The global wine market was valued at US$ 305.93 Billion in 2017, according to Wine Market Report, by Product Type (Still Wine, Sparkling Wine, and Fortified Wine), by Color Type (Red Wine, White Wine, and Rose Wine), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global wine market is projected to reach US$ 407.97 Billion by 2026, exhibiting a CAGR of 3.25% during the forecast period. Health benefits associated with wine such as low risk of heart diseases, type 2 diabetes, and cataracts is expected to play key role in driving growth of the wine market.
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Among product type, still wine segment accounted for major market share in the market in 2017. For instance, according to the United States Department of Agriculture 2017 Report, on Germany Wine Industry, total consumption of still wine and sparkling wine fluctuated between 19.3 and 20.5 million hl during 2015-17. Changing taste and new preferences among consumers along with increasing demand for new and exotic flavors such as Riesling wine and other tropical fruit wine is expected to fuel growth of the wine market. The sparkling wine segment is expected to witness significant growth in the market during the forecast period, owing to increasing consumption of champagne during social celebrations.
Increasing preference for alcoholic beverages such as wine and beer in the high millennial population (above the legal drinking age) is expected to be a major factor driving growth of the market. According to Millennial Engagement Initiative Report 2017, in 2014, over 36% of the U.S. workforce comprises millennial generation and nearly half (46%) of all the U.S. work force is projected to be millennial by 2020. Such factors are projected to create conducive environment for growth of the still wine segment over the forecast period.
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Browse 24 market data tables* and 12 figures* on “Wine Market” – Global forecast to 2026.
Key Trends and Analysis of the Wine Market:
· Europe held a dominant position in the global wine market in 2017, wherein, France, Spain, Italy, and Germany were the major growth engines in the market. Italy, Spain, and France accounted for over half of the worldwide wine production, owing presence of vast vineyard areas in the region.
· According to the European Commission for Agricultural and Rural Development, in 2017, European Union accounted for 44.3% of wine-growing areas, 56% of production, 54% of global consumption, and 74.7% of exports in global terms.
· Moreover, events such as the ‘The London Wine Competition’, recognizes, rewards, and helps to promote wine brands. It rates the brands based on three criteria such as quality, value for money, and packaging. The event is organized by Beverage Trade Network (BTN), the leading online platform dedicated to connecting the global beverage industry. Such events are expected to further increase demand for wine in the European market.
· North America accounted for the second largest market share for wine in 2017, with the market in the U.S. being the largest contributor in the region. As per the American Association of Wine Economists, by 31st March 2017, U.S. comprised of around 12,000 wineries. Increasing preference for wine among the millennials is bringing a shift in the target customer group, which is expected to play a significant role in boosting growth of the wine market in the country.
Key Takeaways of the Market:
· Europe held a dominant position in the global wine market in 2017, and is expected to retain its dominance throughout the forecast period, with major contribution coming from the emerging economies of India and China.
· Market in Asia Pacific is projected to witness the fastest growth, owing to increasing consumption of wine in the region. The market in China and India is a key contributor in growth of the market in Asia Pacific. China is one the largest market for alcohol consumption worldwide with the country also being one of the leading importers of wine.
· Moreover, the Government of China promotes Hong Kong as a wine trading hub and events such as Hong Kong International Wine and Spirits Fair and ProWine China are further expected to promote growth of the wine market in Asia Pacific.
· Increasing investments by market players to enhance their market share is expected to contribute towards growth of the wine market. For instance, in November 2016, Accolade Wines invested US$ 40 Million into Berry Winery to establish a new packaging and glass bottling plant. This new facility has a bottling capacity of 8 million cases of wine, annually.
· However, stringent government regulations on wine products worldwide are expected to hinder the market growth. For instance, European Union established a set of allowed and not-allowed oenological practices. Under this practices, all wine imported in Europe needs to be certified. The certification and wine analysis report must be presented within single document. Moreover, legislations such as allergen declaration, labelling & presentation, food laws, and various others are strictly imposed on wine. These factors are expected to restrain growth of the market.
· Major players operating in the global wine market include, E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard, Treasury Wine Estates, Caviro, Grupo Penaflor, and others.
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