Cibi e Bevande
Red Wine Market to Reach $278.5 Bn, Globally, by 2028 at 5.4% CAGR: Allied Market Research
Increasing on-premise consumption and rapid premiumization drive the growth of the global red wine market. On the other hand, counterfeited wines and presence of alternative markets hamper the growth to some extent. However, growing preference for organic & biodynamic wine is expected to create lucrative opportunities in the industry.
Based on product type, the Cabernet Sauvignon segment accounted for around one-third of the global red wine market share in 2019, and is expected to lead the trail by the end of 2028. Cabernet sauvignon is known for being relished better with food than without food. Its suitable experience with food has enriched its demand in the food sector. The merlot segment, on the other hand, would cite the fastest CAGR of 7.4% from 2021 to 2028. This is because merlot wine is famous for having a plummy taste and notes of chocolate. It is also considered to be smooth and easy to drink which attracts the consumer to crave for it even more.
Based on pricing, the mass segment contributed to nearly three-fourths of the global red wine market revenue in 2019, and is projected to dominate by 2028. The local or domestic player need not have to pay taxation on import or export of alcoholic beverages. This is because the production is done within the domestic territory of the country. It targets the mass pricing segment of the customer in alcoholic beverages. This factor fuels the growth of the segment. The premium segment, however, would grow at the fastest CAGR of 6.8% from 2021 to 2028. Consumption of red wines blended with different other flavored wines has become quite popular among the millennial and young-adults. And, this is generally made by using wines of premium brands to add a perfect taste and texture in the drink. This factor drives the growth of the segment.
Based on geography, Europe , followed by North America , garnered the highest share in 2019, holding around half of the global red wine market. Growing demand for premium and high-quality red wine boosts the market growth in this province. Simultaneously, the market across Asia-Pacific would showcase the fastest CAGR of 7.0% during the forecast period. In Asia-Pacific , the alcoholic beverages market is driven by growth factors such as modernization, adult population, disposable income and premium products.
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