Wine Market Growth Factors, Business Developments, Segmentation and Technologies 2021-2027

Growing population of women alcohol consumers, expansion of bars and restaurants, exploring different forms of entertainment such as night parties, growing demand from emerging economies and preference for low calorie alcoholic beverages stands to be some of the key driving factors of the wine market. For instance, in India, the number of pubs and bars grew by over 23% during 2014-2016, compared to cafes during the same time period. The health benefits associated with wine such as lower risk of heart disease, reduce risk of type 2 diabetes and cataracts is also playing a key role in driving the market for wine. Additionally, with the increasing number of millennials shifting from beer and spirit based drinks to wine, the market for wine is expected to witness a positive growth trend during the forecast period. Additionally, the ongoing increase in the consumption of alcohol among females is further driving the sales of red and white wine, thereby helping the market for wine. According to a study conducted by Coherent Market Insights, it is estimated that over 55% of the women prefer wine compared to around 39% for beer in the US. However, the high price of wine compared to other alcohol based drinks such as beer is one of the major hindrance to the growth of the market.

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Overview

Wine is an alcohol based drink that is usually made from grapes and is mainly directly consumed, while also extending its use for cooking purpose and religious rites. The changing consumer lifestyle and the growing awareness of the health benefits of wine has further led many consumers shift from beer and spirit based drinks to wine. The calorie content in beer is about 1.3 times more than that of wine resulting in many calorie and health conscious consumers shifting from beer to wine.

Although the major consumer base stands to be the middle and older age group, there is a growing demand amongst the millennial which is further helping the market to grow. In the US, over 80% of the millennial population and 75% of the Gen X population prefer dining outside compared to around 70% for the baby boomers. It is also noticed that the percentage of wine drinkers for millennials has increased by over 10.5% compared to just 5.5% for baby boomers showcasing a gradual shift in target customer group.

According to a study conducted by Coherent Market Insights, the still wine segment is estimated to reach $255.66 billion by the end of 2017. The demand for fortified wine is expected to increase while sparkling wine stands to be the fastest growing segment over the forecast period. For instance, demand for new flavors such as marijuana infused wine and people opting for strong alcohol content are helping the market for fortified wine to grow. However, rising import duties in countries such as Australia and Russia and economic instability will act as a major hindrance in the market during the forecast period. For instance, the price of wine increased by 3% in UK, an increase by around 1% over the past two years post Brexit.

Detailed Segmentation:

Global Wine Market, By Product Type:
Still wine
Sparkling wine
Fortified wine

Global Wine Market, By Color:
Red Wine
White Wine
Rose Wine

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Key companies covered as a part of this study include E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard, Treasury Wine Estates, Caviro, Grupo Penaflor.

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

This release was published on openPR.