Press Release

Global Wine Market is Predicted to Reach USD 462.2 Billion & Record CAGR of Around 4.64% By 2030

The Global Wine Market size was valued at USD 336.03 billion in 2023 and is projected to reach USD 462.2 billion by 2030. The market is estimated to grow at a CAGR of around 4.64% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The Global Wine Market is gaining immense popularity due to the blend of wine's revitalizing flavor and its connection to rural landscapes, elevating it to a globally sought-after commodity. This has resulted in widespread adoration with eased trade limitations and tariffs, thus boosting its reception abroad. More individuals socialize over alcohol-based drinks, further fostering expansion within the sector.

In addition, working professionals' preference for low-alcohol options has notably strengthened the market growth. In recent times, more and more new organically based wineries are being established, and old traditional wineries are adding organic wine to their product line, based on its growing consumption. Furthermore, consumers with environmental concerns have shown keen interest in wineries adopting sustainable techniques for producing organic wines, resulting in a significant boost to market growth worldwide.

Moreover, the direct sales of wine to tourists during their visits can be substantial, as the immersive experience often encourages purchases that might not have occurred through traditional retail channels. The ancillary services and products associated with wine tourism, such as accommodations, dining, transportation, and local crafts, contribute to the overall economic impact. This not only benefits the wineries themselves but also the local businesses and communities, creating a symbiotic relationship that enhances the overall appeal of the destination.

Leveraging digital marketing to reach a global audience not only contributes to the financial success of individual wineries but also has a positive economic impact on the regions where they are located, making wine tourism a win-win for all involved. Hence digital sales channels have become vital players in leading markets like Italy, Spain, the U.S., UK among others.

Also, the worldwide market has witnessed a notable influence from cannabis-infused beverages such as wines in recent times. To attain their ambitious sales goals for this type of wine, winemakers have intensified promotional campaigns aiming to broaden their customer base. This practice further fuels the surge in demand for all types of wine products across the globe, further states the research report, “Global Wine Market Analysis, 2024.”

Global Wine Market Segmentation Analysis

Still Light Grape Wine Holding the Substantial Market Share

Based on the type segment, the market is further bifurcated into Still Light Grape Wine, Sparkling Wine, Non-Grape Wine, and Fortified Wine. Still, Light-Grape Wine holds a significant market share in the Global Wine Market, owing to its original taste & flavor. It is one of the oldest alcoholic drinks globally and still holds a favored spot as table liquor in European nations while being consumed widely worldwide. Also, the rise in sales for this type of wine is attributed to customers' desire for lighter characterizations regarding their preferred style. In response, it's expected that demand will continue escalating during the forecast period since consumers look towards evolving tastes as criteria when choosing beverages with more features inclusive.

Europe Out-powering the Global Wine Market

Europe's dominance in the Wine Market stems from its rich cultural heritage and historical involvement in wine production. With a vast selection of wines that play an essential part in traditional celebrations, Europe is at the forefront as the top consumer. Regions like Bordeaux and Burgundy (France), Tuscany (Italy), Rioja (Spain), and Mosel Valley (Germany) are known for their time-honored winemaking methods. Hence, contributes significantly to Europe's reputation as one of the world-class manufacturing regions for wines.

Moreover, the increasing demand for organic wines among EU consumers is driving Europe, especially the EU, to lead the global wine industry. This trend has significantly shaped the market as it reflects a growing preference for sustainability and quality in product choices.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including E & J Gallo, Constellation Brands, The Wine Society, Treasury Wine Estates, Vina Concha Y Toro, Castel Freres, Accolade Wines, Pernod Ricard, Grupo Penaflor, Fecovita Co-Op, Scout and Cellar, Miller Family Wine Company, Boisset Collection, Kendall-Jackson Wine, Bacardi Limited (Martini Brand), and Others (VineOh, Australian Vintage Ltd., etc.) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Wine Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?