Sparkling Wine Market ($55.80 Mn by 2028) Growth Forecast at 4.3% CAGR During 2021 to 2028 COVID Impact and Global Analysis by TheInsightPartners.com

The Sparkling Wine Market Growth impelled by growing popularity of different varieties of sparkling wine, rapid socioeconomic changes and fast-paced urbanization.

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New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Sparkling Wine Market: Key Insights
According to our new research study on “Sparkling Wine Market to 2028 – Global Analysis and Forecast – by Type, Packaging Type, Distribution Channel, and Geography,” the Sparkling Wine Market is projected to reach US$ 55,803.26 million by 2028 from US$ 41,634.49 million in 2021; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.

Sparkling Wine Market: Competition Landscape and Key Developments
Bacardi & Company Limited; Bronco Wine Co.; Casella; Constellation Brands, Inc.; Henkell Freixenet; Chandon; Schramsberg Wineyards; Pernod Ricard Winemakers; The Sparkling Wine Co.; Treasury Wine Estates Ltd; Bottega Spa; Campari Group; and Codorniu are among the key players in the sparkling wine market. These companies provide a wide range of products in the sparkling wine market. They have established presence in various developed and developing economies, which provides lucrative opportunities for their proliferation. These market players are highly focused on developing high quality and premium products to fulfill the constantly evolving customer requirements.

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Europe held the largest share of the sparkling wine market in 2020. Germany, France, Italy, UK, and Russia are among the major contributors to the market growth in this region, due to the tradition of opening a bottle of Champagne or other sparkling wine during festivities and celebrations, coupled with continuous surge in the popularity of this wine among consumers. The European sparkling wine market consists of several prominent as well as small distillers, engaged in producing different varieties.

Rapid socioeconomic changes and fast-paced urbanization are bolstering the demand for sparkling wine worldwide. With continuous rise in living standards and buying power, customers desire to purchase high-quality, luxurious items. Moreover, changes in lifestyle transform their food habits and meal preferences. Thus, the demand for sparkling wine in parties, marriages, and social gatherings is on rise. With the growing preference for drinks with low or no alcohol content, the popularity of this wine is increasing among millennials, teenagers, and working populations, and in bachelors and people living in hostels. Furthermore, social media and the Internet have a significant impact on all generations, while increase in parties and social events are leading to the high consumption of sparkling wine globally, primarily in developed countries such as the US, Canada, Mexico, Germany, France, and Italy.

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Sparkling Wine Market: Segmental Overview
Based on type, the sparkling wine market is segmented into white, red, and rose. The white wine segment held the largest share of the market in 2020. The white segment is driven by factors such as health benefits associated with its consumption, premiumization of wine products, innovation in flavors, and more advanced distribution networks. However, the rose segment has been witnessing considerable demand over the past few years and is set to register the highest CAGR in the market during the forecast period.

Based on packaging type, the sparkling wine market is segmented into bottles and cans. The bottles segment accounted for a larger share of the global market in 2020. However, packaging in cans has been gaining popularity for their compact size and low environmental impact, owing to recyclability. Based on distribution channel, the sparkling wine market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets accounted for the largest share of the market. High number of visitors and availability of an array of options are the major factors fueling the market growth of this segment. However, the online retail segment has emerged as a major channel, especially during the COVID-19 pandemic. As a result, the online retail segment is expected to register the highest CAGR in the market during 2021–2028.

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Impact of COVID-19 Pandemic on Sparkling Wine Market:
The COVID-19 pandemic has led to decline in operational efficiencies and interrupted supply chains due to the sudden shutdown of national and international boundaries. Disruptions in supply chains have restricted the movement of goods, which, in turn, is hindering the distribution and manufacturing of sparkling wine as well. Sparkling wine manufacturers were primarily reliant on supermarkets and e-commerce dealers for the advertisement and sales of their products, which resulted in continued growth of the market, though at a slower pace. More than 85% of wineries that sell their products online have begun capitalizing more on this sales channel. Despite the declined sales in 2020, the market players are expected to bounce back sooner, with different economies resuming their operations and Accelerating their vaccination campaigns. Thus, all these factors have had a significant impact on the sparkling wines market during the pandemic





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