What’s with North America’s innovation quotient (IQ) in Red Wine Market?

According to Fact.MR’s analysis on the red wine industry, the market is anticipated to reach a valuation of US$ 125 Bn, expanding at a CAGR of over 5% across the 2021-2031 assessment period. In the near-term forecast, the industry is projected to be valued at US$ 78 Bn by 2022, reflecting a CAGR of over 2%.

From 2016 to 2020, sales of red wine expanded sluggishly at a CAGR of nearly 2%. This restricted trajectory was largely a result of limited market penetration across several markets coupled with the highly premium nature of wines, rendering them highly expensive. Prospects declined amidst the COVID-19 pandemic, as distilleries ceased operations while consumers drifted towards consuming more health boosting beverages.

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Key Segments Covered
• Product Type
o Shiraz
o Merlot
o Cabernet Sauvignon
o Pinot Noir
o Barbera
o Blaufränkisch
o Bordeaux
o Cabernet Franc
o Gamany
o Other Red Wines

• Sales Channel
o Red Wines Sales through Modern Trade
o Red Wines Sales through Grocery Stores
o Red Wines Sales through Convenience Stores
o Red Wines Sales through E-commerce Platforms
o Red Wines Sales through Other Retail Formats

• Body Type
o Light Bodied Red Wine
o Medium Bodied Red Wine
o Full-Bodied Red Wine

• Sweetness Level
o Dry Red Wine
o Semi-sweet Red Wine
o Sweet Red Wine

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Key Takeaways from the Market Study

Global red wine industry to add 1.6x the market value by 2031

By type, shiraz and merlot red wines to hold 13% of global revenue share through 2031

Sales of sweet red wines are expected to reach US$ 78 Bn by 2021, growing at 4% CAGR through 2031

Semi-sweet red wines to account for a revenue share exceeding 2/5th across the forecast period
Light-bodied and fully-bodied red wines to account for 9 out of 10 sales until 2031

U.S to capture a market share of 40% in the global red wines market

India to emerge as an opportunistic market, registering Y-o-Y expansion rate of over 7% until 2031

Shiraz and Merlot to Remain Most Popular Products?

Shiraz and Merlot are the most popular red wines, with a combined market share of almost 13%. By the end of 2022, the Shiraz wine segment is expected to be valued at over US$ 11.7 Bn, and important players in the red wine industry should take notice.

In the case of Merlot, Europe alone accounts for more than half of the regional contribution in the red wine market, and this share is expected to remain constant over the forecast period.

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This release was published on openPR.