Global Wine Market to Reach US$ 635.8 Billion by 2028, Propelled by Increasing Consumption of Alcoholic Beverages

August 05, 2022 | Food & Beverages

According to the latest report by IMARC Group, titled "Wine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global wine market reached a value of US$ 458.5 Billion in 2022. Wine is a brewed alcoholic beverage prepared by harvesting, crushing, pressing, distilling, and fermenting the juice extracted from grapes. During its aging process, various additional condiments, including aromatics, water, calcium carbonate, sulfur dioxide, potassium sorbate, and metabisulfite, are also incorporated into the product to inhibit enzymatic browning. At present, wine is broadly categorized into rose, still, dessert, sparkling and fortified product types. Wine is rich in antioxidants that assist in preventing cardiovascular diseases (CVDs), lowering bad cholesterol, regulating blood sugar levels, and reducing depression and anxiety. As a result, it is frequently consumed directly or used as a key ingredient to intensify the flavor and aroma of various dishes.

Global Wine Market Trends:

The global wine market is primarily driven by the increasing consumption of various alcoholic beverages due to the emerging trend of socializing in socio-cultural environments, including clubs and bars. This is further influenced by rapid urbanization, inflating income levels, and the rising premiumization of the drink for catering to the evolving consumer preferences. In line with this, the extensive incorporation of distinct biotechnological approaches, including a two-step process to brew wine twice by adding yeast and sugar to enhance product quality, is acting as another growth-inducing factor. Additionally, the advent of low-calorie, marijuana-infused wines with diverse flavor profiles to provide a better drinking experience to consumers is contributing to the market growth. Moreover, the widespread adoption of various online distribution channels and e-commerce platforms to sell and purchase wine, especially during the COVID-19 pandemic, is impelling the market growth. Furthermore, the growing western-cultural influences on emerging economies, supported by the launch of sparkling and still wines due to their rising demand, is positively stimulating the market growth. Other factors, such as ongoing celebrity endorsements, fueling establishment of wineries, escalating awareness amongst consumers regarding the health benefits of wine, and strategic collaborations amongst key players to engineer novel product variants with enhanced taste in innovative packaging solutions, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 635.8 Billion by 2028, growing at a CAGR of 5.5% during 2023-2028.

Market Summary:

Based on the product type, the market has been segregated into still, sparkling, and fortified wine and vermouth.
On the basis of the color, the market has been classified into red, rose, and white wine.
Based on the distribution channel, the market has been bifurcated into off-trade (supermarkets and hypermarkets, specialty and online stores, and others) and on-trade.
On a regional basis, the market has been segmented 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.
The competitive landscape of the industry has also been examined, 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 Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product Type, Color, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
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Global Wine Market to Reach US$ 635.8 Billion by 2028, Propelled by Increasing Consumption of Alcoholic Beverages

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