The global wine market size isanticipated to reach USD 444.93 billion by 2027 on account of the increasingadoption of a lavish and wealthy lifestyle. Wine is an alcoholic drink made offermented grape juice. The yeast helps to consume the sugar present in thegrapes and changes it to carbon dioxide, ethanol, and heat. The variety ofstrains of yeasts and grapes produces different types of wine. Wine has beenconsumed by people for thousands of years and also has religious importance.Wine also has health benefits when consumed in limits. A recent report byFortune Business Insights provides an elaborate overview of the market and itsprime strategies. As per this report titled, “WineMarket Size, Share & Industry Analysis, By Type (Sparkling Wine, StillWine, and Others), Flavour (Red Wine, White Wine, and Rose Wine), DistributionChannel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027,” the market value was USD 364.25 billion in 2019and is likely to exhibit a CAGR of 6.06% between 2020 and 2027.
MarketDrivers
RisingAdoption of Wine as a Sign of Social Status will Propel Growth
The rising adoption of alcohol as asocial drink is a major wine market driver. This, coupled with modernization,westernization, and promotion of alcohol consumption socially will also addimpetus to the market in the coming years. Wine and alcohol consumption has nowbecome a social status and this supports the growth of alcoholic beveragesworldwide. Wine has refreshing appeals and has health benefits such as bloodpressure control, type 2 diabetes, vision loss, gut health, dementia, and alsohelps to cleanse and provide glow to the skin when consumed in a limit. Theseadvantages also help to augment the growth of the market in the coming years.
However, the gradual shift ofnon-alcoholic beverages and other alcoholic drinks may hamper the market forwine in the coming years. Nevertheless, the emergence of e-commerce platformsis likely to create lucrative growth opportunities for the market in theforthcoming years.
RegionalSegmentation
Marketin Asia Pacific to Register Considerable CAGR Owing to Increasing Adoption ofWesternized Trends
Geographically, North America earnedthe largest wine market share owing to the presence of lead importing companiesin the region. Together with Europe, This region imports an average of 5million liters annually to maintain the supply and demand chain in therespective regions. Europe also holds a significant share in the beer market aswell, owing to the customs and cultural occasions that include the consumptionof wine as a celebrating drink. In addition to this, France remains a majorcontributor of wine to the world but has witnessed a decline in the past fewyears due to emerging competitors worldwide. Moreover, the increasing number ofyoung working-class population is also expected to help this region attracthigh revenue in the coming years.
On the other side, Asia Pacificmarket will rise at a robust pace during the forecast period on account of theincreasing adoption of westernized trends and the adoption of internationalcuisines among consumers. Besides this, the HoReCa Sector(Hotel/Restaurant/Catering) Sector also included wine serving as a new trendand this is further anticipated to aid in the expansion of the market in theregion. On the other side, the Middle East and Africa and South America marketsmay witness stable growth owing to the lack of awareness and the penetration ofsub-optimal products.
GainMore Insights into the Wine Market Research Report
https://www.fortunebusinessinsights.com/wine-market-102836
