ID: MRFR/F-B & N/5084-HCR | 100 Pages | Published By Snehal Singh on March 2023
Sparkling wine market size is expected to register a CAGR of 4.3% to reach USD 55.80 billion by the end of 2030.
Sparkling wine market size is expected to be worth USD 55.80 billion and grow at a CAGR of 4.3% by 2030. Sparkling Wine Market is expected to grow significantly during the forecast period owing to the rise in the number of local wineries. Wine is being recognized as one of the major preferences when it comes to the target audience attending social events and parties. As per a study put forward by the European Association of Wine Economists and the CHAIRE VINS et SPIRITUEUX de INSEECU that the wine consumption frequency is increasing at a significant rate. The Promotions for the same began in May 2021.
Consolidation of both on-premises and off-premises and sparkling wine market replacement in the form of smaller and quality brands that are helping to maintain a proper supply chain mechanism by meeting the needs of the global target audience. These consolidation chains are relevant to the global industry standards and promise better returns to the investment plans.
Covid 19 Analysis of Sparkling Wine Market
Wine has been identified as one of the most drinkable beverages amongst people. Numerous factors like its taste, suitability, and product variations amongst others, are responsible for the rise in demand is increasing day by day. However, since the coronavirus outbreak was declared a global pandemic by the WHO, the sparkling wine market has been witnessing a steady yet slow growth. During the forecast period, the lockdown was imposed and the demand for wine was limited to households only. Also, the production was stopped due to the imposition of lockdown. During the unlock period, the production was slow. Major confinement of the demand quantum has been experienced majorly in Spain and other parts of the European nations.
The prominent players are focusing on product variation and promoting products to fit the customer’s budget during the forecast period. This is one of the major factors that will increase the demand and promise better prospects during the period of expanding market operations.
The European culture is witnessing wine as an integral part and this culture is crossing the global boundaries and entering the geography of the Asian countries. The rise of young people in these locations are including wine as a part of their diet and occasional drinks. These rising trends are expected to rise and hence, help sparkling wine market grow at an excellent scale during the forecast period.
The outbreak of the pandemic has brought forward various kinds of issues for the market functioning during the forecast period. The pandemic has adversely affected the sale of hotels as they experienced a dip in their sales volume by 77%. Also, the overall turnover has experienced a 60% dip. The restaurants’ chain was non-functional for a major time and hence, the sales were effected by 91%. The running of the hotels and restaurants is on a limited capacity and the consumers are preferring to shift to online food eateries and shops.
The prominent market players are experiencing a hike in sales owing to the establishment of direct relationships and professional terms with the customers. This shift is helping to boost the demand for specialist wine trade in the market and reports an increase in the quantum of sales during the period.
The sparkling wine market has been divided all across the globe based on types, distribution channels, and regions.
Based on the Types
The market has been divided all across the globe based on the types into the red, rose, and white wine, as per the tastes and preferences of the consumers.
Based on the Distribution Channels
The market has been divided all across the globe based on the distribution channels into retail distribution channels and foodservice distribution channels. The retail distribution channel is further sub-divided into specialty stores, hypermarkets, supermarkets, and many others.
Based on the Region
The market has been divided in the Sparkling Wine Market into the North American region, European region, Asia-Pacific region, Latin American region, and the Middle East and African region.
The most prominent major key players in the global sparkling wine market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the Sparkling wine market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a new production process, and many others to expand their customer base in the untapped market of the Sparkling wine all across the globe.
This sparkling wine market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the sparkling wine market in the global market along with the factors that restrict its growth in the global market. The technical analysis during the forecasted period is mentioned. The impact of COVID 19 on the sparkling wine market all across the globe is mentioned. The future growth rate in the Sparkling wine market during the forecasted period is estimated and mentioned.
|Market Size||USD 55.80 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bronco Wine Co. (US), Constellation Brands Inc. (US), E & J Gallo Winery (US), Freixenet (Spain), Treasury Wine Estates Ltd. (Australia), California Champagnes (US), Pernod Ricard (France), Moet Hennessy USA (US), The Sparkling Wine Co. (UK), Illinois Sparkling Co. (US)|
|Key Market Opportunities||Increasing use as diet and occasional drinks will create more opportunity for industry players|
|Key Market Drivers||Increase Health Awareness about wine|
Based on type, the white sparkling wine segment and based on the distribution channel, the retail segment holds majority shares in the global sparkling wine market.
Economic growth, availability of a wide range of varieties, and the increasing product launches are major tailwinds pushing the growth of the global sparkling wine market.
Treasury Wine Estates Ltd. (Australia), Sparkling Wine Co. (UK), E. & J. Gallo Winery (US), Illinois Sparkling Co. (US), Freixenet (Spain), Pernod Ricard (France), Constellation Brands, Inc. (US), Bronco Wine Co. (US), California Champagnes (US), and Moët Hennessy USA (US), are some of the top players operating in the global sparkling wine market.
Europe holds the largest share in the global sparkling wine market, followed by North America and the Asia Pacific, respectively.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global sparkling wine market adopt to gain a larger competitive advantage.