New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- As per a new report published by Research Dive, the global red wine market is expected to garner a revenue of $2,42,822.34 million and grow at a healthy CAGR of 6.60% during the analysis period 2021-2028.
As per our analysts, with the increasing prevalence of premium and flavored red wines worldwide, the global red wine market is expected to experience remarkable growth during the analysis period. The additional health benefits such as the lower risk of heart stroke enhanced done density and several other are the immunity-boosting related functionalities are the major factors expected to thrive the growth of the market throughout the estimated time frame. Besides, the growing demand for organic red wines across various countries globally is further expected to create massive growth opportunities for the red wine market during the analysis period. However, the high cost of red wines due to high taxes on imports and export is the major factor that may hamper the growth of the market over the estimated time period.
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Segments of the Market
The report has been divided the market into various segments namely type, sales channel, and region.
Type: Merlot Type Sub-Segment to be Most Profitable
The merlot type sub-segment is projected to garner a revenue of $64,640.49 million and is expected to see vertical growth during the forecast period. This is mainly because merlot wines widely are known for their rich redness with resveratrol antioxidants. Moreover, having various health curing benefits and properties such as lowering the risks of heart diseases, blood clotting, and improving gut problems are the factors expected to fortify the growth of the red wine market’s sub-segment during the forecast period.
Sales Channel: Off-Trade Sub-Segment to be Most Lucrative
The off-trade sub-segment is projected to garner $1,25,715.23 million and is expected to witness steady growth during the estimated time period. This is mainly due to the growing demand for supermarkets, hypermarkets, kiosks, and wine shops which provide a better shopping experience with the availability of a wide range of wine products. In addition, the increasing inclination of people in metropolitan cities towards off-trade sales channels is further expected to amplify the growth of the red wine market sub-segment during the forecast period.
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Region: North America Region Anticipated to Have Extensive Growth Opportunities
The North America region is projected to generate $98,343.05 million in revenue and is expected to dominate the market during the estimated timeframe. This is mainly due to the presence of top leading red wine manufacturing companies and the high disposable incomes of people in this region. Moreover, the increasing trend of vibrant wine culture across most of the countries in this region is further expected to augment the regional growth of the market during the forecast period.
Covid-19 Impact on the Market
Though the rise of the novel coronavirus pandemic has adversely impacted various industries all across the world, however, the red wine market has seen moderate growth during the crisis. The disruption of the market is mainly caused due to the imbalance of demand and supply ratio and because of the completely shaken-up supply chain. Moreover, the stringent lockdowns and shutdowns of restaurants, pubs, and bars are the major factors behind the decline of the growth of the market during the crisis.
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Key Players of the Market
The major key layers of the market include
- Rémy Cointreau SA
- Constellation Brands Inc
- Brown-Forman
- Treasury Wine Estates Limited
- Diageo plc.
- Castel Group
- Altria Group, Inc.
- The Wine Group
- Heineken N.V.
- E & J Gallo Winery, and many more.
These players are widely working on the development of new business tactics and strategies to attain a leading position in the global industry.
For instance, in October 2021, Avaline, a leading company for making clean and delicious wines with organic grapes, has released a limited edition of Port Noir, which is their first wine produced in the brand’s birthplace, that was in California. With this announcement, the Port Noir Avaline wines are now available on their website, by joining Avaline’s Red Blend in the brand’s product portfolio. This led to the boost of organic grapes, vegan-friendly red wine availability all across California.
The report also presents the other important aspects including product portfolio, SWOT analysis, latest strategic developments, and financial performance of key players.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Global Red Wine Market to Witness an Exponential Growth by 2028 due to the Demand and Popularity of Premium and Flavored Wines
- Cabernet Vs. Merlot: Finding the Better Red Wine for Your Party
