Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The wine market is projected to register a CAGR of 4.28% during the forecast period, 2021- 2026.

As per Mordor Intelligence’s analysis, COVID-19 made a major impact on the wine industry due to the forced closure of on-trade wineries in various countries such as the United States, the United Kingdom, India, and others to control the impact of the pandemic. However, the current environment may provide an opportunity for the wine industry to recapture lost consumer attention. As per the analysis, the total wine volumes are up year-over-year as more people purchase wine to enjoy with meals at home, majorly in European and North American countries. On the other hand, there is uncertainty if the current boost in the off-trade will continue after pantry loading depletes, the on-trade slowly reopens, and consumption behavior returns to pre-COVID-19 levels.

Moving forward, the wine market is likely to be driven by the increasing demand for wine due to its health benefits and premiumization of wine products, coupled with innovation in flavor and more advanced distribution networks, globally.

Changing tastes and new preferences among consumers and increasing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wines, are expected to fuel the growth of the wine market.

Scope of the Report

Wine is an alcoholic drink typically made from fermented grape juice. The wine market is segmented by product type, color, distribution channel, and geography. Based on product type, the market is segmented into still wine, sparkling wine, and fortified wine and vermouth. On the basis of color, the market has been segmented into red wine, rose wine, and white wine. On the basis of distribution channel, the market is divided into on-trade and off-trade. Off-trade is further sub-segmented into supermarkets/hypermarkets, specialty stores, online channels, and other distribution channels. On the basis of geography, the market covers topline numbers for the values of major countries of the regions, North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

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Key Market Trends

Surge in Demand for Fortified and Other Premium Ingredients Infused Wine

Product premiumization is one of the prime factors expected to fuel the growth of the global market for fortified wine in the upcoming years. Leading market players are concentrating on the development of new flavored fortified wines to cater continuously to the changing consumer preferences. Marijuana-infused wines are gaining high popularity, specifically in markets like the United States. It is possibly the most significant trend influencing the alcoholic drinks market globally. Markets across the world witnessed consumers trading up to higher-value products, primarily across a wide range of categories. This trend is prominent in the developed markets, like the United States. Consumers are keen to explore unique and interesting alcoholic beverages.

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