How Big is The Wine Market?

IMARC Group, a leading market research company, has recently releases report titled  “Wine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global wine market size reached US$ 458.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 635.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.

What is wine?

Wine is an alcoholic beverage created through the process of harvesting, pressing, crushing, fermenting, and distilling grape juice. Additional ingredients such as water, sulfur dioxide, potassium sorbate, calcium carbonate, aromatics, and metabisulfite are added during its aging to prevent enzymatic browning and the growth of microorganisms. Wine is broadly categorized into different types including still, dessert, rose, sparkling, and fortified. It contains valuable antioxidants that contribute to regulating blood sugar levels, reducing bad cholesterol, preventing cardiovascular diseases (CVDs), and alleviating symptoms of depression and anxiety. Consequently, wine is widely enjoyed for direct consumption and used as a versatile ingredient to enhance the flavors and aromas of various dishes worldwide.

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 Wine Market Trends: 

The global wine market is experiencing significant growth propelled by several factors. One of the key drivers is the increasing consumption of alcoholic beverages, driven by the growing trend of socializing in socio-cultural settings. Furthermore, the market is benefiting from the introduction of innovative wine products such as marijuana-infused and low-calorie options, which offer consumers a unique drinking experience. Additionally, the market is witnessing a rise in premiumization as consumers seek higher quality wines, driven by urbanization and rising income levels.

Biotechnological advancements are also shaping the wine market, with techniques like double-brewing using yeast and sugar in a two-step process being employed to enhance the quality of the final product. The availability of wine through online distribution channels and e-commerce platforms has further contributed to market growth, making wine easily accessible to consumers. Various factors are expected to drive the market even further, including celebrity endorsements, the establishment of new wineries, increasing consumer awareness of the health benefits associated with wine consumption, and ongoing product innovations. Collectively, these factors are driving the growth and expansion of the global wine market.

Key Market Segmentation:

The report has been segmented the market into following categories:

Breakup by Product Type:

• Still Wine

• Sparkling Wine

• Fortified Wine and Vermouth

Breakup by Color:

• Red Wine

• Rose Wine

• White Wine

Breakup by Distribution Channel:

• Off-Trade

o    Supermarkets and Hypermarkets

o    Specialty Stores

o    Online Stores

o    Others

• On-Trade

Breakup by Geography:

• North America: (United States, Canada)

• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America: (Brazil, Mexico, Others)

• Middle East and Africa

Who are the key players operating in the industry?

• Accolade Wines

• Asahi Group Holdings Ltd.

• Bacardi Limited

• Bronco Wine Company

• Castel Frères

• Chapel Down Group PLC

• Constellation Brands Inc.

• E. & J. Gallo Winery

• Foley Family Wines

• Pernod Ricard

• The Wine Group

• Treasury Wine Estates Limited.

About IMARC Group:

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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