Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 120 Pages
The wine market is projected to register a CAGR of 4.28% during the forecast period, 2021- 2026.
As per Mordor Intelligence's analysis, COVID-19 made a major impact on the wine industry due to the forced closure of on-trade wineries in various countries such as the United States, the United Kingdom, India, and others to control the impact of the pandemic. However, the current environment may provide an opportunity for the wine industry to recapture lost consumer attention. As per the analysis, the total wine volumes are up year-over-year as more people purchase wine to enjoy with meals at home, majorly in European and North American countries. On the other hand, there is uncertainty if the current boost in the off-trade will continue after pantry loading depletes, the on-trade slowly reopens, and consumption behavior returns to pre-COVID-19 levels.
Moving forward, the wine market is likely to be driven by the increasing demand for wine due to its health benefits and premiumization of wine products, coupled with innovation in flavor and more advanced distribution networks, globally.
Changing tastes and new preferences among consumers and increasing demand for new and exotic flavors, such as Riesling wine and other tropical fruit wines, are expected to fuel the growth of the wine market.
Surge in Demand for Fortified and Other Premium Ingredients Infused Wine
Product premiumization is one of the prime factors expected to fuel the growth of the global market for fortified wine in the upcoming years. Leading market players are concentrating on the development of new flavored fortified wines to cater continuously to the changing consumer preferences. Marijuana-infused wines are gaining high popularity, specifically in markets like the United States. It is possibly the most significant trend influencing the alcoholic drinks market globally. Markets across the world witnessed consumers trading up to higher-value products, primarily across a wide range of categories. This trend is prominent in the developed markets, like the United States. Consumers are keen to explore unique and interesting alcoholic beverages.
Surge in Wine Consumption in Asia-Pacific and South American Regions
Asia-Pacific is leading in the demand for wine, with China dominating the market in the region. Notably, the consumption of red wine is more of a tradition in China, as the color red is considered lucky in the country. Owing to this factor, China is one of the leading markets for red wine consumption, giving tough competition to France and Italy. Australia is second in the consumption of wine in Asia-Pacific, followed by Japan. Also, India is the fastest-growing country in terms of wine consumption and registered a growth rate of approximately 7%. The Philippines, South Korea, and Vietnam are the other potential wine-consuming markets in Asia-Pacific. Hong Kong has no import tax for wine, which is a driving factor for the market.
Brazil and Argentina are other key countries, reflecting the future growth prospects in the wine market. The two nations are majorly driven by an expanding middle class, coupled with marketing campaigns run by major importers, such as Expand Importadora and Interfood Importacao, which are aiming to promote the culture of wine drinking, particularly in the case of Brazil.
The wine market is a highly competitive market due to a large number of global and domestic companies operating in various countries. The prominent companies in the market are E. & J. Gallo Winery, Constellation Brands Inc., and The Wine Group LLC. These companies have a significant share in the market, owing to their wide range of prices for wines. As every region has a number of domestic players with robust distribution channels, global players seeking a higher market share prefer acquiring them rather than starting fresh in the country. New product development is another strategy followed by companies, as product differentiation helps in increasing the consumer base.