Global Wine Market Analysis| Coherent Market Insights

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2. GLOBAL WINE MARKET ANALYSIS Global Wine Market by Product Type (Still Wine, Sparkling Wine, Fortified Wine), by Color Type (Red Wine, White Wine, Rose Wine), and By Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2025

3. Market Insights • The global wine market was valued at US$ 296.03 billion in 2016 and is slated to reach US$ 404.64 billion by 2025.The market is expected to exhibit a CAGR of 3.23% during the forecast period (2017-2025). • Still wine segment held the majority of market share with around 83% among product types in 2016, while red wine was the preferred option among all customer groups. Changing taste and new preferences among consumers and rising demand for new and exotic flavors such as Riesling wine and other tropical fruit wine is fuelling the growth of the wine market.

4. The market for sparkling wine segment is expected to grow at a CAGR of 4.94% during the forecast period owing to increasing consumption of champagne during social celebrations. • Still wine segment held the majority of market share with around 83% among product types in 2016, while red wine was the preferred option among all customer groups. Changing taste and new preferences among consumers and rising demand for new and exotic flavors such as Riesling wine and other tropical fruit wine is fuelling the growth of the wine market. The market for sparkling wine segment is expected to grow at a CAGR of 4.94% during the forecast period owing to increasing consumption of champagne during social celebrations.

5. Regional Analysis • In 2016, Europe was the leading region with a market share of 63% in the market. France, Spain, Italy and Germany were the major growth engines in wine market during this period. Moreover, Italy, Spain, and France contributed over half of world’s wine production owing to its vast vineyard area. However, Asia Pacific is expected to witness the fastest growth in wine market till 2022. • North America stands as the second largest market for wine with US being the largest player in the region. At a global level, US contributed about 12% of the global market and also being the largest market globally. The country has over 9000 wineries with California contributing around 90% of the wine production in the country. Despite the ageing baby boomers being majority of the consumers of premium wines in the country, growing interest amongst the millennials are bringing a shift in the target customer group which will play a significant role in boosting the growth of the wine market in the country.

6. It is found that millennials consumed over 43% of all wine consumed in 2015 than any other generation as they continue to shift from beer to wine. •  Asia Pacific is projected to witness the fastest growth in the wine market with countries such as China, India being the key contributors in the region. At a global level, China stands to be the largest market for alcohol consumption with the country also being one of the leading importers of wine worldwide. The ongoing recovery of the Chinese economy, growing upper middle class population and the rising disposable income is further expected to boost the consumption of wine in the country. The country is also focused towards manufacturing its domestic wine, further promoting the growth of wine in the country. Zhejiang GuyueLongshanShaoxing Wine Company remained the market leader and witnessed volume sales increase by over 5% in 2016. Additionally, with the Chinese government promoting Hong Kong as a wine trading hub and the rise in events such as Hong Kong International Wine and Spirits Fair, ProWine China will further promote the growth and awareness of wine in the country.

7. Middle Eastern countries such as Saudi Arabia, UAE, Qatar offers high income population which acts an important driving factor of the wine market in the region. The growing influx of tourists and the booming hospitality industry is also further helping the market to grow in these countries. As a result, the imports of wine from several European countries and American countries continue to grow in the country. However, stringent government and religious factors are the major challenges which will affect the growth in this region. For instance in UAE and Qatar, expats need to obtain permits to buy alcohol from designated liquor stores for private consumption. • Latin America stands to be another important region which is showcasing a strong preference for wine. Mexico which stands to be an important market in the region has witnessed a significant increase in the volume sales increasing by over 8.5% in 2016. Additionally, with different varieties of wine being easily available across different retail outlets will further boost the market in the coming years.

8. Figure 1.Global Wine Market Share (2016), By Region

9. Competitive Section Global wine market is highly fragmented, with the presence of many large and smaller players in the market. Key players operating in the wine market include E. & J. Gallo Winery, Concha y Toro, The Wine Group, Bacardi Limited, Constellation Brands, PernodRicard, Treasury Wine Estates, Caviro, GrupoPenaflor.

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