The global wine market has been growing steadily over the past few decades. Increasing social acceptance of alcohol consumption, along with rising disposable incomes, has driven more people to consume wine on a regular basis. Moreover, changing lifestyles and exposure to Western culture through globalization have made wine a popular beverage even in developing nations in Asia Pacific and Latin America. The market saw modest growth during the pandemic as people dined at home more frequently. However, the on-trade segment involving restaurants and bars declined significantly. Going forward, the easing of restrictions is expected to help restore normal demand patterns. The market is driven by factors such as rising alcohol socialization, increasing adoption of western culture, and growing disposable income. The COVID-19 pandemic has disrupted the global wine market, with alcohol consumption witnessing a negative demand shock across all regions amid the pandemic.
Market Dynamics:
The global wine market is expected to be influenced by several key factors in the coming years. On the driver’s side, a rising population of wealthy middle-class consumers with higher spending power on premium beverages will augment demand. Moreover, the health benefits associated with moderate wine consumption, such as reduced risk of heart disease, have lent popularity to the product. On the other hand, increasing health-consciousness and awareness around sugar content may restrain wine sales. However, growing experimentation among millennial and the launch of new product varieties, including rosé, sparkling, and flavored wines, provide new opportunities for vendors. Stringent regulations regarding alcohol advertisements and taxation remain major challenges.
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Detailed Segmentation:
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