Covid-19 Analysis on Wine Market Opportunity and Forecast to 2024

Market Overview

Increasing population of alcohol consumers’ majorly belonging to age group of 19-25 is one of the major drivers influencing the sale of wine based on the unique formulation. Developing economy and increasing disposable income have a major impact on the wine market. Increased demand for premium alcohol is also driving the market for wine. Availability of various product types in wine supports the growth of wine market. Furthermore, high focus on research and development has led to innovations in wine varieties by experimenting with unique flavors, which has also fueled up the wine share in the global wine market. Innovation in fermentation process and inclusion of various ingredients for wine production has resulted in launch of various wine products. This has encouraged higher sales of wine globally.

Growth in awareness related to wine products information among consumers through books and social media platforms has supported wine sales to a greater extent globally. Popularity of wine is also supported by wine tourism and special programs focused on the presentation of wine areas and variety wines with the authentic and clear origin.

In the recent years, wine consumption has evolved resulting in more shifts of consumers towards higher-quality wines compared to traditional wines. Wine consumption has witnessed continuous fall in traditional wine-producing countries. This has forced many suppliers to shift to newer ingredients for wine production. Popularity of wines is more among the famous origin types and high priced quality wines which has posed a threat to consumption of domestic cheaper wines. Domestic wines production volume is comparatively higher whose demand is highly affected with shift of consumers to premium wines.

Competitive Analysis

The key players profiled in Covid-19 Analysis on Wine Market are Accolade Wines (U.K), Constellation Brands (U.K), E. & J. Gallo Winery (U.S.), Shanghai Torres Wine Trading Co. Ltd. (China), Treasury Wine Estates (Australia), Vina Concha y Toro (Chile), and Distell Group Limited (South Africa)

Market players in wine market are emphasizing in the merger & acquisition activities in order to upsurge the product portfolio of the company. Also, the manufacturers are also investing in the wine processing plant to increase the product portfolio.

The strategic sales plan of wine manufacturers includes use of online channels for marketing. For that, key manufacturers are entering into collaboration with the online channels in order to reach maximum customers and also to upsurge the brand value of the product. Key players in the wine market, is inclined to introduce new products in the market or to extend the product line of renowned product. Also, the company promotes their new products on social media in order to reach many customers. This promotional strategy aids to retain the existing the customers and also to acquire new customers. Also, the key manufacturers are focusing in the packaging of the wine. Today packaging is not only used to increase the shelf life of the product but also it aids to upsurge the brand value of the product.

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Market Segments

Global wine market has been divided into source, type, distribution channel, and region.

On the Basis of Source: Grapes, Apple, and other Fruits

On the Basis of Type: Red, White, and others

On the Basis of Distribution Channel: Food Service and Food Retail

On the Basis of Region: North America, Europe, Asia Pacific, and ROW

Regional Analysis

The global wine market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among the entire region, Europe is estimated to account for the major market proportion in the year of 2019. The region is estimated to retain its dominance throughout the forecast period of 2019-2023. U.K and Germany are the major consuming countries of wine in Europe. Presence of key manufacturers in the European countries is considered to be one of the significant reasons for the rising growth of wine. Also, key manufacturers are focusing in the new product development which in turn escalates the sales of wine in Europe. However, Asia Pacific region is expected to expand at a high growth rate during the forecast period of 2019-2023. China and India are collectively accounting for the 50% of the overall Asia Pacific market. The growth of the Asia Pacific region is anticipated to be driven by the increasing youth population coupled with the increasing disposable income of the consumers.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.