Global Wine Market, By Product Type (Still Wine, Sparkling Wine, and Fortified Wine), By Color Type (Red Wine, White Wine, and Rose Wine), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 314.07 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 4.10% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Global Wine Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
The COVID-19 pandemic has significantly impacted negatively the global wine market. The pandemic has led to a substantial decrease in wine sales and tourism revenue. Government responses to the pandemic, such as stay-at-home orders and restrictions on internal movement, have adversely affected wine consumption and international trade. The wine industry has faced challenges such as project delays, supply chain disruptions, and a decline in international travel, leading to a slowdown in market growth. However, the industry will see opportunities for recovery, with trends such as increased digital sales and a return to pre-pandemic consumption patterns expected to emerge.
Recent Developments
- In June 2023, E. & J. Gallo Winery announced that it had purchased the Hahn Family Wines portfolio, complementing Gallo’s existing Central Coast offerings. E. & J. Gallo Winery is a family-owned company and leader in wine and spirits. & J. Gallo Winery offers a broad array of products that total more than 130 brands and include table, sparkling and luxury wines, beverage products, dessert wines, and distilled spirits.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Wine Market”- Forecast to 2031, Global Wine Market, By Product Type (Still Wine, Sparkling Wine, Fortified Wine), By Color Type (Red Wine, White Wine, Rose Wine), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/wine-market-940
Key Takeaways of the Global Wine Market
- Global wine market is estimated to be valued at US$ 314.07 Bn in 2024 and is forecast to reach a value of US$ 416.08 Bn by 2031, exhibiting a CAGR of 4.10% between 2024 and 2031.
- Major players operating in the global 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
- Key players operating in the global wine market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio
