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

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. Mostly, 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.

Asia-Pacific is leading in the demand for wine, with China dominating the market in the region. Australia is second in the consumption of wine in Asia-Pacific, followed by Japan. India is the fastest-growing country in terms of wine consumption and registered a growth rate of 7.3%. 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. China is one of the leading markets for red wine consumption, giving tough competition to France and Italy.

Notably, the consumption of red wine is more of a tradition in China, as the color red is considered lucky in the country. Brazil and Argentina are other key countries, reflecting the future growth prospects in the wine market. The two nations are majorly driven by an expanding middle class, coupled with marketing campaigns run by major importers, such as Expand Importadora and Interfood Importação, which are aiming to promote the culture of wine drinking, particularly in the case of Brazil.