In terms of revenue, the Global Wine Market is probable to reach USD 599.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.20% from 2022 to 2028.
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.
Key Highlights from the Report:
- The table Wine sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). Being easily accessible in retail shops, less expensive table Wine 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, with the changing lifestyles, there has been change 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.
- The off-trade sub-segment holds a substantial market share in 2021. 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.
- Asia Pacific is the fastest regional segment. 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, increase in disposable income which is predicted to drive the growth of the Wine Market in the coming years.
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 Wine in the years to come. Whereas, 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.
Europe is the largest market. Europe is the most established market for Wine with several countries like Italy, Portugal, and France which are expected to 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.