Premium Wine Market, by Wine Flavour (Red Wine, Rose Wine and White Wine), Product Category (Alcoholic Wine and Non-Alcoholic Wine), Distribution Channel (Store Based Retailers and Online Retailers), Price Range, Wine Type and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Premium Wine Market Overview
The global Premium Wine market size was estimated at USD 328.46 billion in 2023 and is projected to reach USD 503 billion in 2030 at a CAGR of 6.3% during the forecast period 2023-2030.
Wine, an alcoholic beverage, is naturally produced through the process of fermentation. The initial step of this process is carried out by bacteria that are present on the skin of grapes. A specific strain of yeast is subsequently added to the primary fermented product to achieve the desired outcome. During this process, the sugar in grapes is transformed into carbon dioxide and ethanol by either yeast or bacteria, resulting in a distinct taste for wines with high sugar content such as dessert wine. Wine production involves six fundamental processes: crushing, alcoholic fermentation, malolactic fermentation, pulling the wine off the lees, stabilization and aging, and refining in the bottle.
The growing demand for wine, spurred on by its various health benefits, is serving to stimulate the overall expansion of the market. Moreover, the surging prevalence of e-commerce, courier, and wine delivery services is likewise contributing to the growth of the market. The preeminent market participants are intently concentrating on the introduction of diverse new wine offerings. Furthermore, the increase in socialization involving alcohol among consumers is also fueling the escalating demand for the market.
On the other hand, major health concerns may hamper the market growth to some extent.
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The COVID-19 has negatively affected the market. Lockdowns and isolation during pandemics caused the closure for most of the bars and restaurants and thus, affected the sale of wine. Online wine purchase increased as compared to vendor purchase. Thus COVID-19 affected premium wine market negatively.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The increase in demand for rare and vintage wines and spirits can be attributed to their perceived higher value and exclusivity. Furthermore, the growing interest in luxury wines and spirits is driven by the desire for a distinct and personalized experience. Consumers seek products with a unique flavour and narrative, as well as those that provide a sense of exclusivity and luxury. Additionally, the luxury wines and spirits industry is experiencing significant growth potential due to the rising demand for organic and sustainable products. The market for these products is being stimulated in various ways as consumers become increasingly concerned about their impact on the environment and seek out sustainable and ecologically friendly options. Consequently, there is an uptick in demand for organic wines and spirits, which are produced from grapes that are farmed without the use of artificial fertilizers and pesticides. Moreover, the demand for wines and spirits that are produced sustainably is driven by the need for authenticity and transparency. These factors have led to the expansion of the market and increased demand for Premium Wine solutions.
Key Findings
- The Wine Flavour segment is further fragmented into Red Wine, Rose Wine and White Wine. The Red Wine segment is expected to account for a larger market size during the forecast period. Red wines exhibit a diverse range of flavour characteristics owing to their production from an array of grape varieties, terroirs, and winemaking techniques. The all-encompassing appeal of red wines, ranging from the fruit-forward attributes of Merlot to the robust and intricate structure of Cabernet Sauvignon, ensures that there is something to cater to every palate. Such diversity enables consumers to easily select red wines that align with their preferences, thereby reinforcing the attractiveness of this market category. The worldwide recognition of red wine variants, including Cabernet Sauvignon, Merlot, and Pinot Noir, contribute to their global acclaim and widespread acknowledgment.
- The Distribution Channel segment is further bifurcated into Store Based Retailers and Online Retailers. The Store Retail Sales Channel is the largest market during the forecast period. The physical presence of wine bottles in actual stores allows customers to fully engage with the product by examining labels and packaging. This tangible shopping experience enhances the sense of discovery and participation, which is often lacking in online shopping. Furthermore, laws and licensing regulations in numerous regions favor the sale of alcoholic beverages through retail channels, thereby elevating the importance of brick-and-mortar stores in the wine industry.
- The wine type segment is further bifurcated into still wine, sparkling wine, fortified wine and dessert wine. Still wine to account for a larger market size during the forecast period. Still wine, being the most ancient form of alcohol, is the most commonly consumed alcoholic beverage worldwide. It is widely regarded as a table liquor in European nations and is consumed on a large scale. The beverage's versatility, owing to its association with various occasions and food servings, has made it a popular choice for cocktails and standalone consumption. Its authentic taste, coupled with its premium appeal, has resulted in its heightened sales in the global market.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe is estimated to account for the largest market share during the forecast period due to a rise in wine consumption with meals, consumption of premium wine at social gatherings and celebrations, an increase in consumer preference for premium wines, increase in options to customize the flavour, colour, and packaging of premium wine.
Premium Wine Market Regional Analysis
Europe to Dominate the Market
- Europe is estimated to account for the largest market share during the forecast period due to a rise in wine consumption with meals, consumption of premium wine at social gatherings and celebrations, an increase in consumer preference for premium wines, increase in options to customize the flavour, colour, and packaging of premium wine.
Premium Wine Market Competitive Landscape
- Accolade Wines
- Asahi Groups Holdings Ltd.
- Bass Philip
- Beijing Yanjing Beer Group Corporation
- Casella
- Castel Freres
- Changyu Pioneer Wine Company
- Chateau Cheval Blanc
- Constellation Wines
- Cullen Wines
- E. & J. Gallo Winery
- Fetzer
- Gioconda
- Halewood Wines International
- Henschke Cellars
- International Beverage Holdings
- John Distilleries
- Leeuwin Estate
- Miguel Torres S.A.
- Moss Wood
- Mount Mary Vineyard
- Pernod Ricard
- Rockford
- Sula Vineyards Pvt. Ltd.
- The Wine Group
- Treasury Wine Estates
- Vins Grands Crus
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Premium Wine Market Recent Developments
- In April, 2023, Provi, a notable online marketplace for alcoholic beverages, made public its announcement of innovative product characteristics. The primary objective of these novel features is to elevate the efficiency of the three-tier system.
- In March, 2023, Ferrari Trento unveiled three wine varieties to commemorate three distinguished races that will take place this year. These three novel bottles draw inspiration from the renowned race circuits of Las Vegas, Zandvoort, and Imola.
Reasons to Acquire in the Premium Wine Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Premium Wine Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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