Wine Market Set for Rapid Growth, to Reach Around USD 423.59 Billion by 2023
Global wine market expected to reach USD 423.59 billion by the end of 2023, growing at a CAGR of around 5.8% between 2017 and 2023. Wine is an alcoholic beverage in which alcohol is generated by the natural process of fermentation.
Sarasota, FL -- (SBWire) -- 04/16/2018 --According to the report, global wine market was valued at approximately USD 302.02 billion in 2017 and is expected to generate revenue of around USD, 423.59 billion by the end of 2023, growing at a CAGR of around 5.8% between 2017 and 2023.
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Wine is an alcoholic beverage in which alcohol is generated by the natural process of fermentation. The fermentation process is primarily carried out by the bacteria which are present on the skin of grapes. Further, a particular strain of yeast is added to the primary fermented product so as to obtain the desired wine. In wine, the bacteria or yeast converts the sugar, which is present in grapes, to ethanol and carbon dioxide. According to the sugar fermented, the taste of wines differs. For instance, if there is a high amount of sugar in wine it is a dessert wine. There are six basic processes involved in the production of wine, namely destemming and crushing, alcoholic fermentation, drawing the wine off the lees, malolactic fermentation, stabilization and ageing and refinement in bottle. The quality of wine increases with the time of ageing.
The wine market is segmented on the basis of colour into red wine, rose wine, white wine and others. The red wine segment is expected to dominate the global wine market. Based on product type, the market is divided into still wines, sparkling wines, dessert wines and fortified wines. The still wines segment is anticipated to dominate the market but sparkling wines segment is expected to grow fast due to its increasing demand as a celebration wine. On the basis of the distribution channel, the market is divided into supermarket and hypermarket, specialty stores, convenience stores, online channel, and others. Supermarket and hypermarket segment is expected to dominate the global wine market in the forecast period.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are the regional segments of the global wine market. North America is anticipated to remain the leading region over the forecast period due to increase in production of wine. The growth in Europe is expected to be steady as there are already a number of wine producer and wineries in this region. The Asia Pacific is expected to show highest growth rate in forecast period because of the increase in demand for wine and growth of the production of wine in developing countries. Latin America and Middle East & Africa are also expected to show a steady increase in demand for wine market in the forecast period.
Some of the key players in the global wine market include Constellations Brand, E & J Gallo Winery, Torres, Treasury Wine Estates, Vina Conch y Toro, Distell Group, Global Drinks Finland, International Beverage Holdings, John Distilleries, Soyuz Victan and SPI Group, Accolade Wines, and The Wine Group. Major players are frequently engaged in developing different wines so that they can provide new quality of wine.
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