The wine market can project expansion at a rate of 5.95% between 2020 and 2027, reveals Market Research Future (MRFR). The market value by 2027 is expected to be $444 billion, adds the MRFR.
Growth boosters and deterrents
With the improvement of living standards across the world, wine is increasingly preferred and consumed. The popularity of wine is aided by the increasing number of functions and occasions such as weddings, social gatherings and parties. Wine is one of the most widely consumed drinks in Europe, with almost every meal being accompanied by this drink. Moreover, the growing number of hotels, clubs, restaurants, cafes and bars around the world, combined with the tremendous growth in international tourism, will result in a higher growth rate of the wine industry.
Various wine brands are striving to take advantage of market opportunities and hence are adopting marketing strategies through social media. The main objective is to attract the interest of as many young consumers as possible. The growing number of internet users around the world, coupled with the accelerated use of the internet, will also help boost the demand for the wine market.
Emerging countries are among the top spots for international manufacturers, due to the growing acceptance of wine. A growing preference for vintage wines, mainly for special occasions, could further support business growth in these countries. Another opportunity in emerging countries may be the fact that social media is gaining popularity among Millennials as well as the Gen Z population, which has increased spending on wine and various liquors.
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The different types of wines available in the world are still wines, as well as brilliant wines.
The main distribution channels that sell wine include catering as well as specialty retail stores (including supermarkets and hypermarkets, etc.).
Europe is expected to be the biggest gainer in the global wine market over the assessment period, while the major countries in the region are France, Germany and the UK. The European market is doing extremely well due to the impressive economic status of the region. , the affordability of wine and the high consumer preference for various alcohols. Many types of wine are in high demand in Europe, with brands like Diageo, Bacardi, Campari and Pernod Richard teaming up to improve their market position. Advanced lifestyles, combined with people’s substantial disposable incomes, are expected to further support the rate of wine consumption in the years to come.
China and India are among the largest markets in Asia-Pacific, with the region poised to become the fastest growing market in the coming years. The growing number of small-scale wineries along with the changing quality of wine, mainly in China, will further push the market demand. Singapore, Hong Kong, India and Australia are also a few lucrative markets, thanks to steadily rising per capita income, the strong influence of Western culture and growing interest in high-end luxury goods. range.
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Distell Group Limited (South Africa), Accolade Wines (UK), J. Gallo Winery (USA), Constellation Brands (UK), Vina Concha y Toro (Chile), Treasury Wine Estates (Australia) and Shanghai Torres Wine Trading Co.Ltd. (China) are some of the most prominent wine developers and distributors in the global industry.
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The PlumpJack Collection of Wineries, one of Napa Valley’s most prolific portfolios of highly acclaimed wineries such as CADE Estate Winery, PlumpJack Estate Winery, 13th Vineyard by CADE and Odette Estate Winery completed the acquisition of Oso Vineyard , a high elevation area in northeast Napa Valley. With this acquisition, The PlumpJack Collection has become one of the largest wineries in all of Napa Valley.
Read more blogs:
Still wine market: https://www.marketresearchfuture.com/reports/still-wine-market-6607
Red Wine Market: https://www.marketresearchfuture.com/reports/red-wine-market-2951
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