Seattle, WA -- (SBWIRE) -- 02/21/2020 -- The global wine market was pegged at US$ 296.03 billion in 2016 and is projected to reach US$ 404.64 billion over the forecast period (2017-2025), registering a robust CAGR of 3.23%.
Growing number of female alcohol consumers, expansion of bars & restaurants, increasing forms of entertainment like night parties, burgeoning demand for wine in the emerging economies of the world, and higher preference for low-calorie alcoholic beverages, are some of the key driving factors for the global wine market growth. For instance, in India, the number of pubs and bars grew by over 23% during 2014-2016, as compared to that of cafes. Several health benefits associated with wine, such as lower risk of heart disease, reduced risk of type 2 diabetes and cataracts, play a pivotal role in propelling the global market growth.
Additionally, with the rising population of millennials, who are more inclined towards wine than beer and other spirit-based drinks, the global wine market is poised to witness a positive growth trend during the forecast period. Rising female population, who are increasingly choosing red and white wine over other alcoholic beverages, is another significant factor responsible for accelerating market growth. As per Coherent Market Insights' analysis, over 55% of women in the U.S. prefer wine to other alcoholic drinks, while around 39% choose beer. However, the relatively higher prices of wine is considered one major hindrance to the global market growth.
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The still wine segment, among various product types, held a majority of the global market share in 2016. Changing tastes and newer preferences among consumers, coupled with rising demand for new and exotic flavors of wine, such as Riesling wine and tropical fruit wine, are important growth propellers for the global wine market. However, the sparkling wine segment is expected to witness a significant 4.94% CAGR during the forecast timeline, owing to the growing consumption of champagnes at social parties, events, etc.
Global Wine Market – Regional Outlook
In 2016, Europe was the leading region with a market share of 63% in the market. France, Spain, Italy and Germany were the major growth engines in wine market during this period. Moreover, Italy, Spain, and France contributed over half of world's wine production owing to its vast vineyard area. However, Asia Pacific is expected to witness the fastest growth in wine market till 2022.
North America stands as the second largest market for wine with US being the largest player in the region. At a global level, US contributed about 12% of the global market and also being the largest market globally. The country has over 9000 wineries with California contributing around 90% of the wine production in the country. Despite the ageing baby boomers being majority of the consumers of premium wines in the country, growing interest amongst the millennials are bringing a shift in the target customer group which will play a significant role in boosting the growth of the wine market in the country. It is found that millennials consumed over 43% of all wine consumed in 2015 than any other generation as they continue to shift from beer to wine.
Asia Pacific is projected to witness the fastest growth in the wine market with countries such as China, India being the key contributors in the region. At a global level, China stands to be the largest market for alcohol consumption with the country also being one of the leading importers of wine worldwide. The ongoing recovery of the Chinese economy, growing upper middle class population and the rising disposable income is further expected to boost the consumption of wine in the country. The country is also focused towards manufacturing its domestic wine, further promoting the growth of wine in the country. Zhejiang Guyue Longshan Shaoxing Wine Company remained the market leader and witnessed volume sales increase by over 5% in 2016. Additionally, with the Chinese government promoting Hong Kong as a wine trading hub and the rise in events such as Hong Kong International Wine and Spirits Fair, ProWine China will further promote the growth and awareness of wine in the country.
People in several Middle Eastern countries, such as the UAE, Saudi Arabia, and Qatar, belong to the high-income groups, which acts an important driving factor for the regional wine market growth. The growing influx of tourists and the booming hospitality industry is also further helping the market to grow in these countries. As a result, the imports of wine from several European countries and American countries continue to grow in the country. However, stringent government and religious factors are the major challenges which will affect the growth in this region. For instance in UAE and Qatar, expats need to obtain permits to buy alcohol from designated liquor stores for private consumption.
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Latin America stands out as another prominent region that exhibits a strong preference for wine. Mexico, which is an important market in the region, has witnessed a significant increase of over 8.5% in sales in the year 2016. Moreover, with different varieties of wine being easily available across numerous retail outlets would further boost market growth in the region in the following years.
Global Wine Market Players
The global wine market is highly fragmented, due to the presence of many established, as well as emerging market players. The key players include E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard, Treasury Wine Estates, Caviro, and Grupo Penaflor.
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