Global Wine Market By Type ( Price below 20 USD, Price 20-50 USD, Price over 50 USD ), By Application( Retail Market, Auction Sales ), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2020-2029

The global wine market value was USD 473.05 billion in 2023. It is expected to rise to USD 879.67 billion by 2033 at a CAGR of 6.40%. Wine is an integral part of European culture and this cultural trend has been growing in popularity in other parts of the globe, including Asia. These regions have a growing number of working-class and young people who include wine in their daily lives, as well as having occasional drinks at home. These consumer trends will fuel the market growth during the forecast period.

Growing Demand:

A wide variety of wine products is increasing the demand for red and white wine. This will help to grow the global wine market.

Innovation has been a driving force in improving wine blends through the exploration of new flavors and avenues. This is helping to increase the market share for wine on the coast.

The distribution of many wine products has led to the development of maturing interaction as well as the incorporation of diverse elements into wine production. Wine sales are expected to rise around the world.

Wine Market Scope:

By type, the market is segmented into Prices below 20 USD, Prices 20-50 USD, and prices over 50 USD. By Application, the market is divided into Retail Market, and Auction Sales.

Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Major players profiled in the report include E&J Gallo, The Wine Group, Constellation Brands, Castel, Accolade Wines, Cantine Riunite & CIV, Concha y Toro, Treasury Wine Estates, Grupo Penaflor, Pernod-Ricard, Bronco Wine, Caviro, Trinchero Family Estates, Antinori, Changyu, Casella Family Brands, Diageo, China Great Wall Wine, Jacob’s Creek, and Kendall-Jackson Vineyard Estates.

Key Market Segments

Type

Price below 20 USD

Price 20-50 USD

Price over 50 USD

Application

Retail Market

Auction Sales

Key Market Players included in the report:

E&J Gallo

The Wine Group

Constellation Brands

Castel

Accolade Wines

Cantine Riunite & CIV

Concha y Toro

Treasury Wine Estates

Grupo Penaflor

Pernod-Ricard

Bronco Wine

Caviro

Trinchero Family Estates

Antinori

Changyu

Casella Family Brands

Diageo

China Great Wall Wine

Jacob’s Creek

Kendall-Jackson Vineyard Estates

Driving Factors:

To aid market growth, increase alcohol socialization among consumers

In the last few decades, wine production and consumption have seen rapid growth. This has led to an increase in its consumption. Modernization, social engagements, and the increasing acceptance of western culture are all factors that have facilitated alcohol socialization among consumers.

The rise in low-alcoholic beverages is a sign that alcohol consumption is a status indicator. Because of its refreshing appeal, and low ABV offerings, it is enjoying huge popularity among young people. It’s often associated with many occasions and is served with regular food in the developing world. Manufacturers are launching and introducing new products to meet this growing demand, which will ensure its continued market growth.

E-commerce platforms are emerging to support higher revenue generation

In the last few years, e-commerce has been a popular way to buy alcohol. It is expected that it will continue to grow in the future. E-commerce offers many benefits to consumers, including a quick shopping experience, home delivery on time, and varied schemes, among others. The online sales channel plays a vital role in major markets like the U.K. and U.S., Italy, and Spain, among others. The Ministry of Foreign Affairs Netherlands predicts that online sales in North America and Europe will grow by around 15% annually.

The COVID-19 crisis, which has also boosted e-commerce in the beverage segment, is another factor. Comite European des Entreprises Vins reports that during the lockdown, Europe saw an average 180% increase in the volume of this channel. Manufacturers are now focusing their efforts on creating new e-commerce platforms and forming partnerships to increase their market share. Future growth will be supported by technological advances and better distribution networks in e-commerce.

Restraining Factors:

A gradual shift in consumer preference towards other alcoholic beverages may lead to a decline in market share

Global trends such as modernization and rising alcohol consumption have prompted alcohol industry producers worldwide to create bold and innovative alcoholic beverages. Due to their economic affordability, consumers are shifting towards liqueurs, spirits, and beer. American Addiction Centers (AAC) estimates that beer, cider, and lagers account for approximately 400 billion liters of alcohol per year worldwide.

The market share for beer in the United States was 45.5%. Liquor was 37.3%, and this product had 17.2%. The shift towards other alcoholic beverages is expected to slow down market growth over the next years. The industry players are focusing their efforts on attracting consumers by offering drinks with different ABV levels in the market.

Key Market Trends:

Stealing Demand for Premium Ingredients in Fortified Wine

The growth of the fortified wine market will be driven by product premiumization. To meet changing consumer preferences, market leaders are focusing on the development and production of new flavored fortified wine varieties. Marijuana-infused wines have been gaining popularity in the United States. This is the biggest trend in the alcoholic drinks industry. Global markets witnessed consumers shifting to higher-value products across a broad range of categories. This trend is especially evident in developed markets such as the United States. People are eager to try new and exciting alcoholic beverages.

Recent Developments:

OCT 2022: Treasury Wine Estates Ltd announced that Chateau Lanessan was acquired by Treasury Wine Estates Ltd, one of the oldest Bordeaux estates. This acquisition is the latest in a multi-regional portfolio of luxury wines from Penfold.

MAR 2022: Pernod Ricard announced that the Fayard family had signed an agreement to acquire a majority stake in Chateau Sainte Marguerite, Cru Classe Cotes-de-Provence Rosa since 1955. This will complete Pernod Ricard’s luxury wine portfolio.

APR 2021: Constellation Brands has launched a new business unit for fine wines and craft spirits. High West Whisky and Casa Noble Tequila are the new craft spirits.