The Global Wine Market is subject to witness a substantial growth due to the rising penetration of the wine based on increasing popularity between consumer and lower percentage of Alcohol by Volume (ABV). Factors responsible for sustained market growth, in the recent years, are easy availability of wide range of wine products with differential flavors consisting of various categories and price range such as premium, and luxury wines.
Increasing production in the North America region is expected to favor the market growth in the upcoming years as well. Globally, the wine market is predicted to grow at high CAGR over the forecast period, providing numerous opportunities for market players to invest in research and development in the wine market.
Additionally, increasing demand for wine due to presence of online retail stores and e-commerce retailers, which allows small and mediums-sized businesses to reach wider audience, thereby driving market growth. Favorable laws and regulation and strong economic growth in the developing economies across the globe are anticipated to drive the growth of wine market in the upcoming years.
Easy availability of wine due to rising penetration of supermarkets, hypermarkets, retail stores and e-commerce retailers is predicted to boost market demand for wine products in the years to come. In addition, increasing consummation of wine from cinemas, bookstores and car washing stations alongside large-scale grocery stores such as Kroger, Wegmans, and Whole Foods serve food and on premise wine is projected to expand market reach for wine industry during the forecast period.
The recent technological advancement in the manufacturing of wine and development of novel products and technique such automated machinery, which increasingly adopted during different phases of the harvesting and production procedures, particularly in the large production houses, thus triggering market growth, in the recent years.
In addition, increasing adoption of agriculture technology (ag-tech) in order to utilize water and electricity effectively, rising implementation of drones to irrigate crops and thermal & GPS imaging to gather information on each aspect of grapevine physiology is expected to positively influence market growth in the upcoming years. Improved quality of the product due to early adoption of agriculture technology (ag-tech) is likely to improve the product quality. Common primary materials needed for production of wine include grapes and water.
However, changing market prices of grape supplies due to reduced production or oversupply are expected to hamper market growth to a certain extent. Moreover, fluctuation in the prices of grapes are caused by unfavorable climates changes and agriculture policy changes, leading to significantly affecting the operational and manufacturing cost.
Manufacturers are facing extreme challenges because of the undesirable currency exchange rates and high logistics cost coupled with increase in the import costs. These factors are significantly affecting overall market performance in the last few years. Table wines is considered as one of the fastest growing segment in the wine market with substantial revenue generation in the last couple of years. Growing popularity of the table wine market segment is attributed to lower prices in comparison with its counterparts.
The wine market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the production of wine, the high cost & availability of raw materials and existence of well-established manufacturing sector in the region. Asia-Pacific region is predicted to hold major market share in the wine industry with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with presence of large consumer base, increasing popularity of wine, rising personal disposable income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the wine market are Wine Group, Constellation Brands U.S. Operations, Inc., E. & J. Gallo Winery, Treasury Wine Estates, Sula Vineyards Pvt. Ltd., Woolworths Ltd., and Total Wine & More.
The market information includes the total market size for wines as well as the market size and trends for the following kinds of products:
• Sparkling grape wines
• Other grape wines
• Unfermented grape must
• Vermouth and other flavoured grape wines
• Other fermented beverages
The market data covers the years 2010-2021. The major questions answered in this comprehensive publication include:
• What is the global market size for wines?
• What is the wine market size in different countries around the world?
• Are the markets growing or decreasing?
• How are the markets divided into different kinds of products?
• How are different product groups developing?
• How are the markets forecast to develop in the future?
Research Support Specialist, USA