Wine Market to Reach at US$ 846.3 Bn in 2022 Due to Increasing Number of Bars and Lounges

The global demand for Wine Market is expected to increase at over 5.1% CAGR, surpassing US$ 846.3 Bn between 2022 and 2032. Growth in the market is attributable to increasing consumption of red wine due to its varied health benefits.

The World Health Organization (WHO) reports that cardiovascular disease is the leading cause of death worldwide (CVD). The WHO claims that red wine has many health advantages, including reduced blood sugar levels and weight loss. Consequently, wine is marketed as a healthy beverage.

Throughout the anticipated term, sales of organic wine are anticipated to continue strong. Growing interest in organic products as a result of rising health consciousness is also helping the market expand. Therefore, it is anticipated that the demand for organic wine from restaurants and retail would grow rapidly over the forecast period.

According to Future Market Insights, the consumption of organic wine is fast rising, particularly in Germany and France. Additionally, the development of sustainable winemaking techniques has boosted sales.

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Key Takeaways from the Wine Market Study

The U.S. held more than 67.6% of market share in North America in 2021 owing to the upsurge in the number of bars and restaurants in recent years.
Italy wine market is expected to exhibit growth at a CAGR of 4.3% for due to the easy availability of grapes for wine production.
In terms of type, the sparkling wine segment will dominate the market, registering growth at 8.5% CAGR between 2022 and 2032.
In terms of price range, US$ 10- US$ 15 held over 39.1% of market share in the global wine market
"Improving lifestyle, increasing penetration of online sales channel and the internet, and growing consumption of red wine for recreational purposes are some of the factors driving the sales of wine across the globe," says an FMI analyst.

Who is winning?

Leading manufacturers of Wine are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of wine globally. Major players present in the wine market are The Wine Group, John Distilleries, International Beverage Holdings, Halewood Wines International, Sula Vineyards Pvt. Ltd., Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, Castel Frères, Accolade Wines, Constellation Brands, Treasury Wine Estates (TWE), Pernod Ricard, and E. & J. Gallo Winery among others.

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Global Wine Market By Category

By Type:

Sparkling Wine
Dessert Wine
Red Wine
White Wine
By Price Range:

Below US$ 5
US$ 5-10
US$ 10-15
Above US$ 15
By Source:

Organic Wine
Conventional Wine
By Sales Channel:

Hypermarkets/ Supermarkets
Convenience Stores
Specialty Stores
Pubs/Bars/ Restaurants
Online Retailers
Other Sales Channel

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.