New York, United States , June 01, 2023 (GLOBE NEWSWIRE) -- The Global Wine Market Size to grow from USD 409.25 billion in 2022 to USD 583.77 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
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By use of the fermentation procedure, wine is an alcoholic beverage produced. Wine is made from grapes, rice, and various fruits like cherries, berries, or pomegranates. Numerous health benefits of wine consumption include increased bone density, decreased cholesterol, a decreased chance of heart disease, and many more.
The worldwide wine market is expanding as a result of rising urban preferences for exotic wine as well as rising alcoholic beverage demand. Apart from this, other significant driving forces supporting the expansion of the global wine market include changing and evolving lifestyles, an increase in the use of e-commerce platforms in developing nations, rising public awareness of the advantages of wine consumption, and an increase in the availability of lounges, restaurants, and entertainment venues. Additionally, the market is expanding due to the rising demand for alcoholic beverages with less calories, advancements in packaging technology, and premiumization of wine products.
On the other side, the high cost of wine production will impede the expansion of the world wine market. Furthermore, the growth of the world wine market will be constrained by the government's strict rules and regulations as well as the high tax burden. The market's expansion is being hampered by the rising availability of replacements as well as health problems including epilepsy and heart conditions linked to wine consumption.
COVID 19 Impact
Due to the closure of on-trade vineyards in nations including the United Kingdom, the United States, and India in an effort to stop the virus' transmission, the COVID 19 pandemic has had a significant negative impact on the world wine market. Having said that, the current situation will aid the industry in recapturing the interest of consumers. According to the data, the overall volume of wines has climbed as more individuals, mostly in North American and European countries, purchase wine to enjoy with meals at home. Additionally, it is unclear whether off-trade will continue after pantry loading runs out and the market grows.
Browse key industry insights spread across 210 pages with 125 market data tables and figures & charts from the report on "Global Wine Market Size, Share, and COVID-19 Impact Analysis, By Product (Honey, Honey Dew, Beeswax), By End Use (Cosmetics, Agriculture, Pharmaceuticals, Food and Beverages, Industrial, Pharmaceuticals), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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Product Insights
Table Wine segment holds the highest market share over the forecast period
On the basis of product, the global wine market is segmented into table wine, dessert wine, and sparkling wine. Among these, the table wine segment holds the highest market share over the forecast period. Table wines are the most commonly affordable type of wine and are easily accessible through retail establishments. In addition to this, the majority of new client’s favour purchasing table wines because of their affordability. The consumption of alcohol has changed from hard liquor to moderate alcoholic beverages like seltzers, wine and beer as a result of consumer lifestyle changes. This tendency is drawing in new clients and serving as the primary engine for segmental expansion.
On the other hand, the market for sparkling wine is expected to rise at the highest rate. The rise of the market is being driven by rising consumer interest in spirits and the spread of the aperitivo culture throughout Europe.
Distribution Channel Insights
Off-trade segment is dominating the market with the largest market share over the forecast period
On the basis of distribution channel, the global wine market is segmented into on trade and off trade. Among these, the off-trade segment is dominating the market with the largest market share over the forecast period. The off-trade distribution route has expanded more than the on-trade channel as a result of the pandemic. The lockdown has raised demand for wine being sold off-trade. According to a survey by IWSR Drinks Market Analysis, the off-trade distribution channel accounted for around 80% of alcohol sales in the United States in 2020.
On the other hand, throughout the anticipated period, the trade segment will have the fastest market expansion. The rise in party culture among the working class and younger generations worldwide is blamed for the expansion, which is anticipated to boost goods sales through the on-trade sales channel. Having said that, the pandemic has significantly hampered the development of this market due to the closure of establishments such as bars, hotels, clubs, coffee shops, and restaurants, as well as the sharp decline in international travel brought on by the strict lockdowns imposed globally.
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Regional Insights
Europe is dominating the market with the largest market share over the forecast period.
Europe is dominating the Wine market over the forecast period. Portugal, Italy, and France are among the countries with the highest annual per capita wine consumption rates in Europe, which also has the most developed wine sector. France has one of the biggest total markets in all of Europe due to its larger population and substantial per capita wine consumption. The biggest wine importers are countries where the production of wine is significantly less than the demand, such as Germany and the United Kingdom.
On the other hand, Asia Pacific is predicted to experience the quickest market growth throughout the forecast period. Red is considered lucky in China, so it's interesting to see that drinking red wine is a more widespread custom there. Because of this, China is one of the world's biggest markets for red wine and competes with France and Italy for the top spot. Australia and Japan are the two nations in the Asia-Pacific that drink the most wine. The Philippines, South Korea, and Vietnam are some of the additional potential wine-consuming markets in the Asia-Pacific region. The lack of a wine import tax in Hong Kong stimulates the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Wine Market include Accolade Wines, The Wine Group, Davide Campari-Milano S.p.A., E. & J. Gallo Winery, Constellation Brands, Inc., John Distilleries, India, Castel Group, CDV · Compagnia del Vino, AMVYX, BACARDI, Pernod Ricard, TREASURY WINE ESTATES, Caviro, Miguel Torres S. A., Concha y Toro, Sula Vineyards Pvt. Ltd., Chapel Down and among others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Wine Market based on the below-mentioned segments:
Wine Market, Product Analysis
- Table Wine
- Dessert Wine
- Sparkling Wine
Wine Market, Distribution Channel Analysis
- On-Trade
- Off-Trade
Wine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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