Global Wine Market Share Likely to Grow at a CAGR of 5% By 2030
According to Custom Market Insights (CMI), The Global Wine Market was estimated at around USD 350 billion in 2021 and is projected to witness a CAGR of 5% during 2022-2030, to reach around USD 480 billion by 2030. The report examines the Winemarket’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Wine market.
Due to widespread closures and limitations on hotels and restaurants around the globe brought on by the COVID-19 epidemic, the worldwide wine distribution system has been interrupted. By the end of 2020, restaurant sales worldwide decreased by 91% due to the abrupt pandemic outbreak, which has affected about 77% of hotels, causing a 60% drop in sector turnover.
The buying habits of customers have abruptly changed in the meanwhile. Customers have turned to food merchants and online marketplaces for their purchases since restaurants, motels, and pubs are closed or operating at low capacity. This change in consumer behavior has also boosted direct-to-consumer sales, with the specialty wine sector reporting modest sales growth.
Browse the full “Wine Market Size, Trends and Insights By Product (Table Wine, Sparkling Wine, Dessert Wine), Distribution Channel (On-Trade, Off-Trade), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL.
Wine is a vital element of European culture, spreading this trend to other regions, particularly Asian nations. In these areas, young and working-class individuals regularly consume wine at house parties and other social gatherings. Over the forecast period, these consumer behaviors are anticipated to drive market expansion. Consumers’ rising wine consumption has significantly boosted the industry.
Moreover, the use of social media is becoming more widespread, which has improved wine’s appeal in developing countries. Another aspect driving demand is rapid urbanization, enhancing lifestyles, and rising disposable money. Additionally, as travel and tourism have grown, hotels and restaurants have been pushed to increase their use of alcoholic drinks like wine and rum. This is anticipated to help the wine business flourish.
The global wine market is categorized into product and distribution channels. By distribution channel, in 2021, the off-trade segment had the highest share—more than 80%. Retail establishments, supermarkets, and hypermarkets are part of the off-trade distribution channel. Compared to the on-trade channel, the off-trade distribution channel has grown more due to the ongoing epidemic. Wine off-trade sales were in high demand as a result of the shutdown. The off-trade distribution channel accounted for over 80% of alcohol sales in the U.S. in 2020, with the remaining 20% coming through the on-trade, according to a report by IWSR Drinks Market Analysis.
Due to the high demand for various wine varietals, the Europe area currently dominates the wine industry and will do so during the projection period. Due to the expansion of the food and beverage industry, rising alcoholic beverage demand, rising urbanization, and surging personal disposable income, Asia-Pacific is expected to experience significant gains and register the highest CAGR for this period.
|Feature of the Report||Details|
|Market Size in 2021||USD 350 billion|
|Projected Market Size in 2030||USD 480 billion|
|CAGR Growth Rate||5% CAGR|
|Prominent Players||The Wine Group, International Beverage Holdings, John Distilleries, Halewood Wines International, Asahi Group Holdings Ltd., Sula Vineyards Pvt. Ltd., Beijing Yanjing Beer Group Corporation, Accolade Wines, Castel Frères, Constellation Brands, Pernod Ricard, Treasury Wine Estates (TWE), E. & J. Gallo Winery, and Others|
|Key Segment||By Product (Table Wine, Sparkling Wine, Dessert Wine), Distribution Channel (On-Trade, Off-Trade), and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
Competitive Landscape/Key Players Insights
Consolidation occurs at the retail level in both on-premises restaurants and supermarkets (off-premise). Because the main office may select a few brands to utilize in all their locations, smaller companies have difficulty getting placement on the shelves and wine lists. Supermarkets hold a substantial market share. Thus, the industry is affected by the chains’ consolidation.
Our market analysis includes a section specifically devoted to key players operating in the Wine market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
Some of the prominent players
- The Wine Group
- International Beverage Holdings
- John Distilleries
- Halewood Wines International
- Asahi Group Holdings, Ltd.
- Sula Vineyards Pvt. Ltd.
- Beijing Yanjing Beer Group Corporation
- Accolade Wines
- Castel Frères
- Constellation Brands
- Pernod Ricard
- Treasury Wine Estates (TWE)
- E. & J. Gallo Winery
The global Wine market is segmented as follows:
- Table Wine
- Sparkling Wine
- Dessert Wine
By Distribution Channel
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America