Wine Market Overview:
The global wine market is growing mainly due to the rise in the global average consumption of alcohol per capita per year. Besides, the surging demand for wine in several social and public events is a primary driving force behind the market growth. Changing consumption patterns influence the wine market growth. Also, the introduction of new and innovative products escalates the wine market value.
Market Research Future (MRFR) states that the global Wine Market value is poised to escalate from USD 296.6 BN in 2022 to USD 444.50 BN by 2030, growing at a 5.95% CAGR during the review period (2023-2030). Growing demand for new flavors and variations impacts the market growth positively. Moreover, the growing popularity of fruit-based and dessert-style wines is the recent market trend boosting the wine market size.
On the other hand, the high price of wine is likely to hamper the growth of the market. However, changing lifestyle and consumption patterns and improving per-capita disposable income would support market growth, increasing the absorption of alcoholic beverages.
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Global Wine Market –Segments:
The report is segmented into types, packaging types, distribution channels, and regions. The type segment is sub-segmented into red wine, white wine, rosé wine, sparkling wine, and others. The packaging type segment is sub-segmented into bottles and cans. The distribution channel segment is sub-segmented into food service and retail. By region, the wine market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Global Wine Market – Regional Analysis:
Europe dominates the global wine market. The region accounts for the highest per capita consumption of pure alcohol worldwide. Besides, the presence of many notable players and a large consumer base of alcoholic beverages substantiate the wine market revenues. The high consumption of wine in the region can also be attributed to rising per capita incomes.
Additionally, the relaxation in alcoholic beverage production regulations in this region positively impacts the wine market growth. France, Italy, Portugal, and Spain are major country-level markets contributing to the regional market growth.
Global Wine Market – Competitive Analysis:
Highly competitive, the wine market appears fragmented due to the presence of several well-established players. Players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launches to gain a substantially larger market share.
Continually changing consumption patterns and consumer demands & preferences encourage industry players to develop wine with innovative fortifying ingredients and various types of spices & flavors. Industry players make substantial investments to expand their global footprints and product portfolio.
Leading the wine market players are Constellation Brands (U.K), Accolade Wines (U.K), E & J. Gallo Winery (U.S.), Treasury Wine Estates (Australia), Shanghai Torres Wine Trading Co. Ltd. (China), Distell Group Limited (South Africa), and Vina Concha y Toro (Chile), among others.
Industry/ Innovation/ Related News:
Aug. 24, 2023 — The Vintner Project, a leading wine media company, launched a new online community, Grapeloop, made by and for wine professionals to help grow their business. Driven by its vibrant social community and global team of writers, Grapeloop connects writers & content creators, PR agencies & consultants, editors, publishers, and wineries & wine brands, providing a one-stop-shop for wine-centric media opportunities and conversations.
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