The global wine market is set to witness growth at a CAGR of 5.5% over the forecast period (2022-2032) and top a valuation of US$ 632 Bn by 2032. Surging number of retail stores has improved accessibility of wine, allowing consumers to shape and design their home bars. Besides this, clubs have been gaining traction owing to the latest trend of personalization.
Along with this, the increasing spending capacity of the growing population for the premium wine brands is expected to fuel the demand for wine in the next few years. Alcoholic beverages are made from fermenting malt, wheat, molasses fruits, botanicals. Fermentation and distillation is done on the basis of type of drink to be made. Beer and wines are not distilled while spirits are manufactured by distillation of fermented base. There are different procedures of distillations to obtain different type of drinks. These include steeping method, percolation method, and others.
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Furthermore, a gradual increase in the party culture has been notice over the past few years which has contributed significantly to the market growth. Alongside this, peer pressure among students and adults and the influence of social media are convincing the consumers to experiment new drinks with different flavours.
A consistent growth is being observed since the past few years, especially for low ABV (alcohol by volume) drinks. Owing to this, the sales of low-alcohol or non-alcoholic wines is expected to escalate in the near future. This can be attributed to the rising interest of health-conscious consumers in drinks with low alcohol content and a wider choice of new flavored wines with improved taste. Due to the above factors, the demand for wine is predicted to surge over the forecast period (2022-2032).
Key Takeaways from Market Study
- Europe is expected to dominate the global market, accounting a share of about 32% by 2022, followed by North America
- The U.S. is expected to account for the dominant share of nearly 80% of the North America wine market
- Rising party culture among millennials in different regions across the globe is predicted to result in surging demand for wine and other alcoholic beverages during the assessment period (2022-2032)
- By product type, still wine is expected to account for the maximum share of the global market by 2022 end
- Sales via online channels are expected to show an impressive growth as compared to all the other channels over the assessment period (2022-2032)
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“The demand for wine is increasing globally because of the growing consumption by the millennial population and the trending party culture which is expected to fuel the demand for wine,” says a Future Market Insights analyst.
Competitive Landscape
Various market players are adopting different marketing and promotional strategies such as partnerships, collaboration, merger and acquisitions, new product launches and geographical expansion. This is to cater the needs of the consumers and serve accordingly, thus, creating a larger customer base in the next few years.
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Future Market Insights, in its new report, offers an impartial analysis of the global wine market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (sparkling wine, still wine, fortified wine, and vermouth), flavor (red wine, white wine and rose wine), pricing (mass and premium), and distribution channel (direct and indirect) across seven (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa) major regions of the world.
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