Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wine Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The Global Wine Market is predicted to grow at a CAGR of around 6.5% during the forecast period 2021 to 2028 and to reach around US$ 689.3 Bn by 2028.
New product launches and wide acceptance of liquor socially are major factors expected to drive the growth of global wine market.
The market in North America is expected to account for noticeable revenue share in the global wine market due to increasing consumers demand for wine with different taste. Consumer interest towards consumption of wine is changing. With the high spending capacity demand for wine with different taste is gaining attraction. U.S. consumers spent about 140 U.S. dollars per year on the wine they consumed at home, compared to about 46 U.S. dollars for wine at full-service restaurants. With the rising demand manufacturers are focused enhancing the production capacity in order to cater the rising need. In the US the production of wine in 2016 was over 800 million gallons which was nearly 9 percent of the global wine production volume. Favorable business policies by the government and establishment of new wineries are factors expected to impact the market growth in this region. According to Wines & Vines, in 2020 in the US there were 10,742 wineries catering the rising demand.
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The market in Asia Pacific is expected to witness faster growth in the target market due to chancing consumer’s preference. Government of developing countries is spending high on the development of liquor sector as considering it as early income sector. Their approach towards establishment of new enterprises and emergence of small & mid size enterprises is expected to support the growth of target market. Indian local wine production was 17 Mn liters whereas import was 5.2 Mn liters in 2018 that valued US$ 28.3 Mn. Players approach towards tracking the untapped market in developing countries through strategic partnership is expected to support the growth of regional market.
Acceptance of liquor consumption socially, high consumers spending capacity on beverage products and rising travel & tourism activities across the globe serving liquor beverage are major factors expected to drive the growth of global wine market. In addition, major players approach towards enhancing the business through strategic partnership and new product launches is expected to augment the growth of global wine market.
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In 2020, Riboli Family Wines, a global wine provider launched “Highlands 41” its newest estate-based wine brand. The product launch is expected to help company enhance the business and increase product portfolio.
In 2020, Bronconess a US based winery partnered with St. Julian Winery with the focus to launch its new product “Bronconess Peach Bubbly”. The collaborative approach is expected to help enterprise enhance its customer base and enhance the business.
With the preset pandemic situation across the globe and supportive lockdown are impacting the sales of wine positively. The 2020 pandemic changed the way that Americans purchase alcohol, with an amazing 167% increase in online alcohol sales. White wine, the second most popular before COVID also showed 22 percent increase in consumption during the pandemic.
These factors are expected to support market growth. Factors such as high cost of wine and availability of other alcohol alternatives are expected to hamper the growth of global wine market. In addition, influence on consumers related to living healthy lifestyle is expected to lower the consumption of alcohol this is expected to challenge the growth of target market.
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However, increasing players spending on product development, increasing partnership activities and new product launch are factors expected to create new opportunities for players operating in the wine market over the forecast period. In addition, high demand from food sector as flavor is expected to support the revenue transaction of target market.
The global wine market is segmented into product and distribution channel. The product segment is divided into table wine, dessert wine, and sparkling wine. Among product the table wine segment is expected to account for major revenue share in the global wine market. The distribution channel segment is bifurcated into on-trade and off-trade.
Players profiled in the global wine market are Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, The Wine Group, Castel Frères, Accolade Wines, Constellation Brands, Treasury Wine Estates (TWE), Pernod Ricard, E. & J. Gallo Winery, and Viña Concha y Toro.
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