all report title image
  • Published In : Feb 2024
  • Code : CMI940
  • Pages :155
  • Formats :
      Excel and PDF
  • Industry : Food and Beverages

The wine Market size is valued at US$ 314.07 Bn in 2024 and is expected to reach US$ 399.7 Bn by 2031, growing at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.

Market Regional Insights:

  • Europe is expected to be the largest market for global wine market, which is expected to grow at a CAGR of over 46% during the forecast period. The growth of this market in Europe is attributed to increasing demand for wine in countries such as France, Germany, the Netherlands, and Russia.
  • North America is expected to be the second-largest market for global wine market, which is expected to grow at a CAGR of over 21% during the forecast period. The growth of this market in North America is attributed to increasing demand for wine in countries such as the U.S., and Canada.
  • Asia Pacific is expected to be the fastest-growing market for global wine market, which is expected to grow at a CAGR of over 18% during the forecast period. The growth of this market in Asia Pacific is attributed to increasing demand for wine in countries such as India and China.

Figure 1. Wine Market Share (%), By Region, 2024

Wine Market By Region

To learn more about this report, request a free sample copy

Analyst’s Views:

The global wine market is expanding at a steady pace, driven by rising disposable incomes and growing social acceptance of alcohol consumption in developing nations. Mature markets of Europe and North America still dominate volume sales, but emerging territories such as China, Brazil, and India are forecast to drive future growth. Wine consumption in Asia Pacific countries is becoming more mainstream presenting significant opportunities for new world and premium wine producers as young urban populations adopt a western lifestyle. However, regulations around wine distribution and sale in certain Asia Pacific pose restraints while cultural factors still favour beer and spirits over wine locally. Rising temperatures due to climate change could impact wine grape harvests and vineyards in traditional wine growing zones. Wines with health credentials particularly those made from organic grapes have stronger appeal with health-conscious luxury buyers worldwide. In the on-trade retail segment, wine-focused restaurants and hotel chains expanding globally provide an important avenue for portfolio diversification and exposure to new customers. Online e-commerce channels now play a progressively larger role in wine sales and promotions around the world, with positive implications for brand discovery and access to niche products. Overall, industry consolidation has accelerated across distribution, retail, and production levels, which concentration could reduce competition among the majors in the long term. While the Europe remains the leading producer, consumer, and exporter region collectively, specific countries like the U.S., France, Italy, Spain, and Australia continue dominating in terms of individual market shares.

Market Drivers:

Increasing social acceptance of alcohol consumption: With more social acceptance and a positive perception of alcohol consumption worldwide, wine has increasingly become a popular beverage of choice for many. In the past decade, wine consumption has grown steadily, especially among the millennial and Generation Z populations. This demographic shift has been a major driving factor in the rise of this market. Young adults today are more open-minded about enjoying wine as a lifestyle drink in social and casual settings such as restaurants, bars, parks and home parties. They view moderate wine consumption positively as a means of social bonding, relaxing, and enhancing food experience. This change in attitude has encouraged higher experimentation and trials of different wine types and genres beyond conventional choices. Winemakers and retailers have also successfully marketed novel flavors, packaging, and lower-cost offerings to attract newer audiences.

Looking ahead, as generations with more liberal social values toward alcohol come of legal drinking age across world economies, wine consumption is expected to continue ascending globally in the foreseeable future. The landscape will also evolve with new products, brands, and flavors tailored to dynamic younger preferences. While moderation and responsible drinking practices will remain priority, increasing social freedom and enhanced lifestyle appeals of wine ensure lucrative prospects for the wine industry worldwide.

Increasing consumption of wine among millennial: The consumption patterns of millennials in their 20s and 30s are having a significant impact on shaping the future growth of the market. As this generation establishes themselves in their careers and social lives, their spending habits and openness to try new flavors and varieties are fueling higher wine consumption worldwide. According to a 2022 report by the International Wine and Spirits Trade Association, millennial now comprise over 1/3rd of wine buyers in western markets, and this proportion is steadily increasing each year. Their preference for convenience, health consciousness, and exploring new cultures through food and drinks has led to rising popularity of lighter bodied, lower alcohol wines as well as "new world" wine regions across Latin America and Australia. This shift favors countries with younger vineyard plantings, which can adapt quicker to evolving tastes.

Another notable trend is the growth of online wine sales and wine-focused social media platforms. Millennial are more likely than older generations to browse reviews, follow influencers, and experiment with different premium wines from the comfort of their homes. Data from Euro monitor indicates online wine retail in the U.S. grew at almost 30% during the pandemic as young consumers got introduced to the convenience of digital shopping and direct-to-consumer shipping options from boutique wineries across the globe.   

Market Opportunities:

Innovation in product offerings: Innovation in product offerings could provide significant opportunities for growth in this market. As consumer tastes and preferences evolve rapidly, wineries that are able to continually introduce new and improved varieties, blends, flavors, and styles will be best positioned to attract new customers and retain existing customers. One area that holds promise is development of wines made from novel grape varieties or blends that are optimized for certain climate conditions. Innovation in developing new hybrid grape varieties through cross-breeding that are more resilient to warmer temperatures could allow wine production in new areas. This may open entirely new sourcing and market opportunities over the long run.

Another area ripe for innovation is experimentation with aging wines in non-traditional wood or steel containers to impart unique flavor profiles. Many younger consumers are curious to try wines with bold or unusual characteristics. Wineries creative enough to develop eye-catching labels and marketing campaigns around experiential brands aimed at millennials and Generation Z could gain an edge. Further, as consumers place greater importance on sustainability, options for low-carbon or carbon-neutral wines produced with renewable energy or other eco-friendly techniques may appeal strongly. According to a 2022 United Nations report, extreme heat waves led to a 10% drop in global wine production that year, underlining the business case for climate-resilient innovations

Focus on premium and super premium products: Focusing on premium and super premium wines could indeed represent a great opportunity in this market going forward. More consumers, especially millennials and Gen Z populations, are developing a stronger appreciation for finer quality wines and are willing to pay higher prices for boutique and artisanal wines produced in limited quantities from select vineyards. This shift away from mass-produced "entry level" wines to more distinctive premium offerings provides a promising avenue of growth for winemakers and exporters. Wine-drinking cultures are also evolving beyond tradition regions as new markets open up in Asia Pacific and Latin America present new lucrative consumer bases.

Wine Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 314.07 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 - 2031
Forecast Period 2024 to 2031 CAGR: 3.5% 2031 Value Projection: US$ 399.7 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, and Mexico
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa:  GCC Countries, Israel,  and Rest of Middle East
Segments covered:
  • By Product Type:  Still Wine, Sparkling Wine, Fortified Wine
  • By Color Type: Red Wine, White Wine, Rose Wine  
Companies covered:

E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard, Treasury Wine Estates, Caviro, Grupo Penaflor.

Growth Drivers:
  • Increasing social acceptance of alcohol consumption
  • Increasing consumption of wine among millennial
Restraints & Challenges:
  • Stringent regulations
  • Increased competition from substitute beverages

Market Trends:

Growing popularity of organic and natural wines: The global wine industry has seen a significant rise in demand for organic and natural wines. Consumers, especially millennials and generation Z, are increasingly health-conscious and prefer wine that is produced in a sustainable manner without heavy use of pesticides, chemical fertilizers and additives.

This rising consumer preference for natural wines has compelled many conventionally operating wineries to shift to low-intervention winemaking practices. They are focusing more on organic and biodynamic farming in the vineyards and minimal processing during wine production. Many new small wineries have also emerged that specialize exclusively in natural wines made from organically grown grapes. The natural wine segment has seen annual growth rates anywhere between 15-25% globally over the last few years. Major retailers and restaurants are also accommodating this demand by dedicating more shelf space and wine lists to organic and natural wines.

Innovation through variety in grape types and flavors: The global wine market is seeing an increased trend of innovation through variety in grape types and flavors. Wineries around the world are experimenting with newer grape varieties and blending techniques to come up with unique Flavor profiles in their wines. This allows them to cater to the evolving tastes of customers and also explore untapped regional terroirs.

For example, in Australia, winemakers are growing Mediterranean grapes like Vermentino, Arneis, and Fiano, which were traditionally grown in warmer climate regions of Italy and Spain. These varieties are doing surprisingly well in different soil and climate conditions in Australia. They are helping craft wines with lively acidity and herbal, floral notes that appeal to new age drinkers. Similarly, in California, there is a rise in Italian and Portuguese grape varieties like Monterey, Tempranillo, and Touriga Nacional. Winemakers there find that blending them in small proportions with local favourites like Cabernet and Chardonnay adds layering of flavor and complexity to the wines.

Market Restraints:

Stringent regulations: Strict regulations across various countries are significantly hampering the growth of this market. Stringent norms around wine production, labeling, marketing, and sale have made the market highly fragmented. Countries have established boundaries to protect their domestic wine industries as well as public health. Regulatory hurdles pertaining to transportation, import duties, and tariffs also vary widely across nations. The recent trade wars and political tensions have further complicated the landscape with changes in import/export policies. For example, according to data from the World Trade Organization, China imposed tariffs ranging between 5-10% on Australian wine in 2020, resulting in Australia's wine exports to China declining by over 80% that year. Such swift changes in policy disrupts trade flows and planning.

Overly prescriptive labeling criteria demanding tests and certificates for every change delay product innovations. While regulations aim to protect public interest, uneven and restrictive rules across the fragmented wine industry hamper its overall growth prospects in the long run.

Increased competition from substitute beverages: Increased competition from substitute beverages is a major restraint on this market's growth potential. Various alternative alcoholic and non-alcoholic drinks have been steadily gaining consumer demand at the expense of wine consumption. In particular, craft beers have emerged as a very popular option among millennials and Gen Z drinkers. Large craft brewers have employed innovative marketing strategies to portray their products as fresher, healthier, and more socially conscious alternatives to wine. Furthermore, the consumption of non-alcoholic alternatives like flavored sparkling waters and fruit juices has increased substantially among health-conscious individuals. This market grew at a rate of over 7% from 2020 to 2022 according to Statista, as people pursued refreshment options with no alcohol or sugar content. While these substitutes do not fully replicate the experience of wine, their popularity indicates an evolving dining and drinking landscape where consumers have more choices than ever. As preferences continue shifting, the wine industry will need to devise new strategies to adapt and remain appealing amid stiff competition.

Counterbalance: To overcome this restraint, the key market players need to follow strict rules and regulations, which might increase the global wine market's growth.

Recent Developments:

New Product launches:

  • In September 2023, Concha y Toro, Latin America’s leading winery with a presence in more than 140 countries, launched Belight, a new global low-calorie product category with Sauvignon Blanc and Rosé varieties that has only 65 calories per 125-ml glass and an 8.5% alcohol content, while maintaining each variety’s quality and characteristics.
  • In August 2023, & J. Gallo Winery announced that it reached an agreement with the Rombauer family to purchase Rombauer Vineyards, a producer of critically acclaimed wines from Napa Valley, Sonoma County, the Sierra Foothills, and the Santa Lucia Highlands.  E. & J. Gallo Winery is a family-owned company and leader in wine and spirits. E. & J. Gallo Winery offers a broad array of products that total more than 130 brands and include table, sparkling and luxury wines, beverage products, dessert wines, and distilled spirits.

Mergers and Acquisition:

  • In July 2020, Constellation Brands acquired Empathy Wines, a direct-to-consumer wine brand, with the aim of winning space on digital shelves. Constellation Brands, is an company that produces, markets, and distributes beer, wine, and spirits.

 Figure 2. Wine Market Share (%), By Product Type 2024

Wine Market By Product Type

To learn more about this report, request a free sample copy

Top Companies in this Market

  • & J. Gallo Winery
  • Concha y Toro
  • The Wine Group
  • Bacardi Limited
  • Constellation Brands
  • Pernod Ricard
  • Treasury Wine Estates
  • Caviro
  • Grupo Penaflor

Definition: The wine is an alcoholic drink made from fermented fruit. Yeast consumes the sugar in the fruits and converts it to ethanol and carbon dioxide, releasing heat in the process. Though wine can be made from a variety of fruit crops such as plum, cherry, pomegranate, blueberry, currant, and elderberry, it is most often made from grapes, and the term "wine" generally refers to grape wine when used without a qualifier.

Frequently Asked Questions

Stringent regulations and increased competition from substitute beverages are expected to hampering the market growth of global wine market.

Increasing social acceptance of alcohol consumption and increasing consumption of wine among millennial are the major factors driving the growth of the global wine market.

The still wine sub-segment is the leading product type segment in the global wine market. 

Major players operating in the global wine market includes E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, Pernod Ricard, Treasury Wine Estates, Caviro, Grupo Penaflor.

Europe region leads the global wine market.

The CAGR of the global wine market is 3.5%.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount

Reliability and Reputation

DUNS Registered
DMCA Protected


Reliability and Reputation


Reliability and Reputation


Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo