Wine Market Size, Share & Trends Analysis Report by Product (Table Wine, Dessert Wine, Sparkling Wine), by Distribution Channel (On-trade, Off-trade), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Wine Market:||2022 - 2028|
|Historical Years for Wine Market:||2016 - 2021|
|Revenue 2021 for Wine Market:||USD 417.9 Billion|
|Revenue 2028 for Wine:||USD 599.5 Billion|
|Revenue CAGR (2022 - 2028) for Wine Market :||6.20%|
|Fastest Growing Region (2022 - 2028) for Wine Market:||Asia Pacific|
|Largest Region (2021) for Wine Market:||Europe|
Global Wine Market is valued at USD 417.9 Billion in 2021 and is projected to reach a value of USD 599.5 Billion by 2028 at a CAGR of 6.20% over the forecast period.
The increasing adoption of Wine among all the age groups from youngsters to the old age population across the globe is the major factor driving the growth of the market during the forecast period. The health benefits and the premiumization of Wine products together with the inventions in the flavor and the more progressive distribution networks universally are the other prime factors boosting the Wine market growth during the forecast period. Additionally, the Wine contains antioxidants, and when consumed that antioxidant fights the free radicals in order to avoid diseases like cancer. Furthermore, the increasing demand for Wine in developing economies such as India, and China is contributing to the growth of the market during the forecast period. Meanwhile, there have been several changes in the purchasing behavior of the consumers due to the covid-19 pandemic. Moreover, as the hotels, bars, and restaurants shut down or run on a limited capacity, the consumers are approaching food retailers as well as the online portals to purchase the product during the forecast period. The direct-to-consumer sales have also profited from this shifting of the consumer's preferences and have also reported an increase in the sales of Wine during the forecast period. Additionally, the young generation and working-class people in the developing economies are including Wine in their daily diet, parties, and accessional drinks which are expected to increase the demand for wines in the years to come. Social engagements, modernization, and the increasing adoption of western culture are some of the factors promoting alcohol socialization among consumers during the forecast period and will continue to grow in the coming years.
The Wine market is segmented on the basis of the product, and distribution channel. Based on product, the market is segmented as Table Wine, Dessert Wine, and Sparkling Wine. Based on distribution channels the market is segmented as On-trade, and Off-trade.
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Based on product
The table Wine segment is predicted to hold the largest share of the Wine market during the forecast period. Being easily accessible in retail shops, less expensive table wines often find preference among new consumers of the product which is expected to drive the growth of the table Wine segment in coming years. Moreover, the changing lifestyles, there has been changing in the consumer's preferences and alcohol consumption from hard drinks to mild drinks like beer, wine, and seltzers and thus consequently plays a prime role in the increasing demand for table Wine during the forecast period.
Based on the distribution channel
The off-trade segment is expected to acquire the largest share of the Wine Market during the forecast period. With the ongoing covid-19 pandemic situation, the off-trade distribution channel has witnessed more growth in comparison with the on-trade channel. Moreover, the corona lockdown propelled the demand for Wine for off-trade sales.
Europe is Accounted to Hold the Largest Share of the Wine Market
Europe acquires the largest share of the Wine Market during the forecast period. Moreover, Europe is the most established market for Wine along with several countries like Italy, Portugal, and France which hold the highest per capita Wine consumption every year during the forecast period. Additionally, one of the largest combined markets in Europe is France owing to the largest population and the high per capita consumption of Wine which is expected to drive the demand for Wine in coming years.
The Asia Pacific is Projected to be the Fastest-Growing Region During the Forecast Period
Asia Pacific region is the fastest-growing region during the forecast period. The Asia Pacific is the third in the ranking for the consumption of Wine in terms of volume, which is primarily driven by China, South Korea, and Japan during the forecast period. The Asia Pacific offers substantial potential owing to its largest consumer base, the favorable climatic condition for the cultivation of wine, particularly in China, and increase in disposable income which is predicted to drive the growth of the Wine Market in the coming years.
The key players in the Wine Market include-Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation The Wine Group, Castel Frères, Accolade Wines, Constellation Brands Treasury Wine Estates (TWE), Pernod Ricard, E. & J. Gallo Winery, Viña Concha y Toro.
Segmentation of Wine Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Wine
in terms of revenue?
The global Wine valued at USD 417.9 Billion in 2020 and is expected to reach USD 599.5 Billion in 2028 growing at a CAGR of 6.20%
are the prominent players
in the market?
The prominent players in the market are Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation The Wine Group, Castel Frères, Accolade Wines, Constellation Brands Treasury Wine Estates (TWE), Pernod Ricard, E. & J. Gallo Winery, Viña Concha y Toro.
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 6.20% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Wine include
- The rising adoption of wine among all age groups from the young generation to the old age population
region accounted for the
largest share in the market?
Europe was the leading regional segment of the Wine in 2020.