Sarasota, FL -- (SBWIRE) -- 08/24/2018 -- Zion Market Research has published a new report titled "Wine Market by Colour (Red Wine, Rose Wine, White Wine and Others), By Product Type and By Distribution Channel: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2023". 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 a grape product which is obtained by the process of fermentation. In the production of wine, yeast is used to convert sugar into ethanol and carbon dioxide. It is obtained without the addition of acids, enzymes, water or other nutrients. The grapes used for the production of wine are called as wine grapes as they are different from normal grapes. Wine grapes are, smaller, more pungent, and have thicker chewy skins. Different types of grapes, in combination with different strains of yeast, are used to make different types of wines. Red grapes are used to produce red and rose wine whereas white grapes are used to produce white wine. The period of contact of the fermenting product with the skin of the grapes decides the intensity of the color of the wine which is to be obtained. Sometimes different fruits are also used to produce fruit wines. Wine generally contains water, alcohol, acids, sugars, mineral salts, coloring substance, aromatic substance, and sulfites. Water and alcohol are the main components present in wine.

In recent years, there has been a rise in demand for wine across the globe. Wine, having health benefits, is making its way to social recognition which also drives the growth of the market. Rapid urbanization, high disposable income and changing lifestyle are some of the drivers for the growth of the global wine market as there is an increase in popularity of wine products during social celebrations. Aging population preferring wine over hard drinks has also been increasing the demand for wine across the globe. Recently, there has been an increase in the number of young wine connoisseurs, which has led to the increased penetration of wine products and wine tasting events across the globe. Heavy taxation and legal regulation by the government on wine act as major restraints for the growth of the wine market. The high cost of wine is also expected to slightly hinder the growth of the market. Moreover, availability of other alcoholic substitutes can create a hindrance to the growth of global wine market.

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Based on color, the market is segmented into red wine, rose wine, white wine and others. Red wine is expected to dominate the global wine market during in the forecast period.

Based on product type, the market is segmented into still wine, sparkling wine, dessert wine and fortified wine. The still wine segment is expected to dominate the global wine market.

Based on distribution channel, the market is segmented into supermarket and hypermarket, specialty stores, convenience stores, online channel, and others. Supermarkets and hypermarkets are anticipated to dominate the global wine market in the future.

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North America is projected to continue its supremacy, in the global wine market, which will be followed by Europe, in the forthcoming years. The growth of this regional market is due to the increasing grape cultivation in this region.

Some of the key players in the global wine market are 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 a new quality of the wine.