Global Wine Market to Reach US$ 762.3 Billion by 2032, Propelled by the Emerging Technology Advancement in Wineyard

The latest report by IMARC Group, titled “Wine Market Report by Product Type (Still Wine, Sparkling Wine, Fortified Wine and Vermouth), Color (Red Wine, Rose Wine, White Wine), Distribution Channel (Off-Trade, On-Trade), and Region 2024-2032,” finds that the global wine market size reached US$ 483.6 Billion in 2023. Wine is an alcoholic beverage that has been enjoyed by individuals around the world for centuries. It is typically produced from fermented grapes. The art of winemaking, known as viticulture, has evolved, resulting in numerous wine varieties with several flavors, aromas, and characteristics. It is categorized into two main types, including red wine and white wine. Red wine is produced from dark-colored grapes and is typically aged in wooden barrels, which can impart additional flavors and tannins to the wine, while white wine is manufactured from green or yellowish grapes, and it is usually fermented without the grape skins, resulting in a lighter color. Additionally, the flavor profile of wine can be influenced by grape variety, the region where the grapes are grown, known as the terroir, the winemaking techniques employed, and the aging process. Wine enthusiasts often describe wine using terms such as fruity, oaky, dry, sweet, tannic, and acidic to convey its taste and characteristics.

Global Wine Market Trends:

The wine market is primarily driven by the emerging technology advancement in vineyard management, winemaking processes, and distribution. In addition, technology is improving efficiency and quality across the supply chain, thus contributing to the market growth. Also, various innovations such as precision viticulture, data analytics, and sustainable farming practices are contributing to the market growth. Moreover, the changing consumer preferences and exploration of several varieties, regions, and styles of wine created opportunities for traditional wine-producing regions and emerging wine regions, representing another major growth-inducing factor. Besides this, the growing popularity of wine is raising its consumption across the globe, with the shift toward healthier lifestyles encouraging many consumers to choose wine over other alcoholic beverages due to its perceived health benefits and lower alcohol content, thus accelerating the market growth. Along with this, many studies are suggesting that moderate wine consumption has certain health benefits, such as improving cardiovascular health and reducing the risk of chronic diseases, which encourages consumers to incorporate wine into their lifestyles, further propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 762.3 Billion by 2032, exhibiting a CAGR of 5.08% during the forecast period (2024-2032).

Market Summary:

• Based on the product type, the market has been categorized into still wine, sparkling wine, and fortified wine and vermouth. Nowadays, still, wine represents the largest market segment.
• On the basis of the color, the market has been divided into red wine, rose wine, and white wine. Presently, red wine accounts for the largest market share.
• Based on the distribution channel, the market has been classified into off-trade (supermarkets and hypermarkets, specialty stores, online stores, and others) and on-trade. Among these, off-trade channels exhibit a clear dominance in the market.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, Europe holds the leading position in the market.
• The competitive landscape of the industry has also been examined in the report, with some of the key players being Accolade Wines, Asahi Group Holdings Ltd., Bacardi Limited, Bronco Wine Company, Castel Frères, Chapel Down Group PLC, Constellation Brands Inc., E. & J. Gallo Winery, Foley Family Wines, Pernod Ricard, The Wine Group, and Treasury Wine Estates Limited.

Report Coverage:

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