Wine Market to Reach US$ 296.03 Billion by 2022, with a CAGR of 3.23%: Coherent Market Insights
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Wine Market |
Market Overview:
The global Wine Market is estimated to be valued at US$ 296.03 Billion In 2016 and is projected to reach US$ 296.03 Billion By 2022, growing at
a CAGR of 3.23% during the forecast period (2017-2025). The market for wine
products is driven by increasing consumer demand for alcoholic beverages,
growing wine tourism, and rising disposable incomes. Wine offers various health
benefits, such as heart disease prevention and antioxidants, which further
boosts its demand. The need for wine products is also associated with social
gatherings, parties, and celebrations. Moreover, the rising trend of organic
and eco-friendly wines is anticipated to fuel market growth.
Market Key Trends:
One of the key trends observed in the wine market is the increasing popularity
of organic wines. With the growing awareness among consumers about the harmful
effects of pesticides and chemicals, there is a rising demand for organic food
and beverages, including wine. Organic wines are produced without the use of
synthetic fertilizers, pesticides, herbicides, or fungicides. They are made
from organically grown grapes, which are cultivated using environmentally
friendly practices. Organic wines are not only healthier but also contribute to
sustainable agriculture. Consumers are increasingly choosing organic wines due
to their perceived superior quality and taste. This trend is expected to
continue driving the growth of the wine market in the coming years.
Segment Analysis:
The wine market can be segmented based on type, distribution channel, and
region. In terms of type, the market can be divided into red wine, white wine,
and others. Among these, red wine is the dominating sub-segment due to its wide
acceptance and popularity worldwide. Red wine is widely consumed due to its
health benefits, such as its high antioxidant content and potential
cardiovascular benefits. Moreover, red wine pairs well with a variety of
cuisines, making it a preferred choice for consumers.
In terms of distribution channel, the Wine
Market can be segmented into offline and online channels. The offline
channel dominates the market as it provides consumers with the experience of
tasting and selecting wines. Physical stores, supermarkets, and specialty wine
shops are the key players in the offline distribution channel. However, the
online distribution channel is witnessing significant growth due to increasing
e-commerce platforms and the convenience it offers to consumers.
Key Takeaways:
The global wine market is expected to witness high growth, exhibiting a CAGR of 3.23% over the forecast period.
This growth can be attributed to several factors. Firstly, the growing consumer
preference for wine as a social drink and the increasing consumer disposable
income are driving the demand for wine globally. Additionally, the rising
global population and changing lifestyles have increased the consumption of
wine, especially in emerging markets.
From a regional perspective, Europe dominates the wine market due to its rich
wine culture and traditional winemaking techniques. Countries like Italy,
France, and Spain are the major producers and consumers of wine in the region.
However, the Asia-Pacific region is expected to witness the fastest growth in
the wine market. This can be attributed to the increasing urbanization,
westernization of lifestyles, and rising disposable income in countries like
China and India. Moreover, the growing tourism industry in the region,
especially in wine-producing countries like Australia and New Zealand, is also
driving the demand for wine.
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, and Grupo Penaflor. These key players
are focusing on product innovation, expanding their distribution networks, and
strategic acquisitions to maintain their market position and cater to the
growing consumer demand for wine.
Read More : https://www.rapidwebwire.com/wine-market-growing-consumption-of-wine-to-drive-market-growth/
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