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Red Wine Market to Achieve US$ 135 Billion by 2032 with 5% CAGR

05-15-2024 08:49 PM CET | Food & Beverage

Press release from: Fact.MR

Red Wine Market to Achieve US$ 135 Billion by 2032 with 5% CAGR

The red wine industry is anticipated to achieve a valuation of US$ 82.7 billion in fiscal year 2022. Over the assessment period spanning from 2022 to 2032, the global red wine market (Margadh Fíon Dearg) is expected to experience a moderate 5% compound annual growth rate (CAGR), reaching a total value of US$ 135 billion. Between 2017 and 2021, demand for red wine saw a steady growth rate of 2.3%, culminating at US$ 78 billion. This growth trajectory was somewhat limited due to constrained market penetration in various regions, compounded by the premium pricing of wines, which rendered them relatively expensive.

Manufacturers are capitalizing on the surging popularity of the organic wine sector, which has seen tremendous growth in recent years. Increased foray towards consuming naturally-derived products is mainly boosting its popularity. Documented benefits upon consumption, including a reduction in cholesterol levels, high antioxidant properties, and elimination of free radicals from the body are all expected to fuel organic red wine consumption.

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Market Insights

Insights into the red wine market (Rødvinsmarkedet) reveal a growing consumer appreciation for quality and authenticity, driving demand for premium and artisanal red wines. As consumers become increasingly discerning and knowledgeable about wine, they seek out products that reflect craftsmanship, terroir, and sustainable production practices. Moreover, the rise of wine tourism and experiential consumption has created opportunities for wineries to engage with consumers directly, offering tasting experiences, vineyard tours, and educational events. Additionally, the growing popularity of online wine platforms and subscription services has expanded access to red wines from around the world, enabling consumers to discover new and unique offerings.

Market Outlook

The outlook for the red wine market is positive, with continued growth expected in the coming years. Factors such as increasing wine consumption worldwide, rising disposable incomes, and changing consumer preferences contribute to market expansion. Moreover, the growing interest in health and wellness benefits associated with moderate red wine consumption, such as heart health and antioxidant properties, further drives demand. Additionally, advancements in viticulture and winemaking techniques, as well as investments in marketing and distribution channels, are expected to propel market growth and innovation.

List of Key Companies Profiled in The Report

Accolade Wines Australia Limited
Casella Family Brands
Caviro
Viña Concha y Toro SA
Constellation Brands
Diageo Plc
E&J Gallo Winery
Grupo Peñaflor
The Wine Group
Treasury Wine Estates
Others

Market Trends

Several trends are shaping the red wine market, including the rise of natural and organic wines, the growing popularity of lighter and lower-alcohol red wines, and the increasing influence of sustainability and environmental stewardship. As consumers become more conscious of the impact of their purchasing decisions on the environment and their health, they are seeking out wines made with organic and biodynamic practices, free from synthetic additives and pesticides. Moreover, the trend towards lighter and fresher styles of red wine, such as Beaujolais and Grenache, reflects changing consumer preferences for wines that are easy to drink and pair with a variety of foods. Additionally, the adoption of sustainable vineyard management and winemaking practices, such as organic certification, carbon neutrality, and biodiversity conservation, is becoming increasingly prevalent among wineries seeking to reduce their environmental footprint and appeal to eco-conscious consumers.

Recent Industry News

Recent industry news in the red wine market includes new product launches, mergers and acquisitions, and partnerships aimed at driving innovation and market growth. Wineries are introducing new red wine varietals and blends to cater to evolving consumer tastes and preferences, as well as to differentiate themselves in a competitive market. Moreover, mergers and acquisitions among wineries and wine distributors are reshaping the industry landscape, consolidating market share and expanding distribution networks. Additionally, partnerships between wineries and retailers, restaurants, and online platforms help increase visibility and accessibility of red wines to consumers, driving sales and market penetration.

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Competitive Landscape

The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.

In March 2021, Australia-based Accolade Wines has acquired Rolf Binder Wines of Barossa Valley in north-east Adelaide, Australia, for an undisclosed sum. Established in 1955, Rolf Binder Wines produces a wide range of highly acclaimed premium Barossa wines using fruit from its vineyards.

In January 2021, E. & J. Gallo Winery (Gallo) announced the acquisition of more than 30 wine brands from Constellation Brands, Inc. The closing of the agreement between Gallo and Constellation was approved by the Federal Trade Commission on December 23, 2020.

In September 2021, TWE introduced a four-strong Penfolds-branded red wine lineup made primarily from Napa Valley Cabernet parcels. The two higher-priced California Collection expressions are blended with a lower amount of South Australian Shiraz, so they aren't entirely Californian.

Contact:

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Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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