Wine Market - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025
The global wine market was valued at US$ 296.03 billion in 2016 and is slated to reach US$ 404.64 billion by 2025. The market is expected to exhibit a CAGR of 3.23% during the forecast period (2018-2025). Growing population of women alcohol consumers, expansion of bars and restaurants, exploring different forms of entertainment such as night parties, growing demand from emerging economies and preference for low calorie alcoholic beverages stands to be some of the key driving factors of the wine market. For instance, in India, the number of pubs and bars grew by over 23% during 2014-2016, compared to cafes during the same time period. The health benefits associated with wine such as lower risk of heart disease, reduce risk of type 2 diabetes and cataracts is also playing a key role in driving the market for wine. Additionally, with the increasing number of millennials shifting from beer and spirit based drinks to wine, the market for wine is expected to witness a positive growth trend during the forecast period. Additionally, the ongoing increase in the consumption of alcohol among females is further driving the sales of red and white wine, thereby helping the market for wine. According to a study conducted by Coherent Market Insights, it is estimated that over 55% of the women prefer wine compared to around 39% for beer in the US. However, the high price of wine compared to other alcohol based drinks such as beer is one of the major hindrance to the growth of the market. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/940 In terms of product, still wine continue to hold majority of the market with around 83% of the market in 2016 where red wine continues to be the preferred option among all customer groups. Others such as sparkling wine and fortified wine are also witnessing growth in demand as customers seek for alternatives. The market for sparkling wine is expected to grow at a CAGR of 4.94% during the forecast period owing to the increasing consumption of champagne during social celebrations. The changing taste and preference among consumers and the demand for new and exotic flavors such as Riesling wine made of white grapes and other tropical fruit wine is fuelling the growth of the wine market. In terms of geography, Europe stands to be the largest market while APAC is expected to witness the fastest growth in wine market till 2022. Europe contributed over 63% of the market in 2016 with countries such as France, Spain, Italy and Germany being the key markets in the region. Additionally, Italy, Spain and France also contributed over half of the wine production at a global level due to its vast vineyard area. North America stands as the second largest market for wine with US being the largest player in the region. At a global level, US contributed about 12% of the global market and also