Wine Market Maintains Steady Growth as Living Standards Rises Worldwide

Market Scope

The wine market can project expansion at a rate of 5.95% between 2020 and 2027, reveals Market Research Future (MRFR). The market value by 2027 is expected to be USD 444 Billion, adds MRFR.

Growth Boosters and Deterrents

With improving living standards across the world, wine is increasingly being preferred and consumers. The popularity of wine is fostered by the mounting number of functions and occasions like marriages, social gatherings, as well as parties. Wine is one of the most commonly consumed drinks in Europe, with almost every meal accompanied by the beverage. Moreover, the surging number of hotels, clubs, restaurants, coffee shops, and bars worldwide combined with the considerable growth of international tourism will mean a higher growth rate in the wine industry.

Various wine brands are working on leveraging the opportunity in the market and are therefore taking up marketing strategies via social media. The main aim is to spark the interest of as many young consumers as possible. The escalating number of netizens worldwide paired with the accelerated internet usage will also help bolster the wine market's demand.

Emerging nations are some of the top spots for international manufacturers, owing to the surging acceptance of wine. A rising preference for vintage wines, mostly for special occasions could further bolster business growth in these countries. Another opportunity in emerging countries can be the fact that social media is gaining significant traction among millennials as well as the Gen Z population, which has raised the spending on wine and various alcohols. 

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Segmental Review 

Various kinds of wine available worldwide are still wine, along with shining wine.

Major distribution channels that sell wine include food service as well as retail Specialty Stores, (including Supermarkets & Hypermarkets, and more).

Regional Insight

Europe is all set to be the highest gainer in the worldwide wine market during the evaluation period, while the top countries in the region are France, Germany, and the U.K. The European market is performing exceedingly well owing to the impressive economic status of the region, affordability of wine, and the high preference for various alcohols among consumers. Numerous types of wines are experiencing strong demand in Europe, with brands like Diageo, Bacardi, Campari, and Pernod Richard joining hands to improve their market standings. Advanced lifestyles, in conjunction with people's substantial disposable incomes, should further bolster the consumption rate of wine in subsequent years.

China and India are some of the biggest markets in the Asia Pacific, with the region on its way to being the fastest-advancing market in the ensuing years. The escalating number of small-sized wineries along with the developments in wine quality, mostly in China will push the market demand further. Singapore, Hong Kong, India, and Australia are a few lucrative markets as well, thanks to the steadily rising per capita income, the strong influence of western culture, and the soaring interest in premium, luxury products.

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Top Companies

Distell Group Limited (South Africa), Accolade Wines (U.K), J. Gallo Winery (U.S.), Constellation Brands (U.K), Vina Concha y Toro (Chile), Treasury Wine Estates (Australia), and Shanghai Torres Wine Trading Co. Ltd. (China) are a few of the most eminent wine developers and distributors in the worldwide industry.

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Recent Updates

August 2022

The PlumpJack Collection of Wineries, one of the most prolific portfolios of highly renowned Napa Valley-based wineries such as CADE Estate Winery, PlumpJack Estate Winery, 13th Vineyard by CADE, and Odette Estate Winery has carried out the acquisition of Oso Vineyard, a high elevation area in northeastern Napa Valley. With this acquisition, The PlumpJack Collection has become one of the biggest estate wineries in all of Napa Valley.

Read More Blogs:

Still Wine Market: https://www.marketresearchfuture.com/reports/still-wine-market-6607

Red Wine Market: https://www.marketresearchfuture.com/reports/red-wine-market-2951

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This release was published on openPR.