Market Size of Wine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Wine Market Analysis
The Wine Market is expected to register a CAGR of 4.28% during the forecast period.
The COVID-19 pandemic 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. However, the current situation may allow the wine industry to recapture lost consumer attention. As per the analysis, the total wine volumes are increasing Y-o-Y as more people are purchasing wine to enjoy with meals at home, majorly in European and North American countries. On the other hand, there is uncertainty about the current boom in the market and off-trade continuing 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 flavor innovation and more advanced distribution networks globally. Due to government policies and new rules and regulations like the legalization of cannabis in the United States and Canada, new flavors are being infused in wines, attracting consumer attention. 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 in the future. The market players are forming acquisitions for better market share. For instance, in October 2022, Pernord Ricard announced a partnership with Sovereign Brands to strengthen its portfoilo of luxury wines and spirits
