Wine Market to Expand with Significant CAGR During 2021-2031 | Ste. Michelle Wine Estates, Pernod Ricard, Brown-Forman, Castel

Global Wine market size is estimated to be more than $425bn in 2021 and expected to increase at the rate of more than 6% over the forecast period.

New York, According to a new market research report published by Global Insight Services Wine market is expected to grow by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Covid-19 Impact

The impact of COVID-19 on the wine industry has been widespread and significant. The virus has caused vineyards and wineries to close, and has disrupted the global supply chain. The pandemic has also led to a decrease in demand, as consumers are increasingly choosing to drink at home rather than in restaurants and bars. The wine industry is expected to recover in the long term, but the pandemic has undoubtedly had a major impact on the sector.

Key Trends

In recent years, there has been a shift in the wine market. More and more people are interested in trying new wines and are willing to spend more money on wine. This has led to an increase in the number of wineries and vineyards. There has also been a trend towards organic and biodynamic wines.

Technology has also changed the way wine is made and sold. Wineries are using new technologies to track their grapes and monitor their wines. They are also using social media to market their wines and connect with customers. Online wine retailers are making it easier than ever to find and buy wine.

Key Drivers

One of the key drivers has been the increasing popularity of wine among millennials. This demographic is increasingly interested in wine, with many seeking out new and interesting varieties.

Another driver has been the growth of the online wine market. More and more consumers are buying wine online, often from specialist retailers. This has made it easier for consumers to find wines that suit their taste and budget.

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Market Segments

By Product

• Table Wine
• Dessert Wine
• Sparkling Wine

By Distribution Channel

• Online
• Superstores
• Specialty Stores
• Grocery Stores

Key Players

• E. & J. Gallo Winery
• The Wine Group
• Constellation Brands
• Treasury Wine Estates
• Ste. Michelle Wine Estates
• Pernod Ricard
• Brown-Forman
• Castel
• Beijing Yanjing Beer Group Corporation
• Accolade Wines

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Reasons to buy Wine Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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This release was published on openPR.