Wine Market Size, Share, Regional Outlook & Projections, 2032

Market Overview:
The global wine market size was valued at USD 339.53 billion in 2020. The market is projected to grow from USD 340.23 billion in 2021 to USD 456.76 billion by 2028, exhibiting a CAGR of 4.30% during the forecast period. Europe dominated the wine market with a market share of 60.36% in 2020. The market experienced a decline of -6.79% in 2020 due to the COVID-19 pandemic but is expected to return to pre-pandemic growth levels. The industry is gaining huge popularity owing to its taste, refreshing properties, and the increasing trend of socialization with alcohol. Relaxed trade duties and the advent of low ABV drinks are also propelling market growth.

List of Key Players Mentioned in the Report:

• The Wine Group (U.S.)

• John Distilleries (India)

• International Beverage Holdings (Thailand)

• Distell Group Limited (South Africa)

• Halewood Wines International (U.K.)

• Sula Vineyards Pvt. Ltd. (India)

• Accolade Wines, Plc. (U.S.)

• E & J Gallo Winery (U.S.)

• Global Drinks Finland (Finland)

• Treasury Wine estates (Australia)

• Torres Wines (Spain)

Segmentation:

• Still Wine Dominates Due to Authentic Taste and Flavor: On the basis of type, the market is segmented into still wine and sparkling wine. The still wine segment holds the largest share as it is the most widely consumed and available type, often served as a table liquor and appreciated for its authentic taste.

• Red Wine Leads Flavor Segment Due to Health Benefits and Luxurious Appeal: By flavor, red wine is the dominant segment. It is known for health-benefiting properties (antioxidants), has a luxurious appeal, and is widely available to consumers.

• Off-Trade Channels Command Largest Share: The market is segmented by distribution channel into off-trade (supermarkets, specialty stores, e-commerce) and on-trade (pubs, bars, restaurants). The off-trade channel is the largest due to the rapid emergence of modern retail, offering product variety at lower prices.

Geographic Segments:
Geographically, the market is broken down into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:
The report provides qualitative and quantitative insights, including a detailed analysis of market size and growth rate for all segments. It covers the impact of COVID-19, market dynamics, and the competitive landscape. It also includes an overview of related markets, recent industry developments like mergers & acquisitions, the regulatory scenario in key countries, and major industry trends.

Source: https://www.fortunebusinessinsights.com/wine-market-102836

Drivers and Restraints:

• Increasing Alcohol Socialization to Aid Market Growth: The growing adoption of Western culture and social engagements has made alcohol consumption, including wine, a sign of social status, especially among millennials. This is driving demand for low-ABV and innovative products.

• Emergence of E-commerce to Support Higher Revenue: E-commerce platforms offer a convenient shopping experience, home delivery, and a wide variety of options, playing a crucial role in major markets. The COVID-19 crisis significantly boosted online wine sales.

• Gradual Shift to Other Alcoholic Beverages May Hamper Market: A key restraint is the shifting preference of consumers toward other alcoholic beverages like beer, liqueurs, and spirits, which are often available at more economical prices and hold a larger share of total alcohol consumption.

Regional Insights:

• Europe Holds Major Market Share Due to High Cultural Engagement: Europe is the largest market, accounting for USD 204.94 billion in 2020. Wine is deeply enmeshed in the region's culture and celebrations. France and Italy are the top two consumer markets within the EU.

• North America is the Second Largest Market: The U.S. was the world’s largest wine-consuming country in 2020. The region's growth is driven by millennials' inclination toward premiumization trends and the establishment of new vineyards.

• Asia Pacific to Hold a Significant Share: Growth in this region is fueled by the rising adoption of westernized trends, the growth of domestic vineyards in countries like China, and an evolving business landscape in markets like South Korea.

Competitive Landscape:
The market structure is moderately fragmented with the presence of several key players. To maintain a competitive edge, manufacturers are focusing on developing new formulations and introducing innovative products. For instance, companies are expanding their product ranges and launching new collections inspired by different wine-growing regions.

Key Industry Development:

• September 2021: Familia Torres, a Spanish wine producer, announced the latest vintage of its Antología Miguel Torres wine collection. The five-wine collection (Milmanda 2018, Mas La Plana 2017, Reserva Real 2017, Grans Muralles 2017, and Mas de la Rosa 2018) embodies the winery's commitment to regenerative viticulture and sustainability.