The wine market includes products such as still wines, sparkling wines and fortified wines. Premium wines made from unique grape varieties are gaining popularity among consumers globally. They offer flavors and aromas that standard wine varieties lack. The rising popularity of premium wines made from varieties like Cabernet Sauvignon, Pinot Noir and Chardonnay is driving the global wine market.
The global wine market is estimated to be valued at US$ 3422.75 in 2024 and is expected to exhibit a CAGR of 30% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of premium wine varieties among consumers is one of the key trends driving the global wine market. Premium wines made from unique grape varieties offer complex flavors and aromas compared to standard wine varieties. This makes them appealing to wine connoisseurs and enthusiasts globally. Grape varieties like Cabernet Sauvignon, Pinot Noir, Chardonnay etc. are in high demand in the premium wine segment. Wineries are increasingly cultivating these varieties and introducing innovative premium wines made from them. The rising availability of premium variety wines at fine dining restaurants and specialty retail stores has further accelerated their adoption rate. This trend is expected to continue driving the wine market over the forecast period.
Segment Analysis
The global wine market is segmented by type, distribution channel, and packaging. The still wine segment dominates the market and accounts for over 70% share. Still wines make most of the wine production worldwide as they are more adaptable, have a longer shelf life, and are cheaper to make and transport compared to sparkling wines.
Key Takeaways
The Global Wine Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 3422.75 million.
Regional analysis: Europe accounts for the largest share of over 35% of the global wine market. Italy, France and Spain are the leading wine producing countries in the region owing to suitable climatic conditions and long tradition of wine making. North America is the second largest market for wine due to high demand from United States.
Key players operating in the wine market are E&J Gallo Winery, The Wine Group, Constellation Brands, Castel Group, and Accolade Wines. E&J Gallo Winery is the largest wine company globally with extensive product portfolio and distribution network across 150 countries. The Wine Group has strong domestic presence in United States with popular brands such as Franzia and Concha y Toro.
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