Latest TMR Report Explores Impact of COVID-19 Outbreak on Wine Market

Wine is an alcoholic beverage made from grapes, without the addition of acids, enzymes, sugars, water, and other nutrients. Yeast helps in the consumption of the sugar in the grapes and converts it into carbon dioxide and ethanol. Different yeasts and different varieties of grapes produce different types of wine. The variations in wine result from the complex interaction between the biochemical developments of the grapes.

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Grapes that are ideal for wine-making are mostly grown between the 30th and the 50th-degree latitude in both the Southern and Northern hemisphere. Wines that are not produced from the grapes are developed from rice and different fruits such as cherry, plum, elderberry, and pomegranate. The earliest known traces of wine include wines from China, Iran, and Georgia.

The global market for wine has been segmented on the basis of type and distribution channel. In terms of type, the global wine market has been segmented into sparkling wine and still wine. Still wine has been further sub-segmented into rose wine, red wine, white wine. Still wine is estimated to hold a prominent part of the wine market due to its easy convenience and popularity among the consumers.
The offline distribution channel of wine can be further sub-segmented into supermarkets and hypermarkets, specialty stores, and convenience stores. The online distribution channel of wine is anticipated to expand rapidly during the forecast period due to rising internet facilities, easy convenience, and the presence of a large number of brands. However, the offline distribution channel of wine is estimated to dominate the market due to the presence of organized retail networks of wine in the developed and developing regions. Supermarkets and hypermarkets have been more popular in selling wine among consumers in recent years.

The global wine market is primarily driven by the rise in population consuming wine and considering it as a way of social recognition. Changing lifestyle and rising income among consumers are fuelling the global wine market. However, rising prices of wine due to high production costs are creating a restraint for the global wine market. Wine is mainly consumed among some sections of the population, as all the sections cannot afford wine. Moreover, rising government rules and regulations and imposition of taxes are hindering the expansion of the global wine market.

Additionally, different product innovation of wine and rising application of wine in different food and beverage products are generating opportunities for the global wine market.

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In terms of region, the global wine market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe are expected to hold a major share of the wine market due to the rising grape production in these regions. The U.S is projected to dominate the wine market in the near future due to increasing grape cultivation and modernized processing methods. However, Asia Pacific, which includes China, India, and Japan, is likely to expand rapidly during the forecast period due to the rising number of retail companies of wine in the region.

Wines are gaining importance recently, and the keys players of wine are engaged in product innovation in order to satisfy the rising demand for wines among the population. Major players operating in the global wine market include Constellations Brand, E & J Gallo Winery, Torres, Treasury Wine estates, vina Conch y Toro, Distell Group, Global Drinks Finland, International Beverage Holdings, John Distilleries, Soyuz Victan and SPI Group, Accolade wines, and The Wine Group.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

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This release was published on openPR.