Press release
Red Wine Market to Rise at an Impressive CAGR of 5.4% By Future Growth Analysis by 2028
Allied Market Research published a report, titled, "Red Wine Market by Type (Cabernet Sauvignon Wine, Merlot Wine, Syrah/Shiraz Wine, and Others), Pricing (Mass and Premium), and Distribution Channel (On-trade and Off-trade): Global Opportunity Analysis and Industry Forecast, 2021-2028." According to the report, the global red wine industry was estimated at $182.0 billion in 2020, and is anticipated to hit $278.5 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028.Request The Sample PDF Of This Report: https://www.alliedmarketresearch.com/request-sample/13769
Drivers, restraints, and opportunities-
Increasing on-premise consumption and rapid premiumization drive the growth of the global red wine market. On the other hand, counterfeited wines and presence of alternative markets hamper the growth to some extent. However, growing preference for organic & biodynamic wine is expected to create lucrative opportunities in the industry.
Leading Key Companies Involved In Red Wine Market
The Carlyle Group
Brown-Forman
Campari Group
Castel Winery Plc.
Caviro sca
Constellation Brands, Inc.
Rémy Cointreau
The Wine Group
Treasury Wine Estates, and Viña Concha y Toro.
Regional Outlook
Europe, followed by North America, garnered the major share in 2020-
Based on geography, Europe, followed by North America, garnered the highest share in 2019, holding around half of the global red wine market. Growing demand for premium and high-quality red wine boosts the market growth in this province. Simultaneously, the market across Asia-Pacific would showcase the fastest CAGR of 7.0% during the forecast period. In Asia-Pacific, the alcoholic beverages market is driven by growth factors such as modernization, adult population, disposable income and premium products.
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Recent years have seen consumer inclination toward organic, natural, and GMO free products. As a result, demand for organic red wine has gained huge popularity particularly in the last few years. Leading players are continuously upgrading their product offerings with organic and Non-GMO certified wine thus fostering the red wine market growth. For instance, Schramsberg Blanc de Blancs unveiled organic red wine. These wines are USDA Certified Organic and non-GMO Project verified red wine made without any chemicals or fillers. On the similar lines, the key players have started the production of organic wines to cater burgeoning demand for non-GMO and organic wines.
Key Findings Of The Study
-> By product type, the cabernet sauvignon segment will remain the mostly demanded red wine in the market, and is expected to gain market share in the coming years.
-> By distribution channel, the off trade segment is the dominating segments for Red wine and it is expected to gain market share in the coming years.
-> By region, Europe dominates in terms of the global Red wine market share, and is expected to retain its dominance during the forecast period.
-> Red wine market trends are inclining more towards organic and biodynamic red.
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Based on pricing, the mass segment contributed to nearly three-fourths of the global red wine market revenue in 2019, and is projected to dominate by 2028. The local or domestic player need not have to pay taxation on import or export of alcoholic beverages. This is because the production is done within the domestic territory of the country. It targets the mass pricing segment of the customer in alcoholic beverages. This factor fuels the growth of the segment. The premium segment, however, would grow at the fastest CAGR of 6.8% from 2021 to 2028. Consumption of red wines blended with different other flavored wines has become quite popular among the millennial and young-adults. And, this is generally made by using wines of premium brands to add a perfect taste and texture in the drink. This factor drives the growth of the segment.
Check out more related studies published by AMR Research:
Craft Beer Market - https://www.alliedmarketresearch.com/craft-beer-market
Organic Wine Market - https://www.alliedmarketresearch.com/organic-wine-market-A10965
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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