The global red wine market size is estimated to be valued at $2,42,822.34 million by 2028, surging from $1,46,173.63 million in 2020, at a noteworthy CAGR of 6.60%.
Covid-19 Impact on Red Wine Market Shares
The global market for red wine is estimated to experience a moderate growth amidst the COVID-19 pandemic. This growth is the result of disruption in supply chain and manufacturing of red wine. Also, complete avoidance of social life and massive shutdown have decreased the demand for red wine. Therefore, demand for red wine has decreased in pandemic times.
However, certain key players in red wine market are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, Constellation Brands Inc., an American company of beer, wine, and spirits, in October 2020, announced that their e-commerce sales for wine have increased amid the pandemic. All such factors are predicted to positively impact the global red wine market growth, trends throughout the pandemic.
Due to the COVID-19 pandemic, people are adopting healthy drinking habits for boosting health benefits. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
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Global Red Wine Market Analysis
The enormous growth of the global red wine market is mainly attributed to increasing alcohol socialization among consumers. Also, increasing red wine consumption patterns among social engagements is one of the factors that drives the market for red wine. Moreover, growing trends of western culture owing to a sign of social status are some of the factors that support global red wine market. Therefore, such aspects will highlight the market for red wine market.
The cost of red wine is high due to which not many people can afford red wines. Furthermore, high level of red wine consumption can affect health negatively that may create a negative impact on the market during the forecast period.
The adoption of organic wine among the consumers has increased because organic wines are chemical free, and as a result they are safe and healthy to drink, when consumed in proper quantity. In addition to this, organic wines have less sulphites, as sulphites can cause health issues to the person suffering from asthma or those who lack enzymes to break down the sulphites. All such factors may create huge opportunities for the market in the future.
Furthermore, the companies involved in the global red wine market are following effective strategies and launch of innovative products to grow in the market. For instance, Bonterra Organic, America's organic winery, announced in June 2019, that they have launched canned organic wine in the packing of 250 ml cans. They are made with organically made grapes such as Red Bonterra Sauvignon Blanc and Bonterra Young. Such product advancements may further lead to lucrative market opportunities for the market in the upcoming years.
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Global Red Wine Market, Segmentation
The global red wine market size is segmented based on type, sales channel, and region.
Type:
The type segment is further classified into merlot, cabernet sauvignon, pinot noir, zinfandel, and others. Among these, the cabernet sauvignon type sub-segment is anticipated to have the fastest growth and surpass $50,819.93 million by 2028, with an increase from $29,246.33 million in 2020.
The market growth can be attributed to growing demand for cabernet sauvignon that is the most preferable among the consumers. Moreover, Chloe Wine Collection, a portfolio of super-premium wines by Winemaker Georgetta Dane, announced in February 2018, that they launched premium range of Cabernet Sauvignon. It is flavored with dark chocolate, black cheery, and coffee. These factors and product launch may create a positive impact on the sub-segment throughout the forecast period.
Sales Channel:
The sales channel segment is further divided into off-trade and on-trade. The on-trade sub-segment is anticipated to have fastest growth in the global market and register a revenue of $1,17,090.59 million in 2028 during the analysis timeframe.
This growth is the result of rising party or celebration culture among the working-class population and younger population across the globe, accelerating the sales of the sub-segment through an on-trade sales channel. Thus, these are some of the key factors boosting the demand for energy bar.
Region:
The red wine market share for the North America region is projected to witness dominant share. This market generated a revenue of $57,592.41 million in 2020 and is further projected to reach up to $98,343.05 million by 2028.
The demand for red wine is streaming in the North American region especially because of factors such as increasing number of people preferring organic wines in the region. Also, American countries are the main consumers of red wine across the globe along with this increasing demand for flavored wines, bringing in opportunities in the North America market. All such factors are anticipated to boost the market in the North America region.
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Top 10 Major Key Players in the Global Red Wine Market are –
- E & J Gallo Winery
- The Wine Group
- Castel Group
- Treasury Wine Estates Limited
- Constellation Brands Inc.
- Rémy Cointreau SA
- Brown-Forman
- Diageo plc.
- Altria Group, Inc.
- Heineken N.V.
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