Red Wine Market Key Trends, Size, Outlook, Overview 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Red Wine Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The red wine market size has grown steadily in recent years. It will grow from $106.52 billion in 2023 to $111.84 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to cultural and tradition, growth of wine tourism, evolving consumer preferences, growing popularity of wine as a social drink, wine's association with health benefits.

The red wine market size is expected to see strong growth in the next few years. It will grow to $136.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to rising disposable income and greater urbanization, increasing proportion of millennials, changing consumer preferences and acceptance of alcoholic beverages, shifting global demand and climate change, growth of online sales and direct-to-consumer channels . Major trends in the forecast period include premiumization of wine, natural and minimalist winemaking, technology and wine apps, wine and food pairing, alternative packaging.

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Market Drivers and Trends:

The increasing health awareness among consumers is expected to propel the growth of the red wine market going forward. Healthy eating has become the norm, with most consumers demanding foods and beverages to meet progressively nuanced health and wellness, ethics, and sustainability criteria. The powerful plant compounds found in red wine have been linked to several health benefits, including reduced inflammation, a lowered risk of cancer, and a longer lifespan. Red wine's alcohol and antioxidants aid to prevent coronary artery disease. For instance, in August 2023, according to Koninklijke DSM N.V., a Netherlands-based health and bioscience company, in response to the pandemic, 60% of consumers worldwide are now more concerned about their health, placing a higher priority on leading healthy lives to avoid health problems. Furthermore, in July 2022, according to reports published by Food Insight, a US-based non-profit organization, 52% of Food and Health Survey participants followed a specific diet or eating pattern, up from 39% in 2021. Therefore, the increasing health awareness among consumers drives the growth of the red wine market.

The growing popularity of organic products is a key trend gaining popularity in the red wine market. Organic wine is a product that has been certified as organic by the government. Organic wine production must follow strict criteria that cover everything from pesticide usage to land management to storage and preservation. For instance, in October 2021, Gary Barlow, a Spanish winemaker introduced an organic wine called Gary Barlow Organic. The Gary Barlow Organic collection comprises a red and a white wine created from grapes cultivated in certified organic fields in Castilla grown with old, low-yielding bush vines that are dry-farmed.

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Major Key Players of the Market:

Accolade Wines, Caviro S.C.A., Vina Concha Y Toro S.A., Castel Winery PLC, E. & J. Gallo Winery, Grupo Peñaflor S.A., Diageo plc, Treasury Wine Estates Limited, Constellation Brands Inc., The Wine Group Inc., Campari Group, Brown-Forman Corporation, Amvyx SA, Rémy Cointreau SA, Compagnia Del Vino SRL, Pernod Ricard SA, Trinchero Family Estates, Bronco Wine Company, Vintage Wine Estates, Ste. Michelle Wine Estates, Kendall-Jackson Vineyard Estates, Bodegas Torres, Concha y Toro, Antinori S.p.A., Opus One, Silver Oak Cellars, Caymus Vineyards, Robert Mondavi Winery

Red Wine Market 2024 Key Insights:

• The red wine market size is expected to see strong growth in the next few years. It will grow to $136.77 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Health Awareness Fuels Growth In The Red Wine Market
• Rising Demand For Organic Products Shapes The Red Wine Market
• North America was the largest region in the red wine market in 2023

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