by Wine is an alcoholic beverage made from fermented grapes or other fruits. Red wines are considered more beneficial than other forms of alcohol due to the presence of antioxidants like polyphenols. The growing awareness about health benefits of moderate red wine consumption is fueling the global wine market.
The global Wine Market is estimated to be valued at US$ 3422.75 in 2024 and is expected to exhibit a CAGR of 30% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness among consumers is one of the major trends boosting the global wine market. There is a growing preference for red wine over other forms of alcohol owing to various health benefits associated with moderate red wine consumption such as reduced risk of heart diseases and lower chances of diabetes. Studies show that antioxidants present in red wine called polyphenols help in reducing bad cholesterol and preventing blood clots. Due to health awareness, consumers are increasingly drinking red wine globally which is propelling the market growth over the forecast period.
SWOT Analysis
Strength: Wine has potential health benefits such as reducing risk of heart diseases. Consumption in moderation can provide antioxidants.
Weakness: Climate change poses risks as rising temperatures can negatively impact grape quality and yields. Difficult to meet demand if climate becomes more unpredictable.
Opportunity: Younger population is preferring wine over beer and spirits due to health consciousness. There is potential to target millennials andGen Z segments.
Threats: Presence of substitute beverages like cocktails and craft beer. Strict regulation around marketing and production especially for new entrants pose challenges.
Key Takeaways
The Global Wine Market Growth is expected to witness high.
Regional analysis: The European region currently dominates the global wine market with major wine producing countries like France, Italy, and Spain. However, the North American region is expected to grow at the fastest pace due to increasing consumption in the US and Canada. Countries like Argentina and Chile are also emerging as important producers and exporters.
Key players operating in the wine market are E. & J. Gallo Winery, Constellation Brands, Castel Group, The Wine Group, Accolade Wines, and Treasury Wine Estates. Gallo Winery is the largest wine company in the world, present in over 90 countries. Constellation Brands owns popular brands like Robert Mondavi and Kim Crawford
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
