Global Wine Market Research Report: Forecast (2024-2030)

Market Definition

Wine, an alcoholic drink commonly produced using fermented grapes or other fruits, holds a prominent place in the world's history and is widely consumed to this day. The fundamental wine-making process involves crushing fruit into juice which is then transformed through yeast fermentation, converting sugars within it into carbon dioxide and alcohol.

Market Insights & Analysis: Global Wine Market (2024-30):

The Global Wine Market size was valued at USD 336.03 billion in 2023 & is projected to reach USD 462.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 4.64% during the forecast period, i.e., 2024-30. The predominant driving factor for market growth is the extensive acceptance of Western influences and cross-cultural patterns. The soaring preference towards unique wine selections in metropolitan regions, coupled with an upsurge in alcohol demands during social occasions, greatly influences wine sales globally. In addition, the wine market is experiencing growth due to multiple causes, including increased awareness regarding the benefits of consuming low-calorie alcohol-based beverages among a large & young population. This trend has resulted in more individuals socializing at bars and restaurants, which further drives demand upwards, alongside an increase in recreational clubs, lounges, and restaurants.

In recent years, the Global Wine Market has thrived due to the trend of product premiumization in the food and beverages industry. Consumers' increasing demand for unique, high-quality flavors has also contributed to this growth. The consumption of wine is now commonly associated with the luxury living of the upper classes, which further promotes its expansion. In developed economies, consumers are eager to invest in quality products from various brands as they become more discerning about their wines.

The introduction of cannabis-infused beverages like wines in recent years has hit high sales targets, and winemakers have ramped up their marketing efforts aimed at expanding their customer base, contributing further to the increasing demand for wine products worldwide. Manufacturers have responded by releasing an array of sensory-focused premium options based on taste preferences. This ongoing emphasis on premiumization is seen to be attracting revenue from around the world while engaging long-term consumer interest.  

Moreover, in the forthcoming years, millennials and novice liquor consumers globally will have greater chances to savor & relish canned products from leading companies like Sula Vineyards Pvt. Ltd., Ardagh Group S.A., etc. For instance:

• In 2024, Sula Vineyards launched India’s first wine in a can Dia Sparkler. The concept of wine in a can is blooming globally.

With the widespread popularity of canned packaging, canned alcohol, such as wines has become a new trend in both beverage consumerism & markets alike, due to accessibility & affordability worldwide. Furthermore, the global adoption of advanced wine packaging is contributing positively towards an expanded market size opportunity.

Global Wine Market Driver:

Rising Wine Tourism Boosting the Market Expansion – The trend of wine tourism has gained popularity among consumers who are seeking educational and immersive experiences related to the production and culture surrounding wine. This involves visiting vineyards in wine-producing regions, participating in tastings, and discovering more about winemaking processes. The hotspots for wine enthusiasts comprise conventional winemaking regions such as France, Italy, Spain, and America alongside upcoming New World vineyards. Hence, this leads to the direct sales of wines to the consumers as they purchase the bottle of wines they’ve tasted.

Further, wine tourism results in increasing brand awareness among the consumers leading to future purchases. Also, the execution of numerous wine events across the globe has impacted the growth of the Wine Market. The participation of enthusiasts, novices, and industry experts in these events leads to awareness and exposure to new flavors and brands. Therefore, this results in a positive impact on the Global Wine Market.

Global Wine Market Challenge:

Consumer Drift towards Alternative Alcoholic Drinks – The available economic pricing of different alcoholic beverages, including liqueurs, spirits, beer, and others has led to a gradual change in consumer preferences. The potential for a market setback looms as there is a noticeable trend of consumers gradually shifting their preferences towards other alcoholic beverages. This diversion in consumer choice poses a significant challenge to the current market leaders and products, signaling a need for industry players to adapt their strategies to retain market share and relevance in the evolving landscape of alcoholic beverage consumption. Thus, market growth will be hindered in the upcoming years due to a shift towards alternative alcoholic beverages.

Global Wine Market Trend:

Surging Popularity of Organic Wines in Developed Economies – The Global Wine Market is experiencing robust growth, fueled by the escalating demand for organic wines, especially in developed countries such as Germany, England, Switzerland, New Zealand, Japan, and the United States. Interest in healthier wine options is on the rise as consumers are increasingly recognizing the health benefits of organic products, driving demand for natural & sustainable wines. These factors are reshaping consumer tastes and significantly impacting the Wine Market growth. This has prompted wineries to expand their organic product lines to capitalize on market growth. In 2022, Campo Viejo introduced its first organic wine brand, Campo Viejo Ecológico, which is produced as per organic certification standards.

Organic wines, made from grapes, grown without synthetic pesticides, fertilizers, or genetically modified organisms (GMOs), are perceived as healthier and more environmentally friendly, contributing to their growing popularity. This not only reduces the environmental impact but also minimizes the exposure of consumers to potentially harmful chemicals. Thus, the perception that organic wines are healthier options compared to conventional wines is a significant factor driving their demand globally.

Global Wine Market (2024-30): Segmentation Analysis

The Global Wine Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024-2030 at the global level. As per the analysis, the market has been further classified as:

Based on Type:

• Still Light Grape Wine

• Sparkling Wine
• Non-Grape Wine
• Fortified Wine

The Still Light-Grape Wine holds the majority of the market share, owing to its popularity due to its authentic taste & flavor. Considered one of the oldest alcoholic beverages globally, it remains a favored table liquor in European countries while being widely consumed worldwide. The increase in sales of still light-grape wine is primarily driven by shifting consumer preferences towards lighter and more delicate wine styles. As consumers seek wines that align with evolving tastes and preferences for lighter options, the demand for still light-grape wines is expected to continue rising. This trend reflects a broader consumer interest in wines that offer a subtle and more refined drinking experience, leading to a growing market for these specific still wine varieties.

Based on the Distribution Channel:

• On-Trade

• Off-Trade

Off-trade distribution channels held a considerable share in the Global Wine Market. These channels include retail stores, supermarkets, and online platforms, etc., which have seen rapid growth by showcasing their dominance in terms of convenience and accessibility to wider reach. The off-trade route offers wine varieties at more affordable prices than on-trade channels making it popular among the consumers, thus driving direct sales. In addition, the emergence of online retail has led to increased revenue growth of wines as it has proven to be an efficient global sales channel in recent times. Moreover, the on-trade segment is projected to experience significant growth in the years to come. This would be attributed to the rising establishment of restaurants & clubs worldwide.

Global Wine Market (2024-30): Regional Projection

Geographically, the Global Wine Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Europe dominates the market due to its deep-rooted cultural significance and historical engagement with wine production. As the leading consumer, Europe boasts a diverse range of wines that are integral to its celebrations and traditions. In 2023, the European Union, EU, wine stocks grew by nearly 3% compared to the previous year. Regions such as Bordeaux and Burgundy in France, Tuscany in Italy, Rioja in Spain, and the Mosel Valley in Germany are renowned for their centuries-old winemaking practices as per the EU Wine Policy, contributing to Europe's status as a premier wine-producing region. This cultural and historical legacy of wines in Europe has made it the industry leader.

Europe stands at the forefront of the Global Wine Market, driven by the increasing demand for organic wines among EU consumers. This has been a significant trend shaping the market as the shift towards organic products reflects a growing preference for sustainability & quality. Furthermore, the evolution of wine consumption patterns globally has highlighted the EU's emphasis on organic wines under organic production regulation, showcasing a market trend that aligns with consumer preferences for environmentally friendly choices.  

Global Wine Industry Recent Development:

• 2024: Miller Family Wine Company (MFWC), owned by one of California's winegrowing families, announced its new national partnership with Republic National Distributing Company (RNDC).
• 2023: The Wine Society launched a fresh assortment of No and Low alcoholic beverages curated to entice wine enthusiasts.

Gain a Competitive Edge with Our Global Wine Market Report

• Global Wine Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Wine Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.