Global Wine Market Insights Forecasts to 2032
- The Global Wine Market Size was valued at USD 409.25 Billion in 2022.
- The market is growing at a CAGR of 5.7% from 2022 to 2032
- The global Wine Market is expected to reach USD 583.77 billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Wine Market Size is expected to reach USD 583.77 billion by 2032, at a CAGR of 583.77% during the forecast period 2022 to 2032.
An alcoholic beverage called wine is made through the fermentation process. Rice, fruits like cherries, berries, or pomegranates, grapes, and other ingredients are used to make wine. Drinking wine has many health advantages, including boosting bone density, lowering cholesterol, lowering risk of heart disease, and many more.
Impact of COVID 19 On Global Wine Market
The COVID 19 pandemic has severely impacted the global wine market owing to the closure of the on trade wineries in different countries like the United Kingdom, the United States, and India in order to the control the spread of virus. Having said that the present scenario will help the market to grab the attention of the customers again. According to the analysis, the total volume of wines have increased because more and more people are buying wine to enjoy with meals at home mainly in North American and European countries. There is also uncertainty about the growth in the market and off trade is continuing after pantry loading depletes.
Key Market Drivers
Increasing fondness for exotic wine in the urban parts as well as the increasing demand for alcoholic beverages are propelling the growth of the global wine market. Apart from this, the evolving as well as changing lifestyles, growth in the adopting of e-commerce platforms in the developing countries, increasing awareness among people related to the benefits of consumption of wine and increasing number of lounges, restaurants, and recreational clubs are other key driving factors which are boosting the overall growth of the global wine market. Moreover, the increasing demand for low calorie alcohol based beverages, rising improvement in the packaging technology, and increasing premiumization pf wine products are propelling the growth of the market.
Global Wine Market Report Coverage
|Market Size in 2022:||USD 409.25 Billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||5.7%|
|2032 Value Projection:||USD 583.77 Billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||210|
|Tables, Charts & Figures:||125|
|Segments covered:||By Product, By End Use, By Region|
|Companies Covered:||Accolade Wines, The Wine Group, Davide Campari-Milano S.p.A., E. & J. Gallo Winery, Constellation Brands, Inc., John Distilleries, India, Castel Group, CDV · Compagnia del Vino, AMVYX, BACARDI, Pernod Ricard, TREASURY WINE ESTATES, Caviro, Miguel Torres S. A., Concha y Toro, Sula Vineyards Pvt. Ltd., Chapel Down|
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Key Market Challenges
On the other hand, the huge cost associated in manufacturing wines will hamper the growth of the global wine market. Not only this but also the stringent rules and regulations implemented by the government and heavy imposition of taxes will restrain the global wine market growth. Increasing availability of other substitutes and the health issues related to the consumption of wines like epilepsy and heart diseases are hampering the market growth.
Table Wine segment holds the highest market share over the forecast period
On the basis of product, the global wine market is segmented into table wine, dessert wine, and sparkling wine. Among these, the table wine segment holds the highest market share over the forecast period. Table wines are the mostly inexpensive form of wind and these are easily available through retail stores. Not only this but also most of the new customers prefer buying table wines due to their prices. With the change in the lifestyles of the consumer there has been a shift in the consumption of alcohol from hard liquor to mild alcoholic beverages such as seltzers, wine, and beer. This trend is attracting the new customers and is acting as the key driving factor for the segmental growth.
Sparkling wine, on the other hand is witnessing the fastest market growth over the forecast period. Increasing consumer interest in spiritz drinks and the propagation of aperitivo culture in the European nations are propelling the growth of the segment.
Distribution Channel Insights
Off-trade segment is dominating the market with the largest market share over the forecast period
On the basis of distribution channel, the global wine market is segmented into on trade and off trade. Among these, the off trade segment is dominating the market with the largest market share over the forecast period. Due to the onset of pandemic, the off trade distribution channel has witnessed more growth than the on trade channel. The lockdown has increased the demand of the off trade sales of wine. As per the report published by IWSR Drinks Market Analysis, In 2020,,around 80% of alcohol sales in the United States were generated from the off trade distribution channel.
On trade segment on the other hand is witnessing the fastest market growth over the forecast period. The growth is attributed to the increasing party culture among the working class and younger generation people across the world which is expected to increase the sales of the product through the on trade sales channel. Having said that the pandemic has significantly affected the growth of this segment due to the closure of outlets including Bars, hotels, clubs, coffee shops and restaurants along with the significant decrease in international tourism which has caused due to the strict lockdown implemented across the world.
Europe is dominating the market with the largest market share over the forecast period
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Europe is dominating the Wine market over the forecast period. The most developed wine market is in Europe, where Portugal, Italy, and France are among the nations with the greatest annual per capita wine consumption rates. Due to its greater population and significant per capita wine consumption, France has one of the largest aggregate marketplaces in all of Europe. The greatest wine importers are nations like Germany and the U.K., where wine output is substantially lower than demand.
Asia Pacific, on the other hand is anticipated to witness the fastest market growth over the forecast period. Given that the colour red is auspicious in China, it is noteworthy that drinking red wine is a more common tradition there. As a result, China is one of the largest markets for red wine, challenging France and Italy for first place. Japan is the country that consumes the most wine in the Asia-Pacific region, followed by Australia. The other possible wine-consuming markets in the Asia-Pacific region include the Philippines, South Korea, and Vietnam. The market is stimulated by Hong Kong's absence of a wine import tax.
- In June 2020, Constellation Brands was acquired Empathy Wines which is direct to consumer wine brand with an aim to win space on digital shelves.
List of Key Companies
- Accolade Wines
- The Wine Group
- Davide Campari-Milano S.p.A.
- E. & J. Gallo Winery
- Constellation Brands, Inc.
- John Distilleries, India
- Castel Group
- CDV · Compagnia del Vino
- Pernod Ricard
- TREASURY WINE ESTATES
- Miguel Torres S. A.
- Concha y Toro
- Sula Vineyards Pvt. Ltd.
- Chapel Down
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Wine Market based on the below-mentioned segments:
Wine Market, Product Analysis
- Table Wine
- Dessert Wine
- Sparkling Wine
Wine Market, Distribution Channel Analysis
Wine Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of Wine Market?The global Wine Market is expected to grow from USD 409.25 Billion in 2022 to USD 583.77 Billion by 2032, at a CAGR of 5.7% during the forecast period 2022-2032.
Who are the key market players of Wine Market?Some of the key market players of Wine Market are Accolade Wines, The Wine Group, Davide Campari-Milano S.p.A., E. & J. Gallo Winery, Constellation Brands, Inc., John Distilleries, India, Castel Group, CDV · Compagnia del Vino, AMVYX, BACARDI, Pernod Ricard, TREASURY WINE ESTATES, Caviro, Miguel Torres S. A., Concha y Toro, Sula Vineyards Pvt. Ltd., Chapel Down.
Which segment hold the largest market share?Off-trade hold the largest market share is going to continue its dominance.
Which region is dominating the Wine Market?Europe is dominating the Wine Market with the highest market share.
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