Global Wine Market is segmented By Product Type (Sparkling Wine, Still Wine, Fortified Wine, Dessert Wine), By Distribution Channel (Online Sales, Offline Sales), and By Region (North America, South America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Size
The Global Wine Market reached USD 402.5 billion in 2022 and is expected to reach USD 603.7 billion by 2031 and grow with a CAGR of 5.2% during the forecast period 2024-2031.
In developed economic communities, consumers are growing preferences for various quality products. Wine tasting at the consumer level though generally far less exacting than that performed by wine professionals, has increased with the growing popularity of wine as a beverage and the resulting expansion of wine production worldwide. The launching of premium and sensorial brands attract these types of customers. For instance, Fratelli Wines are considered a premium type of wine in India.
The change in the taste and preferences of consumers in the global wine market and increasing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wines and grape varieties in winemaking. The terroir is given high importance in viticulture. The market players are forming acquisitions for better market share. For instance, in October 2022, Pernod Ricard announced a partnership with Sovereign Brands to strengthen its portfolio of luxury wines and spirits.
Market Summary
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Metrics |
Details |
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CAGR |
5.2% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
By Product Type, By Distribution Channel, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Europe |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
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Market Dynamics
Increasing Socialization of Alcohol is Driving Wine Market Growth
The consumption of alcohol is becoming a sign of social status. Alcohol makes it easier for people to socialize. Wine has a significant social influence on the global population. People prefer alcohol as it induces relaxation and reduces stress and anxiety. The wine’s role has transformed over time, moving from an essential source of nutrients to a cultural complement to food and conviviality.
Wine is considered a cultural symbol in many regions, especially in Europe. For perfect wine-making, manufacturers pay more attention to the conditions of the vineyard, wine production, wine aging, and wine fermentation. With the massive adoption of alcohol among millennials and youngsters, alcohol consumption has increased. It is associated with several occasions and served as a table drink in many regions. Wine consumption is now considered a wealthy and luxurious lifestyle for consumers.
The Emerging E-Commerce Experience Drives the Global Wine Market Growth
E-commerce is a larger market. It is helpful for both business people and the consumer to explore the market. It allows manufacturers to reach customers worldwide. The business people can include more information like reviews and demo videos of the product to increase the customer’s interest in the development, thus creating more selling opportunities. There is no longer a need for big-budget spending on TV ads and others because of the advancement of e-commerce platforms.
Many e-commerce platforms are available for consumer usage with exciting offers and discounts. The products are available at lower costs. Many wine brands are available on single websites for consumers to explore and compare the prices and labelings of different wines. The offers, discounts, coupons, convenience, low costs, and other e-commerce benefits drive the wine market expansion.
Adverse Effects of Alcohol Consumption is Restraining the Wine Market Growth
Alcohol consumption causes many adverse effects on health. It causes high blood pressure, heart disease, pancreatitis, and digestive problems. Heavy consumption of alcohol even causes liver damage. Drinking heavily reduces the body’s natural immune system. According to WHO, alcohol consumption causes death and disability relatively early in life. In people aged 20–39 years, approximately 13.5% of total deaths are attributable to alcohol.
People are becoming health conscious and prefer to have a healthy lifestyle. Most people are adopting non-alcoholic beverages due to health concerns. There is also a gradual shift in consumers' preference towards various alcoholic drinks due to their economic status. They are embracing less expensive beverages than costly wine.
Market Segmentation Analysis
The global wine market is segmented based on product type, distribution channel, and region.
The Sparkling Wine Segment holds the Largest Global Wine Market
The global wine market has been segmented by product type into sparkling wines, still wine, fortified wine, and dessert wine. The sparkling wine segment held the most significant wine market share of 38.8% in 2022 in the wine market analysis report. The sparkling wine segment is sub-segmented into champagne, prosecco, and others.
The health benefits provided by sparkling wines are driving the segment’s growth. Sparkling wine improves heart health, and it is good for the skin. Sparkling wine can help improve gut health. It contains polyphenols from red grapes, which promote the growth of good gut bacteria. The gut microbiome is necessary for fitness and overall well-being.
Market Geographical Share
The Europe Region Held the Largest Share of the Wine Market
The global wine market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Europe wine market held the largest market share of 38.6% in 2022 in the wine market analysis. Wine consumption in Europe comes from ancient traditions.
Wine and other alcoholic drinks have been trendy in Europe since ancient times. They are genetically programmed to drink more alcohol than other regions. They enjoy drinking wine as a social activity. According to the 2021 European health report by the WHO, in Europe, the average consumption of wine is about eighty liters.
Market Companies
The major global players in the market include Castel Freres, Pernod Ricard, Constellation Brands, EJ Gallo, Treasury Wine Estate, Vina Concho Y Toro, Accolade Wines, Grupo Penaflor, Fecovita C0-0p, and The Wine Group.
COVID-19 Impact on Wine Market
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis
The unprecedented COVID-19 pandemic in 2020 profoundly affected the wine industry. Covid-19 has considerably impacted the global beverage supply chain phases involving wine production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.
Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.
The COVID-19 pandemic issue has had an impact on the beverage industry as well. The COVID-19 pandemic is upending life, and the beverage sector is seeing increased trends like wine. The beverage businesses are launching innovative programs, including fortified wines, which are readily available and straightforward to consume.
Key Developments
- In October 2022, Treasury Wine Estates Ltd, an Australian global winemaking and distribution business, announced the completion of the acquisition of Château Lanessan, one of the oldest estates in Bordeaux, France. This acquisition is the latest step in strengthening Penfold's multi-regional luxury wine portfolio.
- In March 2022, Pernod Ricard, a French wine, and spirits seller and the Fayard family announced the signing of an agreement for the acquisition of a majority shareholding in Château Sainte Marguerite, Cru Classe Cotes-de-Provence Rose since 1955, by Pernod Ricard to complete its luxury wines portfolio.
- In April 2022, Constellation Brands, an American wine producer and marketer, launched a dedicated business unit for fine wine and craft spirits. The new fine wine and craft spirits include High West Whisky, Casa Noble Tequila, Mi Campo, Copper & Kings, Nelson's Green Brier Distillery, and The Real McCoy.
Why Purchase the Report?
- To visualize the global wine market segmentation based on product type, distribution channel, and region and understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of wine market level with all segments.
- The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The Global Wine Market report would provide approximately 53 tables, 47 figures and 158 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
