Wine Market Size, Price Trends, Demand, Global Report 2023-2028

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IMARC Group, a leading market research company, has recently releases report titled “Wine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global wine market size reached US$ 458.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 635.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.

Wine, as a product, embodies a sophisticated fusion of culture, history, and taste, intricately blended with the science of viticulture and winemaking. It is an alcoholic beverage produced predominantly through the fermentation of grape juice, although wines can also be derived from other fruits. The myriad varieties of wines available worldwide – from full-bodied reds to delicate whites, from sweet dessert wines to sparkling varieties – mirror the diversity of the grape species and the regions they are grown in, with their specific climatic conditions and winemaking traditions. Its character is influenced by a multitude of factors, including the grape variety, the terrain, the climate, and the winemaker’s skill, and it is this complexity that contributes to its appreciation as a beverage of elegance and sophistication. It is widely consumed in many cultures and countries, serving as an accompaniment to meals, a celebratory libation, or a valued collectible.  

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What are the growth prospects and trends in Wine Industry: 

The escalating preference for premium wines among the masses majorly drives the global market. This can be supported by the increasing disposable income and an enhanced awareness of wine as a status symbol. Along with this, the trend towards experiential consumption, where consumers are interested not just in the product, but the story behind it, further influences the market. Another critical factor is the evolution of wine tourism, with wineries offering vineyard tours, wine-tasting sessions, and on-site sales, thereby providing consumers with a holistic experience. Additionally, the health-conscious trend, coupled with research highlighting the potential benefits of moderate wine consumption, especially red wine, is positively influencing the market. Apart from this, the growing shift towards sustainable and organic winemaking, driven by increasing environmental consciousness, is also contributing to the market. Furthermore, the recent adoption of direct-to-consumer sales models and e-commerce platforms in wine sales, exacerbated by the COVID-19 pandemic, is creating a positive market outlook. 

Who are the key players operating in the industry?

  • Accolade Wines
  • Asahi Group Holdings Ltd.
  • Bronco Wine Company
  • Castel Frères
  • Chapel Down Group PLC
  • Constellation Brands Inc.
  • E. & J. Gallo Winery
  • Foley Family Wines
  • Pernod Ricard
  • The Wine Group
  • Treasury Wine Estates Limited.

Key Market Segmentation:

The report has been segmented the market into following categories:

Breakup by Product Type:

  • Still Wine
  • Sparkling Wine
  • Fortified Wine and Vermouth

Breakup by Color:

  • Red Wine
  • Rose Wine
  • White Wine

Breakup by Distribution Channel:

  • Off-Trade
    • Supermarkets and Hypermarkets
    • Specialty Stores
    • Online Stores
    • Others
  • On-Trade

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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