New York, USA, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global red wine market. According to the report, the global market is projected to surpass $2,42,822.34 million and grow with a CAGR of 6.60% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Red Wine Market
The outbreak of the COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global red wine market. The execution of lockdown restrictions resulted in the closure of numerous bars, restaurants, and pubs. This reduced the sale of red wine during the crisis period, which hindered market growth. On the other hand, several studies were conducted to test the use of red wine to boost and fight against the COVID-19 virus. This created growth opportunities for the red wine market during the pandemic.
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Factors Impacting the Red Wine Market Growth
The key factor boosting the growth of the global red wine market is a significant rise in the consumption of premium-quality, flavored red wines that offer health benefits like reduced risk of heart stroke, improved bone density, and enhanced immunological functions. In addition, the increasing adoption of organic red wine owing to its several benefits is expected to open doors to lucrative opportunities for the growth of the market. However, the high prices of red wine is anticipated to hamper the market’s growth.
The report segments the global red wine market into type, sales channel, and region.
Merlot Type Sub-Segment to Grab a Foremost Share of the Market
The merlot type sub-segment of the type segment is anticipated to grow enormously by surpassing $64,640.49 million in the forecast period. This growth is mainly owed to the increasing preference for merlot red wine owing to its rich redness and the presence of resveratrol antioxidants in it.
On-trade Sub-Segment to Grow Remarkably
The on-trade sub-segment of the sales channel segment is expected to hit $1,17,090.59 million in the forecast period. This is primarily due to the rising trend of celebrations and parties among youngsters, which boost the demand for red wine and other alcoholic drinks.
Asia-Pacific Region to Perceive Speedy Growth
The report analyzes the global red wine market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is anticipated to garner $55,849.14 million in the estimated period. This growth is mostly due to the increasing presence of restaurants, hotels, and bars, increasing celebrations and parties, and growing per capita income of people in this region.
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Top Players of the Global Market
The report states some of the foremost players operating in the global red wine market including
- Altria Group Inc.
- Rémy Cointreau SA
- The Wine Group
- Castel Group
- Treasury Wine Estates Limited
- Constellation Brands Inc.
- Brown-Forman
- Diageo plc.
- E & J Gallo Winery
- Heineken N.V.
Broader Insights Pertaining for the Specific Segments or Regions of the Red Wine Market
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in March 2022, Apothic Red, a US wine brand, launched a Smooth Sampling campaign across the UK on social media platforms, Facebook and Instagram. The wine brand offered a free 25cl sample bottle of Apothic Red wine for around 25,000 consumers.
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Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Red Wine Market:
- Top 10 Red Wine Producing Countries That You Ought to Know
- Red Wine: An Outcome of Blending Nature’s Product to Make Human Life Disease-Free
- Cabernet Vs. Merlot: Finding the Better Red Wine for Your Party
- Global Red Wine Market to Witness an Exponential Growth by 2028 due to the Demand and Popularity of Premium and Flavored Wines
