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%.
One important aspect driving the market expansion is the growing appeal of wine among customers of all ages. The demand for wine is driven by factors such as rising levels of disposable income, improved lifestyles, and rapid urbanization. The output of wine has significantly increased in the last few years. Growing globalization is driving more wine consumption. Globalization and the opening up of new distribution channels are increasing imports and exports, which drives up wine sales. The demand for pricey and flavored wines is rising due to the huge increase in wine production and consumption.
It is anticipated that rising wine sales online would open up new growth opportunities for industry companies. As more people use social media, there is a growing demand for red and white wine. The greater emphasis on creative innovation has led to improved wine mixes. With the introduction of new tastes, manufacturers are creating new chances. Many producers and wineries have begun to use online platforms as an alternative to traditional sales channels. Online wine sales are certain to rise as long as technology continues to advance and more consumers shop online.
The growing demand for premium wine and alcoholic beverages from bars and lounges is helping the global industry expand. Millennials are becoming more and more interested in nightclubs and club culture, particularly those who live in cities. The growing usage of social media and the impact of Western civilization may cause a meteoric rise in the demand for expensive wines, such as French and rose wines.
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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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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