|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The wine market is projected to register a CAGR of 4.28% during the forecast period (2022- 2027).
COVID-19 had 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, and India, to control the spread of the virus.
On the other hand, the current environment may allow the wine industry to recapture lost consumer attention. As per the analysis, the total wine volumes are up by Y-o-Y 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.
The wine market is likely to be driven by the increasing demand 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. For each segment, the market sizing and forecast have been done based on value (in USD million).
|By Product Type|
|Fortified Wine and Vermouth|
|By Distribution Channel|
Key Market Trends
A 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 fortified wine market in the coming years. Leading market players are concentrating on the development of new flavored fortified wines to cater 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 worldwide witnessed consumers trading up to higher-value products, primarily across a wide range of categories. This trend is prominent in developed markets like the United States. Consumers are keen to explore unique and interesting alcoholic beverages.
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A Surge in Wine Consumption in Asia-Pacific and South America
Asia-Pacific is leading in the demand for wine, with China dominating the market in the region. Notably, the consumption of red wine is more of a tradition in China, as the color red is considered lucky in the country. Owing to this factor, China is one of the leading markets for red wine consumption, giving tough competition to France and Italy. Australia is second in the consumption of wine in Asia-Pacific, followed by Japan. Also, India is the fastest-growing country in terms of wine consumption and registered a growth rate of approximately 7%. The Philippines, South Korea, and Vietnam are the other potential wine-consuming markets in Asia-Pacific. Hong Kong has no import tax for wine, which is a driving factor for the market.
Brazil and Argentina are other key countries reflecting the future growth prospects in the wine market. The two countries are majorly driven by an expanding middle class and marketing campaigns run by major importers, such as Expand Importadora and Interfood Importação, which aim to promote the culture of wine drinking, particularly in Brazil.
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The wine market is a highly competitive market due to many global and domestic companies operating in various countries. The prominent companies in the market are E. & J. Gallo Winery, Constellation Brands Inc., and The Wine Group LLC. These companies have a significant share in the market due to their wide range of wine prices. As every region has several domestic players with robust distribution channels, global players seeking a higher market share prefer acquiring them. New product development is another strategy followed by companies, as product differentiation helps increase the consumer base.
In January 2021, E. & J. Gallo Winery (Gallo) announced the completion of the acquisition of more than 30 wine brands from Constellation Brands Inc. The Federal Trade Commission approved the closing of the agreement between Gallo and Constellation on December 23, 2020.
In July 2021, E. & J. Gallo Winery’s Luxury Wine Group, in collaboration with legendary winemaker and visionary Randall Grahm, announced the release of a collection of wines called The Language of Yes.
In April 2021, Constellation Brands launched a dedicated business unit for fine wine and craft spirits. The new fine wine and craft spirits include High West Whisky, Casa Noble Tequila, Mi Campo, Copper & Kings, Nelson's Green Brier Distillery, and The Real McCoy.
Table of Contents
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Still Wine
5.1.2 Sparkling Wine
5.1.3 Fortified Wine and Vermouth
5.2 By Color
5.2.1 Red Wine
5.2.2 Rose Wine
5.2.3 White Wine
5.3 By Distribution Channel
22.214.171.124 Specialty Stores
126.96.36.199 Online Retailers
188.8.131.52 Other Distribution Channels
5.4 By Geography
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 South America
188.8.131.52 Rest of South America
5.4.5 Middle-East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 E. & J. Gallo Winery
6.4.2 Constellation Brands Inc.
6.4.3 The Wine Group LLC
6.4.4 Pernod Ricard
6.4.5 Lagfin SCA
6.4.6 Treasury Wine Estates Limited
6.4.7 Bronco Wine Company
6.4.8 Foley Family Wines
6.4.9 Bacardi Limited
6.4.10 Symington Family Estates
6.4.11 Madeira Wine Company SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Wine Market market is studied from 2016 - 2027.
What is the growth rate of Wine Market?
The Wine Market is growing at a CAGR of 4.28% over the next 5 years.
Which region has highest growth rate in Wine Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Wine Market?
Europe holds highest share in 2021.
Who are the key players in Wine Market?
Bacardi Limited, E. & J. Gallo Winery, Constellation Brands Inc., Pernod Ricard, Bronco Wine Company are the major companies operating in Wine Market.