Wine is an alcoholic beverage made from grapes, without the addition of acids, enzymes, sugar, water, and other nutrients. With the increasing popularity of wine consumption as a way of social recognition plus health benefits, the global wine market is slowly at a rise. Revenue in the Wine segment amounts to US$381,341m in 2021; with United State generating the most. The market is expected to grow annually by 8.51% (CAGR 2021-2025).
The global wine market is segmented into different parts by the product type, the colour, distribution channel and geographically. Based on product type, the market is segmented into still wine, sparkling wine and fortified wine. Product premiumization is one of the prime factors expected to fuel the growth of the global market for fortified wine in the upcoming years. Based on colour, the market has been segmented into red wine, rose wine, and white wine. On the basis of the distribution channel, the market is divided into on-trade and off-trade. Off-Trade is further sub-segmented into supermarkets/hypermarkets, specialty stores, online channels, and other distribution channels. And lastly, geographically, the wine market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe are expected to hold a major share of the wine market due to the rising grape production in these regions. The U.S is projected to dominate the wine market soon, due to the increasing grape cultivation and modernized processing methods. However, Asia-Pacific, which includes China, India, and Japan, is likely to expand rapidly during the forecast period due to the rising number of retail companies of wine in the region. Hong Kong has no import tax for wine, which is a driving factor for the market.
The prominent companies in the market are E. & J. Gallo Winery, Constellation Brands Inc., and The Wine Group LLC. These companies have a significant share in the market, owing to their wide range of prices for wines.