Global Red Wine Market Overview:
As per the MRFR reports, the global market for red wine is likely to register a robust CAGR of over 7.40% during the review timeframe. The market is projected to attain USD 285.75 billion by 2032.
Red wine is obtained from several grapes, which results in an alcoholic beverage. Red wine offers several health benefits such as the low risk of heart stroke, boosts the immune system, and increased bone density if taken within limits. The global Red Wine Market Insights has been experiencing massive growth over recent years owing to factors such as growing consciousness regarding health, rising areas of use, increased urbanization, growing disposable income, growing young population, increasing demand for recreational activities, changing lifestyle, the growing acceptance of alcoholic beverages in emerging nations, and a preference for wine at large events. However, the growth of the red wine market is likely to be hampered by the heavy tax duties imposed on alcoholic beverages and higher prices.
Segmentations:
The global red wine market is divided into numerous segments based on distribution channel, packaging type, type, and region.
Based on type, the global market for red wine is divided into still red wine and sparkling red wine.
The global red wine market is bifurcated into cans and bottles by packaging type.
The red wine market is bifurcated into retail and food service based on the distribution channel.
Regional Analysis:
The global Red Wine Market Outlook is studied across four major regions, including Asia-Pacific, Europe, North America, and the rest of the world.
The North American regional red wine market is projected to lead globally. The regional market's growth is being propelled by the presence of a population with high spending capacity across the region. Furthermore, the growth in the demand for red wine from the foodservice industry is another major aspect to accelerate the growth of the regional market.
The Asia-Pacific regional market for red wine is likely to record the fastest growth over the review timeframe. The regional market's growth is being driven by the rising disposable income and the rise in the youth population.
For the rest of the world, the red wine market is expected to project a steady growth rate due to the growing foodservice industry and rising disposable income in countries such as South American countries like Argentina, Chile, and Brazil.
Competitive Landscape:
The global red wine market has an intensely competitive landscape with a wide number of players spread worldwide. The list of leading players in the red wine market includes Constellation Brands (US), Pernod Ricard (France), Compagnia Del Vino SRL (Italy), Gruppo Campari (Italy), Amvyx SA (Greece), Diageo plc (UK), E & J Gallo Winery (US), Caviro (Italy), Treasury Wine Estates (Australia), Bacardi Limited (Bermuda), Grupo Penaflor S.A. (Argentina), The Wine Group (US), Accolade Wines (Australia), Vina Concha y Toro S.A. (Chile), Castel Group (France), and several others.
Recent Developments:
· September 2021 – Martha Stewart Wine Co. and Marquee Brands, DRINKS, the online wine collection including an assortment of wines hand-picked by America's lifestyle expert Martha Stewart, revels a year of landmark partnerships, including latest Macy's Wine Shop, and Kroger, The Wine Shop on the Instacart Marketplace and extraordinary growth in customer demand as online wine continues to surge in popularity.
· August 2021- Nashik-based Somanda Vineyards has announced the launch of fruit wine from pomegranates and labeled as Anarkali. With this launch, the vineyard has prolonged its horizons beyond the conventional grape wine and has launched two versions, off-dry with two levels of sweetness that might be attractive to those who enjoy pomegranate as a fruit but enjoy high alcohol in their fruit wine.
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