Increasing New Product Development Coupled With the Changing Lifestyles of the Consumers Is Propelling the Growth of Wine Market at a Global Level

Global Wine Market – Overview

Wine Market Size is anticipated to reach USD 444.50 Billion by 2030, registering a CAGR of 5.95% during 2022-2030.

Increasing population of alcohol consumers’ majorly belonging to age group of 19-25 is one of the major drivers influencing the sale of wine based on the unique formulation. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Wine Market Research Report- Forecast to 2030” that the market will demonstrate an exceptional CAGR 5.95% while achieving million dollar growth readily in the forecast period.

Developing economy and increasing disposable income have a major impact on the wine market. Increased demand for premium alcohol is also driving the market for wine. Availability of various product types in wine supports the growth of wine market. Furthermore, high focus on research and development has led to innovations in wine varieties by experimenting with unique flavors, which has also fueled up the wine share in the global wine market. Innovation in fermentation process and inclusion of various ingredients for wine production has resulted in launch of various wine products. This has encouraged higher sales of wine globally.

Growth in awareness related to wine products information among consumers through books and social media platforms has supported wine sales to a greater extent globally. Popularity of wine is also supported by wine tourism and special programs focused on the presentation of wine areas and variety wines with the authentic and clear origin.

In the recent years, wine consumption has evolved resulting in more shifts of consumers towards higher-quality wines compared to traditional wines. Wine consumption has witnessed continuous fall in traditional wine-producing countries. This has forced many suppliers to shift to newer ingredients for wine production. Popularity of wines is more among the famous origin types and high priced quality wines which has posed a threat to consumption of domestic cheaper wines. Domestic wines production volume is comparatively higher whose demand is highly affected with shift of consumers to premium wines.

Latest Industry Updates

Sep 2020 Minibar Delivery, a premier on-demand alcohol delivery service, has announced its new launch Vineyard Select, a nationwide direct-to-consumer wine shipping service that connects customers across the country with independent vineyards for delivery straight to their door.  

Mar 2020 HSN and Time Inc. has went under partnership to launch exclusive new food & wine product line. This partnership will help in strengthening company’s business segment and will allow the company to come up with new products in upcoming years.

Sep 2020 Treasury Wine Estates has added three-strong wine range for the US, called Blass. The brand has been created by Treasury's Wolf Blass division in the Barossa valley region of Australia that comprises three varietals - a Chardonnay, a Cabernet Sauvignon and a red blend.

Jan 2020 Glazer's, Inc. has merged with Southern Wine & Spirits. This merger will help in improving the company’s business segment and also malt beverage business.

Global Wine Market - Competitive Analysis

Market players in wine market are emphasizing in the merger & acquisition activities in order to upsurge the product portfolio of the company. Also, the manufacturers are also investing in the wine processing plant to increase the product portfolio.

The strategic sales plan of wine manufacturers includes use of online channels for marketing. For that, key manufacturers are entering into collaboration with the online channels in order to reach maximum customers and also to upsurge the brand value of the product. Key players in the wine market, is inclined to introduce new products in the market or to extend the product line of renowned product. Also, the company promotes their new products on social media in order to reach many customers. This promotional strategy aids to retain the existing the customers and also to acquire new customers. Also, the key manufacturers are focusing in the packaging of the wine. Today packaging is not only used to increase the shelf life of the product but also it aids to upsurge the brand value of the product.

The key players profiled in wines are Accolade Wines (U.K), Constellation Brands (U.K), E. & J. Gallo Winery (U.S.), Shanghai Torres Wine Trading Co. Ltd. (China), Treasury Wine Estates (Australia), Vina Concha y Toro (Chile), and Distell Group Limited (South Africa)

Global Wine Market – Segments

The global wine market has been divided into source, type, distribution channel, and region.

On the Basis of Source: Grapes, Apple, and other Fruits

On the Basis of Type: Red, White, and others

On the Basis of Distribution Channel: Food Service and Food Retail

On the Basis of Region: North America, Europe, Asia Pacific, and ROW

Global Wine Market -

The global wine market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among the entire region, Europe is estimated to account for the major market proportion in the year of 2020. The region is estimated to retain its dominance throughout the forecast period of 2022-2030. U.K and Germany are the major consuming countries of wine in Europe. Presence of key manufacturers in the European countries is considered to be one of the significant reasons for the rising growth of wine. Also, key manufacturers are focusing in the new product development which in turn escalates the sales of wine in Europe. However, Asia Pacific region is expected to expand at a high growth rate during the forecast period of 2022-2030. China and India are collectively accounting for the 50% of the overall Asia Pacific market. The growth of the Asia Pacific region is anticipated to be driven by the increasing youth population coupled with the increasing disposable income of the consumers.