The Wine Market is segmented by Product Type (Still Wine, Sparkling Wine, Dessert Wine, and Fortified Wine) , Color (Red Wine, Rose Wine, White Wine, and Other Colors), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Channels, and Other Distribution Channels), and Geography
The wine market is expected to reach USD 450.59 billion by 2024, registering a CAGR of 5.8%, during the forecast period (2019 – 2024).
The wine market is driven by 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 taste and new preferences among consumers, along with increasing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wine are expected to fuel the growth of the wine market.
Asia-Pacific is expected to witness rapid growth, during the forecast years. This is due to an increase in the number of companies that produce wine in China, India, and Japan. An increase in demand for premium wines and growing westernization also act as factors that drive the growth of the wine market in this region.
The wine market is segmented on the basis of color into red wine, rose wine, white wine, and other colors. The red wine segment is expected to dominate the wine market. Based on product type, the market is divided into still wine, sparkling wine, dessert wine, and fortified wine. The still wine segment is anticipated to dominate the market but sparkling wine segment is expected to grow fast, due to its increasing demand as a celebration wine. On the basis of the distribution channel, the market is divided into supermarkets/hypermarkets, specialty stores, convenience stores, online channels, and other distribution channels.
- Still Wine
- Sparkling Wine
- Dessert Wine
- Fortified Wine
- Red Wine
- Rose Wine
- White Wine
- Other Colors
- Distribution Channel
- Specialty Stores
- Online Channels
- Other Distribution Channels
Surging Demand for Sparkling Wines
Sparkling wine, especially Champagne, is considered as a status symbol. Wineries, across the world, are launching varieties of sparkling wines through their brands in a bid to stay ahead of the competition and garner and sustain consumer interest. The sparkling wine segment is fragmented with the presence of several producers, wineries, and distributors. Additionally, new packaging offerings like cans and minis have made sparklers more viable as an every-day drink. Therefore, sparkling wine is becoming food-friendly at restaurants, bars, and households. Champagne brands, such as Veuve Clicquot and Moët & Chandon lead the sparkling wine segment, in terms of the retail value of both domestic and import trade.
Increasing Wine Consumption in Developing Countries
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.
The wine market is fragmented, due to a large number of domestic companies in various countries. The prominent companies in the market are Constellation Brands, Treasury Wine Estates, and Accolade Wines. These companies have a significant share in the market, owing to their wide range of prices for wines. As every region has a number of domestic players with a robust distribution channel in the country, global players seeking a higher market share prefer acquiring them, rather than starting fresh in the country. New product development is another strategy followed by companies, as product differentiation helps in increasing the consumers base.
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