From 2023 to 2033, there is expected to be a significant increase in the size of the global wine market. The global market is expected to surpass a valuation of US$ 5,34,226 million in 2023, according to the research report released by Future Market Insights. By 2033, its value is projected to reach US$ 8,75,293.8 million. From 2023 to 2033, the market is anticipated to grow at a CAGR of 5%.
The wine market is experiencing substantial growth globally, propelled by increasing popularity among consumers across diverse age groups. Factors such as rapid urbanization, improving lifestyles, and rising disposable income levels contribute to the robust demand for wine. The market is witnessing a significant upswing in production, driven by the expanding global footprint of wine consumption. Globalization, coupled with the expansion of distribution channels, is fostering the surge in both exports and imports, particularly for expensive and flavored wines.
Key Growth Drivers and Trends:
- Popularity Surge: The increasing appeal of wine across various demographics is a pivotal factor driving market growth. Improved production, rising globalization, and a burgeoning consumer base are contributing to the escalating demand for wine.
- Online Sales Momentum: The wine market is experiencing a surge in online sales, creating new growth avenues for market players. Social media usage is influencing the demand for white and red wines, leading to enhanced wine blends and the introduction of new flavors.
- Premiumization Trend: Global market expansion is underpinned by the growing demand for premium wine and alcoholic beverages, particularly in bars and lounges. Millennials, especially those in urban areas, are driving the demand for high-end wines such as French and Rose wine.
- Innovative Offerings: Wineries and producers are focusing on inventive innovation, carving out new opportunities by launching novel flavors. As technology advances and online shopping gains traction, the trend of online wine sales is expected to witness continuous growth.
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Key Takeaways from Wine Market Report:
- The global wine market 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 market registered a CAGR of 9.4% in 2022.
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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
Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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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