Wine Market, By Product Type (Still Wine, Sparkling Wine, Fortified Wine), By Color Type (Red Wine, White Wine, Rose Wine), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Feb 2024

Code : CMI940

Pages :155

Formats :

Excel and PDF

Industry : Food and Beverages

Wine MarketSize and Trends

Global wine market is expected to reach US$ 416.08 Bn by 2031, from US$ 314.07 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2024-2031).

Market Trends:

Growing popularity of organic and natural wines: The global wine industry has witnessed rising demand for organic and natural wines. Consumers, especially millennials and generation Z, are increasingly health-conscious and prefer wine that is produced in a sustainable manner without heavy use of pesticides, chemical fertilizers and additives.

This rising consumer preference for natural wines has compelled many conventionally operating wineries to shift to low-intervention winemaking practices. These are focusing more on organic and biodynamic farming in the vineyards and minimal processing during wine production. Many new small wineries have also emerged that specialize exclusively in natural wines made from organically grown grapes. The natural wine segment has seen annual growth rates anywhere between 15-25% globally over the last few years. Major retailers and restaurants are also accommodating this demand by dedicating more shelf space and wine lists to organic and natural wines.

Innovation through variety in grape types and Flavors: The global wine market is witnessing an increased trend of innovation through variety in grape types and Flavors. Wineries around the world are experimenting with newer grape varieties and blending techniques to come up with unique Flavour profiles in their wines. This allows them to cater to the evolving tastes of customers and also explore untapped regional terroirs.

For example, in Australia, winemakers grows Mediterranean grapes like Vermentino, Arneis, and Fiano, which were traditionally grown in warmer climate regions of Italy and Spain. These varieties are doing surprisingly well in different soil and climate conditions in Australia. These are helping craft wines with lively acidity and herbal, floral notes that appeal to new age drinkers. In California, there is a rise in Italian and Portuguese grape varieties like Monterey, Tempranillo, and Touriga Nacional. Winemakers find that blending them in small proportions with local favourites like Cabernet and Chardonnay adds layering of flavor and complexity to the wines.