Wine

Wine Market - Insights, Size, Share, Opportunity Analysis, and
Industry Forecast till 2025
The global wine market was valued at US$ 296.03 billion in 2016 and is slated to reach US$
404.64 billion by 2025. The market is expected to exhibit a CAGR of 3.23% during the
forecast period (2018-2025).
Growing population of women alcohol consumers, expansion of bars and restaurants,
exploring different forms of entertainment such as night parties, growing demand from
emerging economies and preference for low calorie alcoholic beverages stands to be some
of the key driving factors of the wine market. For instance, in India, the number of pubs and
bars grew by over 23% during 2014-2016, compared to cafes during the same time period.
The health benefits associated with wine such as lower risk of heart disease, reduce risk of
type 2 diabetes and cataracts is also playing a key role in driving the market for wine.
Additionally, with the increasing number of millennials shifting from beer and spirit based
drinks to wine, the market for wine is expected to witness a positive growth trend during the
forecast period. Additionally, the ongoing increase in the consumption of alcohol among
females is further driving the sales of red and white wine, thereby helping the market for
wine. According to a study conducted by Coherent Market Insights, it is estimated that over
55% of the women prefer wine compared to around 39% for beer in the US. However, the
high price of wine compared to other alcohol based drinks such as beer is one of the major
hindrance to the growth of the market.
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In terms of product, still wine continue to hold majority of the market with around 83% of the
market in 2016 where red wine continues to be the preferred option among all customer
groups. Others such as sparkling wine and fortified wine are also witnessing growth in
demand as customers seek for alternatives. The market for sparkling wine is expected to
grow at a CAGR of 4.94% during the forecast period owing to the increasing consumption of
champagne during social celebrations. The changing taste and preference among
consumers and the demand for new and exotic flavors such as Riesling wine made of white
grapes and other tropical fruit wine is fuelling the growth of the wine market.
In terms of geography, Europe stands to be the largest market while APAC is expected to
witness the fastest growth in wine market till 2022. Europe contributed over 63% of the
market in 2016 with countries such as France, Spain, Italy and Germany being the key
markets in the region. Additionally, Italy, Spain and France also contributed over half of the
wine production at a global level due to its vast vineyard area.
North America stands as the second largest market for wine with US being the largest player
in the region. At a global level, US contributed about 12% of the global market and also
being the largest market globally. The country has over 9000 wineries with California
contributing around 90% of the wine production in the country. Despite the ageing baby
boomers being majority of the consumers of premium wines in the country, growing interest
amongst the millennials are bringing a shift in the target customer group which will play a
significant role in boosting the growth of the wine market in the country. It is found that
millennials consumed over 43% of all wine consumed in 2015 than any other generation as
they continue to shift from beer to wine.
Asia Pacific is projected to witness the fastest growth in the wine market with countries such
as China, India being the key contributors in the region. At a global level, China stands to be
the largest market for alcohol consumption with the country also being one of the leading
importers of wine worldwide. The ongoing recovery of the Chinese economy, growing upper
middle class population and the rising disposable income is further expected to boost the
consumption of wine in the country. The country is also focused towards manufacturing its
domestic wine, further promoting the growth of wine in the country. Zhejiang Guyue
Longshan Shaoxing Wine Company remained the market leader and witnessed volume
sales increase by over 5% in 2016. Additionally, with the Chinese government promoting
Hong Kong as a wine trading hub and the rise in events such as Hong Kong International
Wine and Spirits Fair, ProWine China will further promote the growth and awareness of wine
in the country.
Middle Eastern countries such as Saudi Arabia, UAE, Qatar offers high income population
which acts an important driving factor of the wine market in the region. The growing influx of
tourists and the booming hospitality industry is also further helping the market to grow in
these countries. As a result, the imports of wine from several European countries and
American countries continue to grow in the country. However, stringent government and
religious factors are the major challenges which will affect the growth in this region. For
instance in UAE and Qatar, expats need to obtain permits to buy alcohol from designated
liquor stores for private consumption.
Latin America stands to be another important region which is showcasing a strong
preference for wine. Mexico which stands to be an important market in the region has
witnessed a significant increase in the volume sales increasing by over 8.5% in 2016.
Additionally, with different varieties of wine being easily available across different retail
outlets will further boost the market in the coming years.
Europe dominated the global wine market in 2016 and is expected to retain market
dominance throughout the forecast period, with major contribution coming from the emerging
economies of India and China.
Major Players in the Global Wine Market
Global wine market is highly fragmented, with the presence of many large and smaller
players in the market. Key players operating in the wine market include E. & J. Gallo Winery,
Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard,
Treasury Wine Estates, Caviro, Grupo Penaflor.
For More Information:
https://www.coherentmarketinsights.com/market-insight/wine-market-940
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competitive analysis through various recommendations related to emerging market trends,
technologies, and potential absolute dollar opportunity.
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Coherent Market Insights
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Wine Market Report categorizes the global market by Product Type (Still Wine, Sparkling Wine, Fortified Wine), by Color Type (Red Wine, White Wine, Rose Wine), and By Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

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