Wine is made by the alcoholic fermentation of grapes. Wine variety of grapes includes red wine varieties such as Cabernet Sauvignon, Pinot Noir, Merlot, among others and white wine varieties such as Chardonnay, Pinot Gris, Sauvignon Blanc etc. Wine is consumed for its health benefits such as improving heart health and reducing risks of diabetes.
The global wine market is estimated to be valued at US$ 2971.13 Bn in 2023 and is expected to exhibit a CAGR of 30.% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Organic wine production is one of the key trends being witnessed in the global wine market. Organic wines are produced from grapes that are grown organically without using any pesticides, artificial fertilizers and genetically modified organisms. There has been a rise in demand for organic and sustainably produced wines from health-conscious consumers. According to research, the organic wine market is expected to grow at a CAGR of over 15% during the forecast period. With increasing awareness about health hazards of pesticide residues, more vineyards are shifting to organic and biodynamic farming practices to meet the growing demand for organic wines. This trend is expected to accelerate the growth of the global wine market during the forecast period.
Segment Analysis
The global wine market is segmented based on product type, packaging type, distribution channel and region. By product type, the market is dominated by still wine segment accounting for over 60% share of the global market. Still wine is considered as a classic and prestige product category and has widespread consumption globally driving its market dominance. By packaging type, the bottles segment holds the major share as bottles are the most commonly used packaging format for wine. It maintains the quality and freshness of wine for a longer period compared to other packaging types. By distribution channel, the off-trade segment which includes retail stores, online channels and supermarkets/hypermarkets accounts for the largest share. Easy product access and discounted prices offered by these distribution channels has increased off-trade wine sales globally.
Key Takeaways
The Global Wine Market Demand is expected to witness high growth over the forecast period driven by rising disposable incomes, western influence on drinking cultures especially in Asia Pacific and Central and South American regions.
The regional analysis indicates that the Asia Pacific region dominated the market with over 30% share in 2023 and is expected to continue witnessing fastest growth on the back of large population base, growing middle class and exposure to Western lifestyle in countries like China, India and Japan.
Key players operating in the wine market are Semtech Corporation, Cisco Systems Inc., Huawei Technologies Co. Ltd., Comcast Corporation, Hewlett Packard Enterprise, NETGEAR Inc., TEKTELIC Communications Inc., Kerlink, Embit S.R.L., IMST GmbH, Aaeon Technology Inc, Laird Connectivity, Multi-Tech Systems Inc., Loriot SAS, Link Labs Inc., Senet Inc., WI-SUN Alliance, Actility S.A., The Things Industries B.V., Libelium Comunicaciones Distribuidas S.L. Major players are focusing on product premiumization, expanding distribution channels in emerging regions and offering new sensory experiences through experimental wines to sustain market presence.
Explore more information on this topic, Please visit-
https://www.marketwebjournal.com/wine-market-growth-and-trnds-analysis-share-size-demand-forecast/
Comments
0 comment