverage has become an essential asset and is also becoming popular in the overseas market. Low alcohol-by-volume (ABV) drinks for the working population and the rising popularity of socializing while drinking are two major factors driving the expansion of the market.
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The beverage's popularity and sales have remained stable in the majority of the world's markets. The most noticeable change was in how the product was purchased; with on-trade channels being shut down for good, there was a steady migration towards buying the beverage online. However, expansion was seen across the board in off-trade channels. The market is expected to return to its normal growth rate due to the relaxation of quarantine restrictions and the acceleration of consumers towards online purchasing.
Top Companies in Wine Market
- Asahi Group Holdings Ltd.
- Beijing Yanjing Beer Group Corporation The Wine Group
- Castel Frères
- Accolade Wines
- Constellation Brands Treasury Wine Estates (TWE)
- Pernod Ricard
- & J. Gallo Winery
- Viña Concha y Toro
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Wine Market Dynamics:
- The Rise of E-Commerce Platforms and Their Contribution to Rising Profits
Over the past few years, buying alcohol online has grown in popularity, and this trend is only expected to continue over the forecast period. Customers appreciate the variety of offers, the quickness of home delivery, and the ease of online shopping. Since this is the case, the online sales channel plays a crucial role in competitive markets like the United Kingdom, the United States, Italy, Spain, and others. The Dutch Ministry of Foreign Affairs projects that e-commerce in developed regions like Europe and North America will grow by about 15% per year. The COVID-19 crisis has also boosted the beverage industry's online sales. Comité Européen des Entreprises Vins (CEEV) reports that during the lockdown period, volume growth in this channel increased by an average of 180 per cent across Europe. To increase their market share, manufacturers are concentrating on creating new e-commerce platforms and forming partnerships. Growth is anticipated to be further bolstered by technological developments and enhanced distribution networks in e-commerce.
What is Wine?
Alcoholic wine is made using a fermentation process. Rice, fruit, cherry, berries, pomegranate, and grapes are just few of the ingredients used to create wine. Several health advantages, including improved bone density, decreased heart disease risk, and lower cholesterol levels, are associated with wine consumption.
Urbanites' growing taste for unusual wines and the increased demand for alcoholic drinks are driving the industry forward. Other major variables serving as growth influencers in the market include the increasing number of restaurants, lounges, and recreational clubs as well as the increasing number of people who are aware of the health advantages of drinking wine. The premiumization of wine products throughout the world is on the rise, and the rising demand for low-calorie alcohol-based beverages is fueling this trend.
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Wine Market Challenges
The high cost of wine production is a key barrier to the industry's expansion. Government restrictions and levies that are too onerous to comply with may slow the market even further. The market rate of growth will be derailed once again by the proliferation of alternatives and the health risks connected with overconsumption.
Wine Market Opportunities
The last few decades have seen tremendous growth in the wine industry and the number of bottles consumed each year. In today's society, consumers are more likely to drink alcohol in a social setting due to a number of cultural and social influences.
The rising popularity of alcohol as a status symbol is driving demand for non-alcoholic drinks. Its low AB content and refreshing flavor have made it very popular among young people. In developing countries, it is commonly served as a table drink alongside everyday meals and is strongly associated with many celebrations. The market's continued expansion is guaranteed by this rising demand inspiring producers to introduce novel goods.
- September 2021: The Torres family has just uncovered the newest release from their winery, Antologa Miguel Torres. The flagship spirit represents the vineyard's dedication to climate change mitigation through regenerative viticulture and sustainability. Milmanda 2018, Mas de la Rosa 2018, Grans Muralles 2017, Reserva Real 2017, and Mas La Plana 2017 are the five wines available.
- July 2021: The world's largest wine and spirits company, E. & J. Gallo Winery Group, and Randall Gram, a legendary winemaker and visionary, have collaborated to produce a series of wines titled "The Language of Yes." The long tradition of winemaking in the South of France inspired this new line.
Wine Market Regional Analysis
Europe is the largest consumer market and accounted for USD 204.94 billion in 2020, so it stands to reason that it will have the largest share. It has always been an integral part of the customs and events that use it as a symbol of joy. One of the main drivers of regional market expansion is this. In 2020, the European Union consumed an estimated 48% of all products worldwide, or about 112mhl, as the International Organization of Vine and Wine (OIV) reported. France will still be a significant consumer in 2020, with a consumption volume of 24.7 mhl, despite a declining trend in per capita consumption over the past few years. With a consumption of 24.5mhl in 2019, Italy ranks as the second largest market in the EU, up 7.5% from 2019. Because of their busy schedules, young professionals are increasingly willing to drink beverages with low alcohol content. To meet this growing need, businesses are developing and releasing cutting-edge products.
The North American market is the second largest after Asia. Due to the increasing preference of millennials for premiumization trends, the region has tremendous expansion potential. In 2020, the United States consumed 33 mhl of products, accounting for 14% of global consumption. As reported by the Wine Institute, California's market sales hit USD 40 billion despite the severe reduction in on-premise sales caused by COVID-19. Manufacturers are concentrating on broadening their product lines in response to rising consumer demand and expenditures. One example is Highlands 41, which will be released by the California-based Riboli Family Wines in September 2020. Growth is also anticipated to be fueled in the coming years by the planting of new vineyards in response to rising consumer demand.
It is anticipated that Asia-Pacific will account for a sizable portion of the global market. This is because more and more people are interested in and trying out foods from around the world. Over the past few years, a proliferation of domestic vineyards has occurred in China. Local grape growers also benefit from government aid in the form of nursery imports, technology training, water supply, road renovations, and electrical infrastructure projects. These vineyards are expected to contribute to the expansion of the APAC region's market as a result of the rising demand for locally produced goods in China. Furthermore, South Korea is a dynamic market for this product. According to Asia Beverage Media Group, the South Korean market generated USD 1,671 million in revenue in 2019. Alcohol is a staple in the daily lives of many South Koreans. Demand in the region is rising due to the HoReCa (Hotel, Restaurant, and Cafe) industry's addition of table drinks to their extensive menu of culinary options.
However, South American and MEA markets are predicted to hold the smallest market share due to low levels of consumer education and product familiarity.
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