LOS ANGELES , Oct. 21, 2022 (GLOBE NEWSWIRE) -- The Global Wine Market Size accounted for USD 489.3 Billion in 2021 and is estimated to achieve a market size of USD 825.5 Billion by 2030 growing at a CAGR of 6.1% from 2022 to 2030.
Wine Market Statistics
- Global wine market value was USD 489.3 Billion in 2021 and expected to grow at CAGR of 6.1% from 2022 to 2030
- Europe wine market revenue gathered about 45% market share in 2021
- Asia-Pacific wine market growth will record noteworthy CAGR of about 8% from 2022 to 2030
- Among products, table wine segment acquires around 80% of the overall market share in 2021
- Based on distribution channel, off-trade sector gathered over 85% shares in 2021
- Growing preference of millennials towards wine tasting is a global wine market trend fueling the industry demand
Wine Market Growth Factors
- Growing urban inclination for exotic wine
- Surging demand for alcoholic beverages
- Rising consumer socialization with liquors
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Wine Market Report Coverage:
| Market | Wine Market | |
| Wine Market Size 2021 | USD 489.3 Billion | |
| Wine Market Forecast 2030 | USD 825.5 Billion | |
| Wine Market CAGR During 2022 - 2030 | 6.1% | |
| Wine Market Analysis Period | 2018 - 2030 | |
| Wine Market Base Year | 2021 | |
| Wine Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Product, By Distribution Channel, And By Geography | |
| Wine Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Asahi Group Holdings, Ltd., E. & J. Gallo Winery, Beijing Yanjing Beer Group Corporation, Treasury Wine Estates (TWE), Castel Frères, Constellation Brands, Accolade Wines, Pernod Ricard, The Wine Group, and Viña Concha y Toro. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Wine Market Dynamics
Acceptance of liquor consumption socially, high consumer spending capacity on beverage products, and rising travel & tourism activities serving liquor beverage across the globe are major factors expected to drive the growth of the global wine market. Furthermore, major players' approach to enhancing the business through new alliances and new product launches is projected to augment wine market's growth.
The global pandemic situation and supportive lockdown are having a positive impact on wine sales. The 2020 pandemic changed the way Americans bought alcohol, resulting in a 167% rise in online alcohol sales. White wine, the second most popular beverage before COVID, saw a 22% rise in consumption during the pandemic.
These factors are expected to contribute to market growth. The high cost of wine and the availability of other alcohol alternative solutions are expected to stymie the global wine market's growth. Furthermore, the influence on consumers related to living a healthy lifestyle is expected to lower alcohol consumption, which is expected to challenge the target market's growth.
However, increased player spending on product development, new product launch, and increased partnership activities are factors that are expected to create new opportunities for wine market players over the forecast period. Furthermore, high demand from the food sector as flavor is expected to help the target market's revenue transaction.
Global Wine Market Business Strategies
- In 2020, Riboli Family Wines, a global wine provider, has introduced its newest estate-based wine brand, "Highlands 41." The product launch is expected to help the company improve its business and expand its product portfolio.
- In 2020, Bronconess, a winery based in the United States, has partnered with St. Julian Winery to launch its new product "Bronconess Peach Bubbly." The collaborative approach is expected to assist enterprise in expanding its customer base and growing its business.
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Wine Market Segmentation
The global wine market is divided into two parts: product and distribution channel. Table wine, sparkling wine, and dessert wine are the three product categories. Table wine is expected to account for a significant revenue share in the global wine market. The distribution channel segment is divided into two parts: on-trade and off-trade.
Wine Market Share
According to wine industry research, table wine will have the largest market share in 2021. Table wines are common among new customers because they are inexpensive and widely available in physical stores. According to the wine market forecast, the on-trade size is anticipated to grow significantly over the next few years.
Wine Market Regional Growth
The global Wine market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA).
Because of rising consumer demand for wine with a variety of flavors, the market in North America is expected to account for a significant revenue share in the global wine market. Consumer interest in wine consumption is shifting. With a high spending capacity, there is a growing interest in wine of various flavors. Consumers in the United States spent approximately 140 dollars per year on wine consumed at home, compared to approximately 46 dollars for wine consumed at full-service restaurants. Manufacturers are focusing on increasing production capacity in order to meet the rising demand. In 2016, the United States produced more than 800 million gallons of wine, accounting for nearly 9% of global wine production volume. Favorable business policies by the government and establishment of new wineries are factors expected to impact the market growth in this region. According to Wines & Vines, in 2020 in the US there were 10,742 wineries catering the rising demand.
Due to changing consumer preferences, the Asia-Pacific market is expected to grow faster in the target market. Governments in developing countries are investing heavily in the development of the liquor industry because it is viewed as a high-earning sector. Their approach to the establishment of new businesses and the emergence of small and medium-sized businesses is expected to maintain the growth of the target market. In 2018, Indian wine production was 17 million litres, while imports were 5.2 million litres worth US$ 28.3 million. Players' approach to tracking untapped markets in emerging natios through strategic partnerships is expected to support regional market growth.
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Wine Market Players
Players profiled in the global wine market are Accolade Wines, Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, Castel Frères, Constellation Brands, E. & J. Gallo Winery, Pernod Ricard, The Wine Group, Treasury Wine Estates (TWE), and Viña Concha y Toro.
Questions Answered By This Report
- What was the market size of Wine Market in 2021?
- What will be the CAGR of Wine Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Wine Market?
- Which region held the largest share in Wine Market in 2021?
- What are the key market drivers of Wine Market?
- Who is the largest end user Wine Market?
- What will be the Wine Market value in 2030?
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