Wine Market Continues Exhibiting Strong Growth due to Increasing Number of Bars and Lounges

The global demand for Wine Market is expected to increase at over 5.1% CAGR, surpassing US$ 846.3 Bn between 2022 and 2032. Growth in the market is attributable to increasing consumption of red wine due to its varied health benefits.

According to the World Health Organization (WHO), more people die each year from cardiovascular disease (CVD). As per the WHO, red wine have several health benefits such as weight loss, low blood sugar levels and others. Hence, wine is being promoted as a healthy beverage.

Sales of organic wine are expected to remain high during the projected period. Growing trend for organic products due to increasing health awareness is also favoring the growth in the market. Hence, demand for organic wine from the retail and restaurant is expected to increase at a robust pace overt the forecast period.

Consumption of organic wine is rapidly expanding, especially in Germany and France, according to Future Market Insights. Also, advent of sustainable winemaking processes has encouraged the sales of organic wines.

Key Takeaways from the Wine Market Study

• The U.S. held more than 67.6% of market share in North America in 2021 owing to the upsurge in the number of bars and restaurants in recent years.
• Italy wine market is expected to exhibit growth at a CAGR of 4.3% for due to the easy availability of grapes for wine production.
• In terms of type, the sparkling wine segment will dominate the market, registering growth at 8.5% CAGR between 2022 and 2032.
• In terms of price range, US$ 10- US$ 15 held over 39.1% of market share in the global wine market

“Improving lifestyle, increasing penetration of online sales channel and the internet, and growing consumption of red wine for recreational purposes are some of the factors driving the sales of wine across the globe,” says an FMI analyst.

Who is winning?

Leading manufacturers of Wine are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of wine globally. Major players present in the wine market are The Wine Group, John Distilleries, International Beverage Holdings, Halewood Wines International, Sula Vineyards Pvt. Ltd., Asahi Group Holdings, Ltd., Beijing Yanjing Beer Group Corporation, Castel Frères, Accolade Wines, Constellation Brands, Treasury Wine Estates (TWE), Pernod Ricard, and E. & J. Gallo Winery among others.

Global Wine Market By Category

By Type:

• Sparkling Wine
• Dessert Wine
• Red Wine
• White Wine

By Price Range:

• Below US$ 5
• US$ 5–10
• US$ 10–15
• Above US$ 15

By Source:

• Organic Wine
• Conventional Wine

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Ocea
• MEA

Information Source:
https://www.futuremarketinsights.com/reports/wine-market