NEW YORK, July 25, 2024 /PRNewswire/ -- The
global wine market size is estimated to grow by
USD 156.8 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.93% during the forecast period. Online sales
channels gaining traction in global wine market is driving
market growth, with a trend towards increasing prominence
of private-label brands. However, rising competition from
other alcoholic beverages poses a challenge. Key market
players include Accolade Wines Australia Ltd., Boisset Family
Estates, Bronco Wine Co., Casella Wines Pty. Ltd., Castel Freres,
Charlie and Echo, Concha y Toro, Delicato Family Wines, Deutsch
Family Wine and Spirits, E. And J. Gallo Winery, Emiliana Organic
Vineyards, Harris Organic Wines, Inglenook, Jackson Family Wines
Inc., King Estate Winery, Les Domaines Barons de Rothschild Lafite,
Pernod Ricard SA, The Wine Group LLC, and Treasury Wine Estates
Ltd..
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Wine Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.93%
|
Market growth
2024-2028
|
USD 156.8
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.44
|
Regional
analysis
|
Europe, APAC, North
America, South America,
and Middle East and Africa
|
Performing market
contribution
|
Europe at
39%
|
Key
countries
|
US, China, Germany,
Canada, and France
|
Key companies
profiled
|
Accolade Wines
Australia Ltd., Boisset Family
Estates, Bronco Wine Co., Casella Wines Pty.
Ltd., Castel Freres, Charlie and Echo, Concha y
Toro, Delicato Family Wines, Deutsch Family
Wine and Spirits, E. And J. Gallo Winery, Emiliana
Organic Vineyards, Harris Organic Wines,
Inglenook, Jackson Family Wines Inc., King Estate
Winery, Les Domaines Barons de Rothschild
Lafite, Pernod Ricard SA, The Wine Group LLC,
and Treasury Wine Estates Ltd.
|
Market Driver
Private-label wines have emerged as a significant focus area for
retailers worldwide, contributing to the expansion of the global
wine market. Major retailers, including Alibaba and grocery stores
like Tesco Plc and Aldi Stores Ltd., are introducing their own
branded wines to capitalize on the rising consumer demand and enjoy
higher profit margins, which are around 10%-15% greater than
national and global brands. These wines are exclusively produced
for a single retailer and sold under their brand name,
distinguishing them from winery-branded products. The private-label
wine segment has experienced substantial growth in the last decade,
with some European countries reporting penetration levels above
50%. This trend is anticipated to continue driving market growth in
the forecast period.
The wine market is experiencing a positive outlook with
increasing product adoption, especially among young consumers.
Delicate flavors and richness of products continue to drive demand.
Heart health concerns, including coronary heart disease, heart
attack, and stroke, have led some consumers to seek wines with
health benefits. Organic wines are gaining popularity due to health
consciousness and concerns about chemicals. Harvest time is crucial
for growers, ensuring high-quality ingredients. Red wine,
particularly, is in focus due to its heart health benefits, such as
resveratrol and antioxidants. Premiumization and sustainability are
key trends, with wineries adopting organic methods and focusing on
reducing their carbon footprint. Socializing remains a significant
factor, with restaurants, bars, and wine tourism playing key roles.
Western cuisines and various wine varieties cater to diverse
palates. E-commerce platforms and e-commerce have emerged as
crucial retail sales channels. Flavored fortified wines are also
trending, catering to various lifestyles. Celiac disease has led to
a growing demand for wines free from gluten. Wine production and
wineries continue to innovate, offering unique experiences and
catering to diverse tastes.
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Market Challenges
- The global wine market faces competition from various alcoholic
beverages, including beer, spirits, and cocktails. Factors
contributing to this competition include the availability of
alternatives that are often less expensive and more accessible than
wine. Changing consumer preferences, particularly among younger
demographics, favor sweeter and more flavorful options. Imported
brands of beer, spirits, and cocktails also pose a threat. Social
and cultural factors in certain regions may impact wine's
popularity. Lack of education and awareness regarding wine's health
benefits and food pairing can lead consumers to opt for alternative
beverages. These elements collectively present challenges for the
global wine market, potentially hindering its growth during the
forecast period.
- The wine market faces several challenges in the modern business
landscape. In the e-commerce sector, ensuring secure and timely
delivery of perishable red wine is a significant hurdle.
Sustainability and organic methods in wine production are becoming
essential for wineries seeking to cater to health-conscious
consumers. Resveratrol and antioxidants in red wine varieties offer
potential health benefits, but wine production involves adding
preservatives like potassium sorbate and potassium metabisulfite,
as well as acids and alcohol. Wine tourism and luxury wine markets
thrive, especially in regions famous for Champagne, Chianti, and
Western cuisines. Wine's role as an alcoholic beverage, with
tannins, sugar, and enzymatic browning, raises concerns regarding
its impact on circulatory diseases, heart diseases, and blood sugar
levels. Moderate consumption of wine, particularly red varieties,
may have benefits against common cold, bad cholesterol, and cancer,
but excessive consumption can lead to cell damage. Wine's flavor,
aroma, and various applications, including cooking, fortified wine,
sparkling wine, and vermouth, make it a versatile alcoholic
beverage.
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Segment Overview
This wine market report extensively covers market segmentation
by
- Distribution Channel
- 1.1 Off-trade
- 1.2 On-trade
- Product
- 2.1 Red
- 2.2 Fortified
- 2.3 White
- 2.4 Sparkling
- Geography
- 3.1 Europe
- 3.2 APAC
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Off-trade- The wine market is a significant
sector in the global beverage industry. It experiences consistent
growth due to increasing consumer preferences for premium and
high-quality wines. Wine production and sales have become a
business opportunity for numerous countries, particularly in
Europe and the Americas. Wine
exports also contribute significantly to international trade.
Market trends indicate a growing demand for organic and biodynamic
wines, as well as wines with unique flavors and characteristics.
Wine businesses invest in research and development to meet these
evolving consumer preferences. The market is competitive, with
various players focusing on innovation, quality, and branding to
stand out.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global alcoholic drinks market is experiencing robust
growth, driven by increasing consumer demand and innovation in
product offerings. Notably, the global champagne market is
expanding, with rising popularity among younger demographics and
festive occasions. Meanwhile, the global rice wine market is
gaining traction, particularly in Asia, due to its cultural significance and
unique flavors. Key players are focusing on premiumization and
strategic partnerships to capture market share, while
sustainability and health trends are influencing product
development across these segments.
Research Analysis
The e-commerce wave has significantly impacted the wine market,
making it more accessible to consumers worldwide. Red wine, a
popular choice, is rich in antioxidants like Resveratrol, known for
their health benefits. The wine industry focuses on sustainability
and organic methods, with wineries adopting eco-friendly practices
in wine production. Grapes, the primary ingredient, are carefully
harvested and processed to preserve their aromatics and flavors.
Wine production involves adding potassium sorbate and water as
preservatives, along with potassium metababisulfite and acids to
maintain taste and stability. Alcohol, sugar, and tannins
contribute to the wine's body and texture. Enzymatic browning can
affect the wine's color and flavor, necessitating careful handling.
Wine has various applications, from cooking to fortified wines, and
serves as a common cold remedy. It's known to help lower bad
cholesterol and regulate blood sugar levels, but excessive
consumption can lead to health issues like cell damage and cancer.
The aroma and flavor of wine are influenced by various factors,
including the grape variety, fermentation process, and aging.
Market Research Overview
The global wine market is a thriving industry that caters to the
growing demand for red wine and other alcoholic beverages. Wine
production involves the fermentation of grapes, resulting in a
complex beverage rich in antioxidants like resveratrol and various
health benefits. Sustainability and organic methods are
increasingly adopted in wineries to reduce the carbon footprint and
cater to health-conscious consumers. E-commerce has revolutionized
wine sales, making it accessible to consumers worldwide. Red wine
varieties like Chianti and Champagne are popular choices, with
delicate flavors and richness that complement Western cuisines.
Wine tourism is a significant contributor to the industry, offering
unique experiences and education on the production process. Wine is
more than just an alcoholic beverage; it's a cultural experience
with various applications in cooking and socializing. Fortified
wines, sparkling wine, and Vermouth add diversity to the market.
Moderate consumption of wine has been linked to heart health, with
potential benefits for circulatory diseases, heart diseases, and
even cancer. The luxury wine market caters to consumers seeking
high-quality ingredients and premium experiences. However, concerns
over chemicals like potassium sorbate, potassium metabisulfite,
acids, alcohol, tannins, and sugar are driving the demand for
organic wines. The industry's positive outlook is driven by product
adoption, young consumers, and lifestyles that prioritize health
and wellness. Despite its health benefits, wine consumption may
have potential drawbacks, including enzymatic browning, allergies
like celiac disease, and interactions with common cold or
medications. The industry continues to innovate, with flavored
fortified wines and e-commerce platforms offering convenience and
variety.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Product
-
- Red
- Fortified
- White
- Sparkling
- Geography
-
- Europe
- APAC
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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