A report published by Zion Market Research covers the growth of the global wine market and industry. According to research, the global wine market was valued at $302.02 billion in 2017 and is expected to be worth $423.59 billion at the end of 2023. This market growth with register a CAGR of about 5.8% during the forecast period 2017-2023.
Wine is an alcoholic beverage that is created by the natural process of fermentation. The fermentation process is usually carried out by bacteria found on the skin of grapes. In order to create a specific type of wine, various strains of yeast are added to the fermented product. The quality of wine increases the longer it is left to age.
There are six basic processes involved in the production of wine, including:
The global wine market is segmented by wine type including:
Red wine is expected to dominate the market during the forecast period, as it has done so in years past. Sparkling wines, such as champagne, are used primarily as a celebration wine. These sparkling wines have also grown in popularity and contributed to the growth of the market.
New packaging among sparkling wines, such as cans or mini bottles, has also had an effect on the market as these types of wine are more readily considered ‘every-day’ drinks. For that reason sparkling wine can be a more ‘casual’ al is appearing more frequently in households and at restaurants or bars.
Of the regions that contribute to the global wine market, North America is expected to dominate the industry during the forecast period. This is due to changing lifestyles and a general increase in liquor consumption across North America.The United States specifically will dominate in North America due to the increased cultivation of grapes and advancements in technology used to produce wine.
Meanwhile, Europe continues to be the dominant wine producer, contributing to 70% of the total wine produced in 2018. However, the Asia-Pacifc region is expected to witness rapid growth during the forecast period. More and more companies are beginning to produce wine in the regions of China, India and Japan. This is coupled with an increased demand for premium wines and an adaptation to westernization.
The Asia Pacific is expected to witness rapid growth during the forecast years. This is due to an increase in the number of companies that produce wine in the region of China, India, and Japan. The increase in demand for premium wines and growing westernization also act as factors that drive the growth of the wine market in this region.
Addition factors that are influencing the global wine market include:
In addition, more individuals are beginning to purchase wine through online mediums, making the alcoholic beverage more accessible and increasing overall sales.