NEWARK, Del, June 06, 2023 (GLOBE NEWSWIRE) -- The wine subscription market revenues were estimated at US$ 596.5 million in 2023 and are anticipated to surge at a CAGR of 20.7% from 2023 to 2033, according to a recently published report by Future Market Insights (FMI).
By 2033, the market is expected to reach a US$ 3.9 billion valuation. The personalized box subscription type of wine subscription is projected to surge with a projected CAGR of 22.2% from 2023 to 2033.
Wine clubs have been popping up more often in recent years, which is one indication of the expanding wine subscription business. These wine clubs provide a carefully chosen variety of wines that are regularly delivered to members' doors, typically with extra bonuses like savings on subsequent purchases, tasting notes, and admission to exclusive events.
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Wine club memberships are a convenient way to sample wines from across the world. Customers can choose subscriptions that focus on wines from specific nations or regions, or they can opt for local subscriptions that highlight wines from their own country or state.
Wine subscription services also offer an array of options to suit several tastes. They arrange offerings based on flavor profiles, regions, or specific themes, such as organic or biodynamic wines. Some subscriptions also allow clients to customize their shipments based on personal preferences.
A study of American wine drinkers in 2020 discovered that 36% of participants had bought wine through a wine club in the previous year, up from 30% in 2018.
Wine subscriptions are consistent with the wine industry's larger trend of direct-to-consumer (DTC) sales. Subscription services can offer unique wines at low prices by avoiding traditional distribution routes, and winemakers can create direct ties with consumers, obtaining valuable feedback and insights.
Increasing interest in premium and luxury wines is indeed a growing trend in the wine subscription market. The growing demand for premium and luxury wine subscriptions is largely influenced by millennials, who are playing a pivotal role in driving the market's growth.
Millennials are more frequent wine drinkers, with 17% drinking wine daily, while 10% of baby boomers and 5% of Gen Xers consume wine daily.
Key Takeaways from this Report:
- With an absolute dollar opportunity of US$ 3.3 billion, the market is projected to reach a valuation of US$ 3.9 billion by 2033.
- Asia Pacific had a market size of US$ 130 million in 2022 and is projected to reach a worth US$ 1.5 billion by 2033.
- The market in the United States has grown at a CAGR of 23.8% from 2018 to 2022 and is projected to grow at 23.2% CAGR through 2033.
- The market in the United Kingdom has grown at a CAGR of 20.3% from 2018 to 2022 and is projected to grow at 8.9% CAGR through 2033.
- The market in France has grown at a CAGR of 22.4% from 2018 to 2022 and is projected to grow at 5.8% CAGR through 2033.
“Rising acceptance of wine amid all age groups worldwide, from young to old, is a key aspect driving the growth of the market. The rise in wine club memberships and tastes for crafted and exotic wines are likely to produce new opportunities for growth in the market,” - says a lead analyst at FMI.
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Competitive Landscape:
Key players in the market are Naked Wine, Blue Apron, Laithwaites, WSJwine, Flaneur Wine, BOXT, Firstleaf, Cooper’s Hawk, Messina Hof, Splash Wines, Iron Horse Vineyards, and SokolBlosser.
The leading players are directed towards partnership, product launch, and development, acquisitions, and mergers to gain revenue in the market.
Recent Developments:
- In March 2022, Sokolblosser declared their partnership with Republic National Distributing Company (RNDC) in 18 other United States. RNDC highlighted Sokolblosser’s organically farmed vineyard for more than 30 years and this led to the expansion idea.
- In February 2021, Iron Horse, a sparkling wine producer declared a national partnership with VINTUS. The strategy behind this partnership was to expand the business across the United States at a rapid pace as VINTUS is a prominent importer of wine and spirits.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the wine subscription market, presenting historical market data (2018 to 2022) and forecast statistics from 2023 to 2033.
The study reveals extensive growth in the wine subscription market by subscription type (personalized box and curated box), delivery frequency (monthly, quarterly, bi-annual, annual), region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) from 2023 to 2033.
Segmentation of this Market:
By Subscription Type:
- Personalized Box
- Curated Box
By Delivery Frequency:
- Monthly
- Quarterly
- Bi-Annual
- Annual
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Table of Content (ToC):
1. Executive Summary
1.1. Key Findings
1.1.1. Overall Market
1.1.2. Segment Overview
1.1.3. Regional Overview
1.1.4. Competitor’s Focus
1.1.5. End User’s Perception
1.1.6. Analyst Perception
1.2. Summary of Statistics
1.3. Market Characteristics and Attributes
1.4. Market Size (2023E), CAGR, and Forecast (2033), By Country
2. Market Overview
2.1. Introduction and Definition
2.2. Research Scope
3. Market Background
3.1. Country-wise Wine Consumption
3.2. Wine Consumption Pattern By Age Group
3.3. Country-wise Wine Import & Export
3.4. Country-wise Per Capita Wine Consumption
3.5. Comparison of with Other Subscription Services
3.6. Consumption of Alcoholic Beverages
3.7. Growth Rate in New Wine Clubs and Wine Club Members
3.8. Growth Rate in New Wine Club Sales
3.9. COVID-19 significant driver of the growth of the wine clubs
4. Market Dynamics
4.1. Market Drivers
4.1.1. Educating Wine Subscribers
4.1.2. Changing Lifestyle Drives the Market
4.1.3. High Quality and Affordability Contributing to Market Growth
4.1.4. Boost Subscription Sales with Personalization
4.2. Market Restraints
4.2.1. Legal Restrictions on Advertisement Becoming a Barrier
4.2.2. Churn as an Enemy to Subscription World
4.3. Opportunity Windows
4.3.1. Transition from Tasting Rooms and Brick-and-Mortar Stores to Wine Clubs
4.3.2. Delivery Drones: Emerging Technology
4.3.3. AR and VR Technology Creating a Buzz Around
4.4. Key Trends
4.4.1. Companies See Sales Growth During Holidays
4.4.2. Overseas Sales Offer Opportunities to Expand Customer Base
4.4.3. Curated Boxes Offer Ease to Consumers
4.4.4. Monitoring Big Data for New Product Development
4.4.5. Growing Number of Wine Clubs
4.4.6. Growing Demand for Personalized Subscription Services
4.4.7. Forward Integration Contributing to Market Growth
4.4.8. Utilization of Advertising for Promoting Services
4.4.9. Increasing Focus on Licensing
4.4.10. Ease of Delivery
4.5. Investment Feasibility Assessment
4.5.1. Investment Feasibility for Market Mapped on Product Life Cycle
4.6. Porter’s Five Forces Analysis
4.6.1. Bargaining Power of Buyers
4.6.2. Bargaining Power of Suppliers
4.6.3. Threat of Substitute Products
4.6.4. Threat of New Entrants
4.6.5. Rivalry in Industry
4.7. PESTEL Analysis
4.8. Forecast Factors
4.8.1. Availability of Cost-effective Services
4.8.2. Growing Demand for Wine Subscriptions among Millennials
4.8.3. Growing Number of Wine Clubs
4.8.4. Growing Demand for Personalized Subscription Services
4.8.5. Availability of Cost-effective Services
4.8.6. Growing Demand for Wine Subscriptions among Millennials
5. Global Market Demand Analysis & Forecast
5.1. Global Market Value Analysis
5.2. Global Market Value (US$ Million) Analysis
5.2.1. Global Market Historical Analysis
5.2.2. Global Market Forecast and Analysis
5.2.3. Global Market Y-o-Y Growth and Incremental $ Opportunity
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