Wine Market: Global Share, Size, Growth, Trends & Outlook 2022 – 2032
Wine Market Size and Overview
The global wine market is projected to grow from USD 350.5 billion in 2021 to USD 490.8 billion in 2032 at a CAGR of 5.1% in forecast period, 2022-2032. Wine is an alcoholic drink, obtained from the total or partial alcoholic fermentation of fresh grapes. This wine product obtained from the fermentation of grape juice, typically containing about 10 to 15 percent alcohol. Wines are mainly categorized into three types: still wines, sparkling wines, and fortified wines. Wine has a nearly 5,000 years old history and is being consumed in almost every part of the world. Wine has a been a symbol of tradition, status, and luxury and its demand are rapidly growing as the consumer’s lifestyle is improving.
Wine is an alcoholic beverage created from fermented grapes, and the production, distribution, and consumption of wine are referred to as the "wine market." Red wine, white wine, rose wine, and sparkling wine are just a few of the wines available on the market. With a vast spectrum of participants involved in the manufacturing and distribution process, the wine business makes a substantial contribution to the world economy. The wine industry is fiercely competitive and often changing due to shifting customer trends and preferences.
Wine Market Growth Drivers & Restraints
The wine’s recognition is increasing at a surprising rate, with improving the lifestyle of the middle-class population and growing per capita income of consumers in emerging economies, wine consumption is also rising. Wine has been a product of affluent class population only, but in recent years, swelled number of vineyards across the globe and popularity of domestic wine brands have attracted a major part of the common population across the globe. Rising per capita income is a major factor which is encouraging the growth of the global wine market. Consumers with higher spending power are increasingly spending on alcoholic beverages especially in developed countries.
There is also a rise in demand for premium wines across the globe. Wealthy people are willingly spending more on premium products such as luxury goods, luxury beverages, and others. Still, the medium-cost wines are the most attractive segment in wines market. As the popularity of wines is growing among the middle-class population, the consumption of medium-cost wine has grown strongly. Changing taste and new preferences among consumers, along with increasing demand for new and exotic flavors, such as sparkling wine and other tropical fruit wine are expected to fuel the growth of the wine market.
However, high preference of millennials towards beer, and spirits have been observed which have adversely affected the growth of the world wine market. Also, consumer inclination towards substitutes is another restraint of the global wine market.
Wine Market Segmentation
The research offers a comprehensive analysis of Wine Market with respect to following sub-markets:
By Type
- White Wine
- Red Wine
- Rose Wine
- Dessert or Sweet Wine
- Sparkling Wine
- Others
By Distribution Channel
- Specialty Store
- Supermarket and Hypermarket
- Convenience Stores
- Online Channels
- Others
By Geography
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Wine Market Regional Synopsis
The North American, European, Asian Pacific, Latin American, and Middle East & Africa regions make up the regional segments of the worldwide wine market.
North America: The main markets in this area are the United States and Canada. The market growth in this area has been aided by the rise in popularity of wine as a preferred alcoholic beverage and the expansion of wine tourism in places like Napa Valley and Niagara-on-the-Lake.
Europe: With a long history of wine production, nations like France, Italy, Spain, and Portugal dominate the European wine market. The European wine market is expanding as a result of factors like rising premium wine demand, wine's popularity as a social beverage, and the expanding trend of food matching.
Asia Pacific: Increasing urbanisation, rising disposable income, and shifting lifestyles are what are driving the wine market in this region. The main markets in this region are in nations like China, Japan, and Australia, with China experiencing the quickest growth due to the rising prominence of wine in China.
Latin America: The region's growing preference for wine as an alcoholic beverage, the expansion of the hospitality sector, and rising premium wine demand are some of the reasons driving the region's wine market. The main markets in this area are in Argentina, Chile, and Brazil.
Middle East & Africa: The region's wine market is being pushed by the rise of wine as a social beverage and the expansion of the hospitality sector in nations like South Africa, Morocco, and Egypt. However, obstacles including religious prohibitions and governmental limitations on alcohol consumption limit market growth in this area.
Competitive Landscape
The report profiles various major market players such as:
- Constellations Brand
- E & J Gallo Winery
- Torres
- Treasury Wine Estates
- Vina Conch y Toro
- Distell Group
- Global Drinks Finland
- International Beverage Holdings
- John Distilleries
- Soyuz Victan and SPI Group
- Accolade Wines
- Other Major & Niche Key Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
Research Scope and Deliverables
- Overview & Executive Summary
- Market Drivers, Trends, Challenges and Opportunities
- Market Size and Forecast Projections
- Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
- Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
- Porter’s Five Force Analysis
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
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- Publication date: 9th May 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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