According to the latest report by IMARC Group, title “Wine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global wine market size reached US$ 430.54 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 605.22 Billion by 2027, exhibiting a CAGR of 5.70% during 2022-2027.
Wine is a brewed alcoholic beverage produced by harvesting, pressing, crushing, fermenting, and distilling grape juice. During its aging process, numerous additional condiments, including water, sulfur dioxide, potassium sorbate, calcium carbonate, aromatics, and metabisulfite, are added to the product to inhibit enzymatic browning and microbial growth. It is broadly classified into the still, dessert, rose, sparkling, and fortified product types. It is rich in antioxidants that help regulate blood sugar levels, lower bad cholesterol, prevent cardiovascular diseases (CVDs), and reduce depression and anxiety. As a result, wine finds extensive applications for direct consumption and as a key ingredient to intensify the flavor and aroma of various dishes across the globe.
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Wine Market Trends:
The global wine market is primarily driven by the increasing consumption of various alcoholic beverages due to the emerging trend of socializing in socio-cultural environments. Moreover, the introduction of marijuana-infused, low-calorie wines in innovative flavors to provide a better drinking experience to consumers is positively influencing the market growth. Additionally, there has been an increase in the premiumization of the drink to cater to the shifting consumer preferences due to rapid urbanization and inflating income levels. In line with this, the growing use of various biotechnological techniques, such as double-brewing wine using yeast and sugar in a two-step process to improve product quality, has augmented the product demand. Besides this, the easy availability of wine through online distribution channels and e-commerce platforms is contributing to wine market growth. Other factors, including ongoing celebrity endorsements, the rising establishment of wineries, escalating awareness amongst consumers regarding the health benefits of wine, and product innovations, are also anticipated to drive the market further.
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Product Type:
- Still Wine
- Sparkling Wine
- Fortified Wine and Vermouth
Breakup by Color:
- Red Wine
- Rose Wine
- White Wine
Breakup by Distribution Channel:
- Off-Trade
o Supermarkets and Hypermarkets
o Specialty Stores
o Online Stores
o Others
- On-Trade
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Accolade Wines, Asahi Group Holdings Ltd., Bacardi Limited, Bronco Wine Company, Castel Frères, Chapel Down Group PLC, Constellation Brands Inc., E. & J. Gallo Winery, Foley Family Wines, Pernod Ricard, The Wine Group and Treasury Wine Estates Limited.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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