Wine Market records growth of USD 134.59 billion from 2022 to 2027 | Major Innovations and Key Vendor Offerings | Technavio

NEW YORK, Feb. 14, 2024 /PRNewswire/ -- The wine market size is expected to grow by USD 134.59 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 4.45% during the forecast period. The wine market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Accolade Wines Australia Ltd., Boisset Family Estates, Bronco Wine Co., Casella Wines Pty. Ltd., Castel Freres, Charlie and Echo, Delicato Family Wines, Deutsch Family Wine and Spirits, E. and J. Gallo Winery, Emiliana Organic Vineyards, Harris Organic Wines, Inglenook, Jackson Family Wines Inc., King Estate Winery, Les Domaines Barons de Rothschild Lafite, Pernod Ricard SA, The Wine Group LLC, Treasury Wine Estates Ltd., and Vina Concha y Toro SA. View PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The increasing use of online sales channels is notably driving the wine market. However, factors such as rising competition from other alcoholic beverages may impede growth. The market is segmented by distribution channel (off-trade and on-trade), product (red, fortified, white, and sparkling), and geography (Europe, APAC, North America, South America, and Middle East and Africa). Technavio provides a comprehensive report summary describing the size and forecast along with research methodology. The sample report is available in PDF format 

The growth of the off-trade segment is significant during the forecast period. Some of the major retail formats in the off-trade segment include supermarkets and hypermarkets. These retail formats provide a broad range of wines from different producers, countries, and regions, making it easy for customers to purchase a variety of wines. The selling of products or services to consumers through retail outlets such as supermarkets, convenience stores, convenience stores, kiosks, wine and liquor stores, and online platforms are referred to as off-trade distribution channels. There is a growing popularity for this segment due to its convenience as customers prefer to buy wine and consume it at home. Hence, such factors are fuelling the growth of this segment which in turn will drive the growth during the forecast period. To know additional highlights and key points on various segments and their impact in coming years, View PDF Sample Report.

Europe is estimated to account for 34% of the growth of the global industry during the forecast period. One of the main factors fuelling the growth in the region is the steady growth in Eastern Europe. One of the largest businesses in Europe includes breweries and wineries and provides numerous employment opportunities. Some of the major countries with high consumption of wine include Portugal, France, Italy, and Switzerland. Furthermore, there is a significant demand for wine among the elderly population in Europe. Hence, such factors are driving the growth in Europe during the forecast period.

The wine sector remains a fascinating realm, intertwining tradition with modern trends. Originating from the French Paradox, which highlighted the health benefits of red wine and its key component, resveratrol, consumers increasingly appreciate its rich antioxidants and cardiovascular advantages. Beyond mere alcoholic beverages, wine embodies a culture of wellness and indulgence. Wine production embraces sustainability and organic methods, resonating with environmentally concerned consumers. Wineries offer immersive experiences, from vineyard tours to wine tastings, showcasing diverse varieties and styles across pricing ranges. With the rise of e-commerce platforms, accessibility has expanded, fostering a global appreciation for this timeless elixir and enriching wine tourism experiences.

Direct-to-consumer sales channels and online purchasing have revolutionized the industry, allowing consumers to explore a vast array of options conveniently. Embracing technology, augmented reality (AR) enhances the shopping experience, providing virtual tastings and interactive label information. Discerning connoisseurs seek out unique offerings, including natural wines produced with minimal intervention. Transparency is key, with an emphasis on open winemaking processes. For on-the-go enjoyment, canned wines offer convenience without compromising quality. Wine delivery subscription services cater to enthusiasts, delivering curated selections to their doorstep. The industry also embraces organic and sustainable products, reflecting a growing eco-conscious consumer base. Online platforms serve as hubs for exploration and purchase, connecting wine lovers with diverse options and experiences.

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The cognac market size is projected to increase by USD 897.31 million and the size is estimated to grow at a CAGR of 3.64% between 2022 and 2027.

The Irish whiskey market size is projected to increase by USD 2,105.64 million and the size is estimated to grow at a CAGR of 6.34% between 2022 and 2027. 

ToC:

Executive Summary

Landscape

Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Distribution Channel

Segmentation by Product

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio