Wine Industry Overview
The global wine market size was valued at USD 417.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The rising adoption of wine among all age groups from the young generation to the old age population across the globe is the key factor for market growth. The COVID-19 pandemic has disrupted the global wine distribution channel due to the extensive closure of and restrictions on hotels and restaurants across the world. The sudden outbreak of pandemic has affected around 77% of hotels, with turnover falling by 60% across the sector, while restaurants saw sales down by 91% by the end of 2020 across the globe. Meanwhile, there has been a sudden change in the purchasing behavior of consumers. With restaurants, hotels, and bars shut or running on limited capacity, consumers have turned to food retailers as well as online portals to shop for the product. Direct-to-consumer sales have also benefited from this shift in consumer behavior, with specialist wine trade also reporting some increase in sales.
Wine is an integral part of European cultures and this cultural trend is increasingly gaining popularity in various other parts of the world including Asian countries. The young and working-class people in these regions are including wine in their diet, house parties, and occasional drinks. These consumer trends are expected to fuel the market growth over the forecast period.
Gather more insights about the market drivers, restraints and growth of the Global Wine Market
The increasing consumption of wine among consumers has been acting as a major driver for the industry. According to a study promoted by the European Association of Wine Economists and the Chaire Vins et Spiritueux de INSEEC U., in May 2020, the frequency of the consumption of wine has increased significantly during the confinement phase resulting from the outbreak of coronavirus in Spain and the rest of Europe.
At the retail level, consolidation is occurring in both restaurants (on-premise) and in supermarkets (off-premise). Smaller brands have a harder time gaining placement on the shelves and on wine lists because the head office may choose a few brands to use in all of their locations. Supermarkets account for a substantial market share. So, the consolidation of these chains is relevant to the industry.
Browse through Grand View Research's Consumer Goods Industry Related Reports
Honey Wine Market - The global honey wine market size was valued at USD 408.45 million in 2018. The market is estimated to expand further at a CAGR of 10.41% from 2019 to 2025.
Cooking Wine Market - The global cooking wine market size was valued at USD 320.5 million in 2019 and is expected to witness significant growth over the forecast period.
Wine Industry Segmentation
Grand View Research has segmented the global wine market on the basis of product, distribution channel, and region:
Wine Product Outlook (Revenue, USD Billion, 2016 - 2028)
- Table Wine
- Dessert Wine
- Sparkling Wine
Wine Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2028)
- On-trade
- Off-trade
Wine Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA (Middle East & Africa)
Market Share Insights:
July 2020: Constellation Brands acquired Empathy Wines, a direct-to-consumer wine brand, with the aim of winning space on digital shelves.
Key Companies profiled:
Some prominent players in the global Wine Industry include
- Asahi Group Holdings, Ltd.
- Beijing Yanjing Beer Group Corporation
- The Wine Group
- Castel Frères
- Accolade Wines
- Constellation Brands
- Treasury Wine Estates (TWE)
- Pernod Ricard
- & J. Gallo Winery
- Viña Concha y Toro
Order a free sample PDF of the Wine Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment