Global Wine Market Size, Insights, Drivers, Opportunities, By Product (Table Wine, Dessert Wine, Sparkling Wine), By Distribution Channel (On Trade, Off-Trade), By Region, Growth, Trends And Forecast From 2019 To 2027
There is a wide range of flavors in the market inclusive of different categories and price stakes. Their range of popular, premium and luxury is driving the market growth in the forecast period. Additionally the easy availability of wine in large amount is also drifting the consumer preference gradually. Supermarket stores, book stores and grocery shops like Kroger and Whole Foods serve win e in the stores which is directly influencing the product penetration in industry.
Accessibility of smaller vinyard through online distribution channels is supporting the growing demand. This trend is also encouraging investors to spend in the sector. In 2016, 760 new type of products with new inclusions were inaugurated in the U.S. market initiating favorable economic conditions and increased investments in the industry.
Table wine category was valued to be the largest market accounting for over 80% of the global market in 2018. Major factors include the consumer preference towards purchasing this product due to its low alcohol content which can be widely consumed with meals. Low alcohol product is a popular choice with 14 % Alcohol by Volume. It has been observed that table wine enhances the flavor of the food which has caused a major stir at the Global Market. Cost of this product is also lower compared to others which are pushing low and high income grade consumers to purchase table wine over others. Sparkling products category is expected to grow at a faster pace over the forecast period of 2019 to 2027. Growing consumer preference toward premium wine is driving the sparkling wine market growth too.
Distribution channel Insights
On Trade distribution channel is expected to be the fastest growing category with a CAGR of 6.46% from 2019 to 2025. Major factor driving the market growth is the consumer spent on clubs, bars and other entertainment places. Growing tourism industry will also attribute to this market growth.
Off trade category was valued to be the largest distribution channel. As of 2018, the market size was valued at USD 88.56 billion. High demand from liquor shops, supermarkets, hypermarkets, convenience stores, mini mart , is driving the inflation of this category.
Europe is the largest consumer of this category. In 2018, Europe product market size was valued USD 152.72 billion. It has been observed that Europeans prefer to consume wine as a part of their daily lifestyle patterns. Thus per capita consumption is also higher in European countries. North America is expected to grow at a CAGR of 7.58% from 2019 to 2025. It is expected to be the fastest growing market over the forecast period. In North America, the industry is concentrated with 50 major companies accounting for over 75% of the market. Some of the major companies are Constellation Brands U.S. Operations, The Wine Group, Treasury Wine Estates, E. & J. Gallo Winery.
The global market is highly competitive in nature due to the availability of large variety of products. The competitive landscape is characterized by the presence of large players with many local players. The baby boom generation is the largest player on the basis of commerce.
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