Organic Wine Market Set to Witness an Uptick during 2022 to 2030Posted by Mrudula Anil Karmarkar on July 19th, 2022 The global organic wine market size is anticipated to reach USD 21.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.2% from 2022 to 2030. The market is predominantly driven by the rising awareness regarding health among consumers across the globe. The demand for organic products is increasing at a fast pace. Consumers are spending more on chemical-free and organic products mainly in North America and Europe. According to Organic Trade Association (OTA), 75 million millennials in America are consuming organic food and drinks. Parents in the age group 18 to 34 years are the largest group of organic buyers in the U.S. According to OTA, organic food sales surpassed USD 56.0 billion in 2020, 12.8% up from the previous year’s sales. This growth of organic products is expected to drive the market globally. Wine has become an important part of many European cultures and is considered a standard accompaniment at dinner and lunch. As per the study conducted by the ChaireVins et Spiritueux de INSEEC U and the European Association of Wine Economists in 2020, the consumption frequency of wine has risen remarkably during the home isolation period due to the Coronavirus outbreak in Spain and other countries in Europe. The outbreak of Coronavirus disrupted the global organic wine supply chain and distribution channel owing to the closure and restrictions on bars, restaurants, and hotels globally. According to the 2020 ProWein Business Report, the COVID-19 affected around 77% of hotels, with turnover declining by 60% across the sector, while restaurants saw sales decline by 91% by the end of 2020. However, in many regions, the wine market has extremely benefited from the lockdown and travel restrictions. Consumers enjoyed wine across a broader range of at-home occasions. For instance, according to Wine Intelligence, the wine market of Brazil gained approximately three million regular wine drinkers (which is at least once a month) between 2022 and 2020. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/organic-wine-market-report/request/rs1 Organic wines have gained significant penetration globally. Their popularity is owed to its health benefits, along with fine taste. E-commerce or online retail have made it accessible to consumers across various parts of the world. The consumption of conventional wine seems to be tailing off around the world gradually. However, the enthusiasm for organic wines is widespread. European countries dominated the market particularly among the millennials (20 to 35 years), a generation that is extremely aware of environmental and social values. Organic Wine Market Report Highlights
The market growth is driven by the shifting consumer behavior patterns for food and beverages across the world. The outbreak of Coronavirus disrupted the global organic wine supply chain and distribution channel owing to the closure and restrictions on bars, restaurants, and hotels globally. According to the 2020 ProWein Business Report, the COVID-19 affected around 77% of hotels, with turnover declining by 60% across the sector, while restaurants saw sales decline by 91% by the end of 2020. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/452481/ibb Key companies are increasingly focusing on producing new wines to gain market share in the world. For instance, in 2018, Bronco Wines Company’s Charles Shaw brand launched a new range of organic wines. The range of organic wines includes California-sourced Pinot Noir, rosé wines, and Cabernet Sauvignon. New product launches, innovation, geographical expansion, mergers and acquisitions are some of the key strategies adopted by the players to strengthen their position in the market and gain a higher market share. Some of the prominent players in the organic wine market include:
Like it? Share it!More by this author |