Wine Market – Overview
In the market report published by Market Research Future, The wine market is expected to achieve an explicably high turnover worth billions and will continue to grow at an astounding CAGR rate in the period from 2016 to 2022.
Wine consumption globally has seen a stupendous level of growth in its traditional markets which mostly comprises of western countries where wine consumption is particularly high. Majority of the top wine makers around the world belong to France as a result quite a few of the French wines are popular with wine consumers. However, in the recent years, the European manufacturers of wine are finding their position challenged by wine makers originating from the Asian region particularly Chinese wine makers.
With current global demand for wine on the rise, wine manufacturers around the world are targeting the countries who have large population bases and are consuming wine on a regular basis. For example, countries in the Asia Pacific region have demonstrated an upward growth trend owing to the rise in the level of disposable income and rapidly changing lifestyle patterns in the region. The introduction in different types of wines in food and beverage commodities is also generating alternative opportunities for growth of the global wine market.
The Global Wine market is driven by the demand surge, but it also has certain restrains in its growth trajectory. The increase in the cost of wines along with rise in their production costs due to political factors and extreme climatic conditions are a few of the factors causing the growth restraint. Moreover wine consumption is also restricted to particular social classes, and is not consumed by all sections of the society due to varying reasons. Government rules and regulations and taxes in various regions are also some of the causative factors in the level of growth that can be achieved.
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3rd November, 2017 Chapel Down announced their second highest yield of fruit to date at the completion of their 2017 harvest. The winery stated that the 2017 yield contained excellent quality fruit and the second most yet by volume, up 10% from last year.
2nd November, 2017 Mexican wine industry provided a boost to the wine sector by approving a new law aimed at promoting the sector & improving competitiveness. It will also promote research into which varieties that can be favorably cultivated there.
30th October, 2017 Wine producers in UK have increased significantly over the past year to meet the thriving demand for boutique drinks. This trend has also led to the growth of craft breweries and independent distilleries in the country.
Wine Market – Competitive Analysis
With the entry of industry players in the Asia Pacific region for the global wine market segment, a trend of solid, volume-driven growth has been observed in the market with the introduction of more delicious, bold and sumptuous varieties of wine. With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. With a positive trend observed due to new consumers for wine growing, the market size has also grown which allows newer companies entering the market a fairer competing chance.
Decline in production levels this year owing to extreme climatic conditions will drive the prices of the wine up. This shortage can also lead to intense competition in the forecast period as they try to retain their market share.
According to the report published by MRFR, the key leaders in the global wine market are the key players profiled in Global wine Market report include- Accolade Wines, Constellation Brands. Some of the other notable companies in this segment are E. & J. Gallo Winery, The Wine, Torres, Treasury Wine Estates, Vina Concha y Toro, and Distell.
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Wine Market – Regional Analysis
Europe dominates the global Wine market with the largest market share followed by U.S. and rest of the world, accounting for high millions in growth and is expected to grow over 2022 and is expected to continue the growth trend at a stupendous CAGR rate respectively from 2016 to 2022.
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