Europe Wine Market Size

Europe Wine Market Analysis

The European wine market is expected to register a CAGR of 4.65% over the upcoming five years.

The European wine market is mature as wine has been a part of the vivid European culture and is still a part of the lifestyles of the regional people. Also, the rise in the consumption of wine with meals at home has led to market growth in this region. The changing lifestyle and increased spending of consumers on premium wines have led to the development of the market. Alongside this, the popularity of wine in social gatherings and different celebrations has enhanced the consumption of wine in the European market. For instance, according to the international organization of Vine and Wine, France had the highest wine-consuming population among European countries, with wine consumption standing at around 25.2 million hectolitres in 2021 followed by Italy with wine consumption standing at around 24.2 million hectolitres.

The wine market in the region is supported by increasing demand for wine due to its health benefits. Conversely, the premiumization of wine products coupled with innovation in flavor has further regulated the wine market in the region. The different varieties of wine available, with different tastes, attract the consumers further. For instance, in May 2022, Hardy's one of the United Kingdom's known wine brands announced its plans to launch new wine varieties in can format. The 3 popular varieties company planned to launch include rose, chardonnay, and shiraz. However, as the consumers of the European region are swaying towards nutrition-packed beverages, the regional wine market is likely to progress steadily.