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, “Wine Market Size, Share andIndustry Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavour(Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade andOff-trade), and Regional Forecast, 2020 2027,” the market value was USD 364.25billion in 2019 and is likely to exhibit a CAGR of 6.06% between 2020 and 2027.
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What are the Highlights ofthe Report?
The report provides a 360-degree overview of themarket and various factors driving, restraining, challenging, and creating opportunitiesfor the market. It also discusses the table of segmentation based on factorssuch as type, flavor, distribution channel, and geography, and lists the namesof leading factors. Furthermore, the report highlights current trends prevalentin the market, significant industry developments, and other interestinginsights into the market. To purchase this report, refer to the companywebsite.
Market Drivers
Rising Adoption of Wine asa Sign of Social Status will Propel Growth
The rising adoption of alcohol as a social drinkis 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 of non-alcoholicbeverages and other alcoholic drinks may hamper the market for wine in thecoming years. Nevertheless, the emergence of e-commerce platforms is likely tocreate lucrative growth opportunities for the market in the forthcoming years.
Regional Segmentation
Market in Asia Pacific toRegister Considerable CAGR Owing to Increasing Adoption of Westernized Trend
Geographically, North America earned the largestwine market share owing to the presence of lead importing companies in theregion. Together with Europe, This region imports an average of 5 millionliters annually to maintain the supply and demand chain in the respectiveregions. Europe also holds a significant share in the beer market as well,owing to the customs and cultural occasions that include the consumption ofwine 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 Pacific market will riseat a robust pace during the forecast period on account of the increasingadoption of westernized trends and the adoption of international cuisines amongconsumers. Besides this, the HoReCa Sector (Hotel/Restaurant/Catering) Sectoralso included wine serving as a new trend and this is further anticipated toaid in the expansion of the market in the region. On the other side, the MiddleEast and Africa and South America markets may witness stable growth owing tothe lack of awareness and the penetration of sub-optimal products.
Competitive Landscape
Players to Focus on theLaunch of Innovative Wine
The nature of the wine market is moderatelyorganized owing to the presence of major manufacturers. Players are engaged inthe manufacturing of various and flavored ABV wine to stay put in thecompetition. They are launching different flavors in their wine to gainmomentum in the market. Some of the major players of this market includeHalewood Wines, Distell Group, International Beverage Holdings, JohnDistilleries, and The Wine Group. The rise in efforts and capitalization byplayers to launch innovative products is likely to help attract high revenue tothe market in the coming years.
Major Industry Developmentsof the Market include:
July 2019Thelaunch of the first 187 ml slimline wine cans was announced by Ardagh GroupS.A. in Europe. This creative slimline packaging is expected to suffice to theincreasing demand for on-the-go drinks among customers all over Europe.
February 2020A newrange of wine cans called Dia Sparkler cans was launched by Sula Vineyards Pvt.Ltd in India. This new product range is expected to cater to the rising demandfor sparkling wine in the country.
Browse Summary of ThisResearch:
https://www.fortunebusinessinsights.com/wine-market-102836
