Sparkling Wine Market size is estimated to reach $32,651 million by 2026, growing at a CAGR of 7.1% over 2021-2026. Sparkling wine is a type of wine undergoing the process of carbonation with high carbon dioxide levels, which makes it fizzy. The effervescence result from natural fermentation that occurs either in the bottle or in a large tank. The monolactic fermentation happens when sugar is added to wine, and yeast starts acting on the sugar, releasing carbon dioxide. This carbon dioxide trapped inside a sealed space creates bubbles in the wine. Many people refer to sparkling wine as Champagne. Further, as of the increase in the number of local wineries, the worldwide sparkling wine industry is anticipated to develop considerably. Premium wine demand is increasing throughout the world, which is also boosting industry growth. During the forecast period 2021-2026, market expansion is poised to be fuelled by the launch of novel products and limited-edition sparkling wines in a variety of tastes such as honey, apple, rose, and pear. However, the high initial capital investment and the requirement for high-quality treatment and compliance of these Sparkling Wines in a vast and heterogeneous market is new challenge in the front of Sparkling Wine Market.
Sparkling Wine Segment Analysis – By Product Type
The Sparkling Wine Market based on product type can be further segmented into Tofu & Tofu Ingredients, Tempeh, Textured Vegetable Protein, Other Soy Products, Seitan, Quorn and Others. The tofu segment is the major segment generating revenue in 2020 as it is available in a variety of forms including marinated strips, shaped masses, slices, and blocks. Also, the growth rate is poised to show upsurge owing to the variation in regional consumption patterns of tofu and tofu-based products. On the other hand, the Textured Vegetable Protein segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026. As it is considered as one of the best Sparkling Wine for consumers looking for a low-fat diet and is utilized as a replacement for almost any meat product. Moreover, it is cheaper than actual meat, which is another major factor driving the segment growth.
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Sparkling Wine Segment Analysis – By Distribution Channel
The Sparkling Wine Market based on distribution channel can be further segmented into Hypermarket/Supermarkets, Specialty Stores, Online Retail and Others. The hypermarkets/supermarkets segment registers for the highest Sparkling Wine market share in 2020. This is mainly owing to facts as these stores are incorporated with numerous alternatives and the availability of varieties of sparkling wines from various brands. Furthermore, sparkling wines sales by hypermarkets/supermarkets is believed to rise effectively as consumers prefer these retail channels for shopping owing to the in-store promotions by retailers and price comparisons is anticipated to further expand the consumption rate over the forecast period 2021-2026. On the contrary, the online retail segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. This is mainly owing to the fact that there is an increase in the number of online retail channels, especially in developing economies, which has augmented the penetration of modern grocery retail chains, further contributing to the sales of sparkling wine in the up-coming years.
Sparkling Wine Segment Analysis – By Geography
Europe dominated the Sparkling Wine Market with major share of 45.2% in 2020. Europe is the world's top producer of sparkling wines. Prosecco, the world's most popular sparkling wine, is mostly produced in Italy, which accounts for about 30% of all sparkling wines produced worldwide. Furthermore, France is the second-largest producer of sparkling wine, accounting for 25% of total output. Furthermore, France is well-known for manufacturing champagne, which is well-known around the world.
However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7.85% during the forecast period 2021-2026 owing to the fact that Asian countries such as Japan, China, and India are considered as the third largest consumer of wine in terms of volume thereby offering significant potential growth in the sparkling wine industry. Apart from this, rapid growth in urbanization, rising income levels, and growing awareness about the favorable climatic conditions for wine cultivation, especially in China are the drivers for this market.
Sparkling Wine Market Drivers
Increase Global Demand in Future With Premiumization
The Sparkling Wine market driver can be attributed to the increase in the number of global consumers who are now preferring to purchase of sparkling wine over other alcohols for numerous occasions and parties. Furthermore, the introduction of new flavors of sparkling wine such as red, rose is a microcosm of a much larger trend in the alcoholic drink industry which can be considered as a Sparkling Wine key driver of the market during the forecast period 2021-2026.
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Sparkling Wine Market Challenges
High Initial Capital And Maintenance Cost
The major challenge in the Sparkling Wine market is the high initial capital investment and the requirement for high-quality treatment and compliance of these Sparkling Wine’s in a vast and heterogeneous market. The stringent rules and regulations regarding the processing and preservation prior to distribution and sales is the major problem for some of the regions in Asia-Pacific.
Sparkling Wine Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Sparkling Wine market. In 2020, Sparkling Wine market share is fragmented by the top ten players present in the market. The Sparkling Wine market top 10 companies are Bronco Wine Company, Casella Family Brands, The Wine Group, Treasury Wine Estates, Caviro Extra S.P.A, Constellation Brands, E. & J. Gallo Winery, Accolade Wines Australia Limited, Pernod Ricard and others.
Acquisitions/Product Launches
In May 2021, Italian sparkling wine producer Casa Gancia has released a four-strong range of low-abv fruit-flavoured sparkling wines. The 5.5%-abv Atto Primo wines are available in the US in 75cl bottles and target the outdoor consumption occasion. Four flavours are on sale – Lychee, Peach, Mango and Blackberry.
In January 2021, Good Drop Wine Cellars in Vinchur Park Nashik, launched Frizzano Frizzante Italian Collection with 4 variants- Bianco, Rosso, Rosato and Forte, tank-fermented in tank and bottled at a lower pressure of 3.5 bars (classified as Frizzante in Italy), compared with the higher 6-6.5 bars (Spumante) used in Champagne and other Spumante-styled sparkling wines. With this introduction of 1000 cases of sparkling wines, Good Drop Wine Cellars has the largest sparkling wine portfolio in the country-including the carbonated Rio and Casablanca produced with Charmat method.
Key Takeaways
In 2020, Europe dominated the Sparkling Wine Market.
Increase in trends of premium & sparkling wine, rapid urbanization, the rise in disposable income are enhancing the growth of the Sparkling Wine Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Sparkling Wine Market report.
High cost of sparkling wine is set to create hurdles for the Sparkling Wine Market.\
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