ID: MRFR/F-B & N/2165-HCR | 110 Pages | Published By Pradeep Nandi on March 2023
The Red Wine Market size was valued at projected reach USD 280.7 billion by 2030, registering a CAGR of 7.4 % from 2022 to 2030
As per the MRFR reports, the global red wine market is anticipated to acquire a size of over USD 280.7 billion by during the forecast period. while growing at a healthy CAGR of 7.4% during the review timeframe.
Red wine is derived from several grapes that result in an alcoholic beverage. To a limited extent, the use of red wine can offer several health benefits like lowering the risk of heart stroke, boosting the immune system, and improving bone density. Its color can vary with its age from deep red to an intense violet or even a shade of dark brown. The global red wine market has registered enormous growth in recent years. The market's growth is primarily accredited to the growing awareness among consumers regarding the health benefits associated with the use of red wine.
Furthermore, the growing shift to drinking red wine, growing alcohol consumption among the young population, increased urbanization, and growing disposable income are also likely to boost the market's growth over the assessment era. Moreover, the rapid growth in the food industry, a preference for wine at large events or social gatherings, and increasing demand for recreational activities are also projected to impact the red wine market over the coming years positively. However, the heavy tax duties imposed on alcoholic beverages will likely impede the market's growth. Nevertheless, the advanced technologies help manufacture new flavors, which is projected to catalyze the market's growth over the assessment era.
Due to the spread of the coronavirus across the globe, various things were changed in everyone’s life. Most of the countries-imposed lockdowns, closure of manufacturing industries, various business sectors shut-offs, regulations to control the spread of the virus. The COVID shows the major impact on the wine industry by the forced closure of on-trade wineries in various countries like the United States, the United Kingdom, and India. This impact provides an opportunity for the wine industry to recapture the lost consumer’s attention.
Mainly in European and North American countries, the demand for wine is increasing year-over-year as more people are preferring the wine in their meals at home. And slowly the on-trade reopens and the consumption of wine returns as the pre- COVID-19 levels. Moreover, its health benefits, premiumization of wine products, and innovations of flavors, and more advanced distribution networks make the wine market increases the demand.
Growing disposable income increased urbanization, and a young population across the globe are anticipated to drive the demand for the red wine market. The food industry is growing rapidly due to the increasing demand for recreational activities that may foster the growth of the red wine market. Moreover, the changing lifestyle and the growing acceptance of alcoholic beverages in the developing regions may fuel the market’s growth.
In addition to that, a preference for wine at large events or social gatherings may bring a bright future to the red wine market. Food Safety and Standards Authority of India(FSSAI) published a notification for labeling standards. It includes the specific requirements for labeling wine and other alcoholic beverages.
Across the globe in various countries, heavy tax duties are imposed on alcoholic beverages may hamper the growth of the red wine market. Gradually, consumers are shifting their preference towards other alcoholic beverages like beer, liqueurs, spirits, and others for their low pricing offers which may hamper the growth of the market in future years.
The advanced technologies help to manufacture new flavors which increases the demand for red wine in the market. Changing tastes and new preferences among consumers and growing demand for exotic flavors like Riesling wine and other tropical fruit wines, are the factors that fuel the growth of the red wine market.
Higher prices may be a challenge to the red wine market.
Study Objectives -
Globally, the red wine market analysis has been segmented based on the type, packaging type, distribution channel, and region.
Based on Type
The global red wine market based on type is segmented into sparkling red wine and still red wine. Out of these two, Still, wine is the most popular form served across the world which is consumed as a table wine in the European countries. Rising the usage of Still wines on various occasions and food servings made it a versatile drink that can be consumed in cocktails. And its authentic taste increases its demand in the market.
Based on Packaging Type
Based on packaging type, the global market is classified into bottles and cans. The bottles segment leads the global market for its convenience of packaging type.
Based on Distribution Channel
The global red wine market by the distribution channel is bifurcated into food service and retail. Among them, food services are leading the market for their convenience stores, supermarkets, specialty stores, and others. It offers you various products at a low price compared to pubs, bars, and other retail stores, whereas the retail stores can increase their price as their own. Food services are the most efficient sales channels compared to retail. During the lockdowns of COVID-19, most people are preferring food services through e-commerce platforms for safe and efficient delivery of food.
Based on Region
Regionally, the global red wine market is divided into North America, Europe, Asia-Pacific, and the rest of the world. Among them, North America leads the red wine market for their high spending capacity of population in this region.
Regional Analysis -
Region-wise, the global red wine market is classified into North America, Europe, Asia-Pacific, and the rest of the world. Out of these, North America is expected to dominate the market for the presence of a population with high spending capacity in this region. Moreover, the rise in demand for red wine from the foodservice industry propels the growth of the market in this region.
Asia-Pacific region is expected to grow at the highest CAGR for their rising disposable income, leading to the increased capacity of spending for recreational purposes. Moreover, an increase in the youth population in this region is expected to boost the red wine market growth. However, the market in the rest of the world is projected to grow at a steady rate owing to its increasing disposable income and growing food service industry in the various countries of South America like Chile, Argentina, and Brazil.Recent Development
The prominent key players in the red wine market trends are the following:
This global red wine market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the market drivers, restraints, challenges, and opportunities. The red wine market forecast segments are type, packaging type, distribution channel, and region.
Globally, the red wine market outlook has been segmented based on the type, packaging type, distribution channel, and region.
Sparkling red wine and still red wine.
By Packaging Type
Bottles and cans.
By Distribution Channel
Foodservice and retail.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in this market.
|Market Size||USD 280.7 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Packaging Type, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Accolade Wines (Australia), Amvyx SA (Greece), Bacardi Limited (Bermuda), Gruppo Campari (Italy), Castel Group (France), Compagnia Del Vino SRL (Italy), Treasury Wine Estates (Australia), Pernod Ricard (France), The Wine Group (US), Constellation Brands (US)|
|Key Market Opportunities||Changing lifestyle and the growing acceptance of alcoholic beverages|
|Key Market Drivers||Growing demand for exotic flavors like Riesling wine and other tropical fruit wines|
Red wine market is expected to reach USD 280.7 billion by 2030.
Red wine market is expected to exhibit a strong 7.4% CAGR over the forecast period from 2022 to 2030.
The growing popularity of red wine is the major driver for the red wine market.
North America dominates the global red wine market.
Leading players in the red wine market include Pernod Ricard, Bacardi, and Accolade Wines, among others.