Global Wine Market to Reach Around USD 737.13 Billion by 2032, Aided by the Growing Consumer Preference for Premium Quality Wines

Europe holds a significant portion of the global wine market share due to the presence of key wine-producing countries, including Italy, France, and Spain in the region. Italy topped the list with almost 50 million hectolitres of wine produced in 2022. This amount represented roughly one-fifth of the total wine produced in 2022. Italy is the largest wine exporter by volume, with less than half of that wine going to international markets.

Wine is ingrained in European culture and celebration, and the region boasts some of the best-known wine-producing regions, such as Bordeaux, Champagne, and Burgundy in France and Tuscany and Sangiovese in Italy. Many different grape varieties, such as white-green Thompson and Sweet Globe, and red Crimson, Flame Seedless, and Ruby, are available in Europe and offer several wine styles.

Partnerships among prominent wineries support the market growth. In September 2023, E. & J. Gallo Winery announced its partnership with two wineries, Rombauer Vineyards and Massican. With an annual production of about 350,000 cases, Rombauer is a 43-year-old winery that is highly renowned for its distinctive Chardonnay, Zinfandel, and Cabernet Sauvignon. Established in 2009 by winemaker Dan Petroski, Massican produces 7,500 cases of white wines a year, mostly from Italian varietals, and specialises in only Napa white wines. Both of the wineries have a significant focus on premium wines, and the agreements seem to indicate Gallo's intention to grow in this market. The company has a presence in offline retail stores as well as online sites such as Walmart (NYSE: WMT).

Figure: Top 10 Wine Producing Countries Globally (inHectolitre), 2022

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Market Analysis by Colour, Product Type, Distribution Channels, and Region:

• The market, on the basis of colour, can be divided into red wine and white wine, among others.

• Based on product type, the market can be divided into still wine, sparkling wine, and fortified wine and vermouth, among others.

• The various distribution channels for wine include on-trade and off-trade.

• The major regional markets of wine include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• In 2022, wine production in the U.S. accounted for 8.67% of the total world production. The presence of several native species of grape, including Vitis labrusca, Vitis riparia, Vitis rotundifolia, and Vitis vulpine drives the wine market growth.

• Countries such as South Korea and China boast a developing wine culture. In South Korea, in 2022, the rice wine category dominated the market, with 85% of the volume.

• Consumers growing preference for trying new flavours and aromas expands the market. As a result, sparkling wine and low-alcohol wines with flavours such as rose, and cranberry are gaining popularity.

• Consumers are spending substantially more on higher-quality or premium wines. In European and Western cultures, good-quality wine symbolises a great gift or a token of love. Additionally, the availability of varieties of wine on online channels such as Walmart.com, Harvey Nichols, and Amazon.com aids the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global wine market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the colours, product types, distribution channels, and regions of wine.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global wine market are E. & J. Gallo Winery, The Wine Group LLC, Madeira Wine Company, SA, Bronco Wine Company, and Constellation Brands Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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