Offshore Wind Market By Segmentations, Key Company Profiles and Demand Forecasts
Posted by rohit on April 21st, 2021
Wine is an alcohol based drink that is usually made from grapes and is mainly directly consumed, while also extending its use for cooking purpose and religious rites. The changing consumer lifestyle and the growing awareness of the health benefits of wine has further led many consumers shift from beer and spirit based drinks to wine. The calorie content in beer is about 1.3 times more than that of wine resulting in many calorie and health conscious consumers shifting from beer to wine.
Although the major consumer base stands to be the middle and older age group, there is a growing demand amongst the millennial which is further helping the market to grow. In the US, over 80% of the millennial population and 75% of the Gen X population prefer dining outside compared to around 70% for the baby boomers. It is also noticed that the percentage of wine drinkers for millennials has increased by over 10.5% compared to just 5.5% for baby boomers showcasing a gradual shift in target customer group.
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In terms of revenue, the wine market is expected to expand at a CAGR of over 3.23% during the forecast period (2017-2025). According to a study conducted by Coherent Market Insights, the still wine segment is estimated to reach 5.66 billion by the end of 2017. The demand for fortified wine is expected to increase while sparkling wine stands to be the fastest growing segment over the forecast period. For instance, demand for new flavors such as marijuana infused wine and people opting for strong alcohol content are helping the market for fortified wine to grow. However, rising import duties in countries such as Australia and Russia and economic instability will act as a major hindrance in the market during the forecast period. For instance, the price of wine increased by 3% in UK, an increase by around 1% over the past two years post Brexit.
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, Pernod Ricard, Treasury Wine Estates, Caviro, Grupo Penaflor.
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About the Authorrohit
Joined: February 6th, 2020
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