Red Wine Market Scope
The red wine market 2020 can procure a CAGR of 7.4% between 2022 and 2032 (appraisal period). MRFR also reveals that the market size can reach USD 285.75 billion by 2032-end. We will provide COVID-19 impact analysis along with the report, combined with all the extensive key developments in the market post the coronavirus disease outbreak.
Renowned Industry Contenders
The red wine market report has renowned contenders in the worldwide industry include Diageo plc (UK), Grupo Peaflor S.A. (Argentina), Castel Group (France), Accolade Wines (Australia), Compagnia Del Vino SRL (Italy), Pernod Ricard (France), Caviro (Italy), Bacardi Limited (Bermuda), Amvyx SA (Greece), The Wine Group (US), Constellation Brands (US), Via Concha y Toro S.A. (Chile), Treasury Wine Estates (Australia), E J Gallo Winery (US), Gruppo Campari (Italy), to mention a few.
Market Segmentation
The red wine market report has been classified in terms of type, packaging type, and distribution channels.
The main types of red wine available on the global market include still red wine as well as sparkling red wine.
With respect to packaging type, the red wine market can be bifurcated into cans and bottles.
The key distribution channels discussed in the market study are retail and foodservice. The retail-based channels are specialty stores, supermarkets, hypermarkets, and more.
Key Boosters and Deterrents
Red wine is produced from darker grape varieties, with the color generally ranging from intense red to a powerful violet and sometimes a dark brown shade, depending on the beverages age. Red wines color is due to the anthocyanin pigments present in grapes skin. Red wine production generally involves extraction of flavor as well as color from the grapes skin. Red wine provides a host of health benefits, when consumed in moderation after a specific period of time. Some of these health benefits include better bone density, higher immunity, and decline in chances of a heart stroke. In view of these benefits, red wine is gaining popularity among health-conscious people across various countries. The rising disposable income and the burgeoning youth population interested in exotic alcoholic beverages could also induce growth in the red wine industry.
Evolving lifestyle, surging urbanization rate, and growing preference for red wine during social gatherings or events paint a promising future for the global market. Red wine is also quite popular among the elderly population for its health benefits and also among the millennials who prefer not to consume hard drinks. Red wine consumption has exhibit significant growth worldwide in the recent years, with the production rate shooting up in both developed and developing countries. Technological innovations also play an important role in introduction of innovative flavors in the red wine market.
All the regions have several domestic vendors with an extensive distribution channel while global firms are striving to acquire them, to gain entry into the untapped countries. Product development remains one of the key strategies employed by the companies, since product differentiation helps boost brand recognition among a wider mass. Most of the companies are also exploring new packaging styles and designs to spark the attention of consumers across the world. For instance, in February 2020, Sula Vineyards launched Indias first canned wine. The leading winemaker introduced Dia Sparkler in a brand new 330 ml can. The new product is being sold as a ready to drink wine catering primarily to time pressed consumers, and the company, with this launch, aims to leverage the emerging trend of canned wine in India.
Regional Outlook
The geographical distribution of the red wine market trends includes Europe, Asia Pacific, or APAC, North America, and RoW/Rest of the World.
North America can most likely emerge as the strongest market for red wine in the near future, on account of the high purchasing capacity of the general mass and the foodservice industry turning out to be a prominent end-user. Merlot and Shiraz are two of the most popular red wine in the region, while Cabernet Sauvignon and Pinot Noir are also gaining momentum as more people are growing aware of these brands.
APAC can register the highest development rate in the forecast timeline, with the escalating consumption of red wine among people witnessing a surge in their disposable income. The rising spending power of people for recreational activities, expanding youth populace could also foster the demand for red wine over the ensuing years. India is fast emerging as a significant market in the region, with respect to wine consumption and could record a robust growth rate over the review period. South Korea, Vietnam and Philippines are a few other promising markets and the fact that Hong Kong does not have import tax levied for wine also encourages market growth.
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