The wine market refers to the global industry involved in the production, distribution, and consumption of wine. Wine has been enjoyed by people for centuries and is produced in various regions around the world, with notable wine-producing countries including France, Italy, Spain, the United States, Australia, and Argentina.
The wine industry is influenced by a variety of factors, including consumer preferences, economic conditions, climate, and government regulations. It encompasses a wide range of wines, from table wines and sparkling wines to fortified wines and dessert wines, each with its own unique characteristics and production methods.
From 2023 to 2033, there is expected to be a significant increase in the size of the global wine industry. The global market is expected to surpass a valuation of US$ 1709.27 billion in 2023, according to the research report released by Future Market Insights. By 2033, its value is projected to reach US$ 2971.13 billion. From 2023 to 2033, the market is anticipated to grow at a CAGR of 5.7%.
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The increasing popularity of wine among consumers from all age groups is a key factor boosting the market growth. Rapid urbanization, improving lifestyles, and increasing disposable income levels aid in propelling the demand for wine. In recent years, there has been a significant increase in wine production. Wine consumption is being fueled by escalating globalization. The expansion of distribution channels and globalization are boosting exports and imports, which fuels wine sales. The production and consumption of wine are significantly rising, which is driving up demand for expensive and flavored wines.
Increasing online wine sales are expected to create growth avenues for market players. Demand for white and red wine is rising as social media usage spreads. Wine blends have improved as a result of the increased focus on inventive innovation. Manufacturers are carving new opportunities by launching new flavors. In order to circumvent conventional sales channels, several wineries and producers have started using online platforms. As technology develops and more people shop online, online wine sales are bound to increase.
Global market expansion is aided by the rising demand for premium wine and alcoholic beverages from bars and lounges. Nightclubs and club culture are attracting more and more interest from millennials, especially those who live in urban areas. The demand for high-end wines like French and Rose wine may catapult by the increased use of social media and the influence of Western civilization.
Key Takeaways from the Wine Market Report:
- The global wine industry expanded at a CAGR of 2.3% from 2018 to 2022.
- The global market size stood at US$ 4,69,726.8 million in 2018.
- In 2022, the global wine market accounted for US$ 5,13,678.80 million.
- Organic wine segment is anticipated to dominate the market, registering a 17.5% CAGR from 2023 to 2033.
- The United States wine market showcased a CAGR of 16.9% in 2022.
- Wine market in India captured nearly 9.7% of global market shares in 2022.
- The United Kingdom wine industry registered a CAGR of 9.4% in 2022.
Recent Developments Observed by FMI:
- Provi, a well-known online retailer of alcoholic beverages, introduced additional product features in April 2023. The new features are intended to improve the effectiveness of the three-tier structure.
- Ferrari Trento released three wines in March 2023 to commemorate this year’s three premier races. The inspiration for the three brand-new bottles came from the renowned racetracks in Las Vegas, Zandvoort, and Imola.
- The largest wine producer in India, Sula Vineyards Ltd., launched its Initial Public Offering (IPO) in December 2022.
- Star Winemaker introduced Snowden Cousins in August 2022. The Snowden Cousins wine brand is created to determine whether widespread wine bottle refilling may slow down climate change.
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Market Segmentation
By Type:
- Sparkling Wine
- Red Wine
- Dessert Wine
- White Wine
By Price Range:
- Below US$ 5
- US$ 5 to US$ 10
- US$ 10 to US$ 15
- Above US$ 15
By Nature:
- Organic
- Conventional
By Sales Channels:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Pubs/Bars/Restaurants
- Online Retailers
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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