The global wine market size was USD 339.53 billion in 2020. The market is projected to grow from USD 340.23 billion in 2021 to USD 456.76 billion in 2028 at a CAGR of 4.30% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Wine Market, 2021-2028.”
According to our researchers, the industry is inducing rustic landscapes for consumers across the world and attaining huge admiration in the global marketplace, owing to its taste and uplifting properties. The beverage has become a significant commodity and is also obtaining approval in the overseas market, owing to the eased trade duties and tariff obstructions in marketing.
Supply Chain Disturbances amid COVID-19 to Adversely Affect Market Presentation
The COVID-19 pandemic has brought about a notable alteration in global markets, principally in this market. The product distribution channels across the globe were interrupted, owing to wide-ranging terminations of numerous amenities and limitations in public mobility.
The demand and ingestion of the drink has been detained in the majority of the markets globally. The greatest influence had been in the course the customers bought the product, as users progressively moved towards buying the drink online, owing to the steady conclusion of on-trade channels.
Browse In-depth Summary of This Research Insight:
List of Key Players Mentioned in the Report:
- The Wine Group (U.S.)
- John Distilleries (India)
- International Beverage Holdings (Thailand)
- Distell Group Limited (South Africa)
- Halewood Wines International (U.K.)
- Sula Vineyards Pvt. Ltd. (India)
- Accolade Wines, Plc. (U.S.)
- E & J Gallo Winery (U.S.)
- Global Drinks Finland (Finland)
- Treasury Wine estates (Australia)
- Torres Wines (Spain)
We offer our reports which are steered with an all-inclusive evaluation approach that primarily emphasizes on bringing comprehensive material. Our scholars have applied a data triangulation method, which further helps us to provide reliant calculations and inspect the general market conditions specifically. Additionally, our analysts have gained admission to several global as well as locally sponsored records for offering the upgraded material in order for the guarantors and business specialists to capitalize only in essential zones.
By type, the market is divided into,
Still wine is the oldest and the most renowned form of wine present across the world. It held the highest share under type.
Based on Flavor, the global market is segregated into,
In terms of Distribution Channel, the market is classified into,
Geographically, the market is categorized into,
- North America
- Asia Pacific
- South America
- Middle East and Africa
Drivers and Restraints:
Rising Alcohol Socialization among Consumers to Assist Market Growth
Wine production and consumption have observed rapid development in the last few years, which has led to an augmented consumption pattern. These days, social activities, modernization, and surging acceptance of western culture are few of the aspects promoting alcohol socialization among users. The consumption of this drink is transforming into a signal of social prestige, which in turn is backing the growth of low alcoholic beverages in the market. This is estimated to foster the market growth.
Europe is anticipated to hold the biggest wine market share, as it offers one of the most enticing product assortments, represented by being the largest consumer across the world and was valued at USD 204.94 billion in 2020.
North America is the second largest market for the product. The region has an enormous latent for growth, owing to the rising fondness of millennials towards premiumization trends.
Asia Pacific is estimated to hold a substantial market share in the global marketplace. This is owing to the growing implementation of modernized trends and the ingestion of numerous local cuisines among consumers.
Corporations Engage into Partnerships and Sign Contracts to Spur their Market Position
The vital players of the market are known to implement important tactics in order to uphold their domination over the market worldwide. The players along with their expert consultants apply stratagems such as inaugurating products, signing strategic bonds, initiating mergers and many such factors to plunge market growth and widen their growth prospect throughout the market.
January 2021: E. & J. Gallo Winery Group, declared the procurement of over 30 wine brands from Constellation Brands, Inc., which is an American maker and vendor of wines. The company procured these brands to extend its functional existence with the addition of five vineyards situated in California, New York, as well as in Washington.