Wine Market Size was valued at USD 296.6 billion in 2023. The Wine industry is projected to grow from USD 314.24 Billion in 2024 to USD 444.50 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.95% during the forecast period (2024 - 2032). Increasing consumption of Wine and changing lifestyle patterns are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In some cultures, Wine has always been ingrained; in others, it is wholly disregarded or forbidden. Except for South Africa, a renowned wine-growing nation, many sub-Saharan African and Asian cultures lack a history of wine consumption, favoring other libations instead. Studies indicate that some Chinese consumers might favor Wine mixed with soft drinks or, at the very least, sweeter varieties of Wine. These "frontier" markets are challenging because cultural changes take time.
The most developed market of wine are in Europe; Portugal, Italy, and France consume more Wine per person annually than any other country, at over 35 liters, compared to 23.9 liters for Australia, 9.9 for the US, and just 3.5 for China. Europe continues to be the global consumption hub at 58% of volume and 50% of overall value. Due to their larger populations, the USA, China, and France have the largest combined wine market, whereas Germany, the USA, and the United Kingdom, where production is much lower than consumption, are the top importers of Wine.
Figure 1: Wine Consumption Globally
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, Social media has boosted sales of some mass-market wines, but smaller boutique wineries have also benefited from societal trends like the willingness to pay more for organic farming methods, the preference for locally produced goods, and awareness of the chemicals present in the agricultural-industrial complex. Therefore, such growing consumption and demand has recently enhanced the market of wine CAGR globally.
Moreover, the global demand for Wine is anticipated to rise due to its health benefits, premiumization of wine products, development of new flavors, and more sophisticated distribution systems. New flavors are being added to wines, drawing attention from consumers due to government policies and new laws, such as the legalization of cannabis in the US and Canada. The desire for new and exotic flavors like Riesling wine and other tropical fruit wines is anticipated to boost the expansion of the wine market due to consumer preferences and tastes evolving. Such factors are driving the growth of the wine industry revenue.
The Wine Market segmentation, based on type, includes red Wine, White Wine, rosé wine, sparkling Wine, and others. Red Wine held the majority share 2022 of the wine industry revenue. Red Wine has been a common beverage for many centuries and continues to be widely consumed and in style today. Antioxidants are just one of the many health benefits that the beverage is known to have. Numerous in-vitro studies have demonstrated that drinking alcohol in moderation regularly may help consumers live healthier lives. Along with this, it also appeals to luxury-seeking consumers and is widely accessible. As a result, it combines both excellent taste and qualities that are good for your health, which has helped red Wine become a dominant market and is expected to grow even more in the years to come. Sparkling Wine is anticipated to be the fastest-growing segment during the projected period. Approximately 10% of the Wine produced annually worldwide is sparkling Wine, with Europe producing 80%. The United States and the United Kingdom are the most significant import markets for sparkling Wine because these countries produce the majority of it domestically.
August 2022 Somanda Vineyards, based in Nashik, has broadened its horizons beyond the traditional grape wine by introducing fruit wine made from pomegranates under the brand name Anarkali. The company has introduced two versions, an off-dry (slightly sweet) and a sweeter version dubbed "Medium Sweet."
The Wine Market segmentation, based on packaging type, includes Bottles and Cans. The Bottles segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Bottled packaging makes up a large portion of the packaging for distilled spirits and wines. Additionally, between the first quarter of 2012 and the first quarter of 2022, the export value of Italian bottled Wine increased significantly. Exports of bottled Wine increased in value in 2021 after a slight decline in 2020. According to ISTAT, it increased from EUR 1.7 billion (USD 1.80 billion) in the first half of 2012 to almost EUR 2.6 billion (USD 2.74 billion) in the first half of 2022. The demand for the market for bottled Wine is anticipated to be supported by the expanding export. Hence, the growing demand for bottled vine is anticipated to impact the market growth positively.
The Wine Market data has been bifurcated by distribution channels into food service and retail. The food service segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The lockdown increased demand for wine sales to food services. IWSR Drinks Market Analysis reported in 2020 that the off-trade distribution channel accounted for about 80% of alcohol sales in the U.S. and the on-trade for the remaining 20%.
Figure 2: Wine Market, by Packaging Type, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe wine market held the largest market share in 2022 and is anticipated to grow at a significant CAGR during the forecast period. The most developed market of wine is in Europe, where Portugal, Italy, and France have the highest annual per capita wine consumption rates. Due to its larger population and significant per capita wine consumption, France has one of the largest aggregate markets in Europe. The biggest wine importers are nations like Germany and the U.K., where wine production is much lower than consumption. Further, the Germany wine industry held the largest market share, and the UK wine industry was the fastest-growing market in the European Region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: WINE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Asia-Pacific market of wine is expected to grow at the fastest CAGR from 2022 to 2030. In China, where the color red is regarded as lucky, drinking red wine is a more common tradition. China is one of the largest markets for red wine, which presents France and Italy with fierce competition. In the Asia-Pacific, Australia is second only to Japan in terms of wine consumption. Moreover, the China wine market held the largest market share, and the India wine industry was the fastest-growing market in the Asia-Pacific region
The North America wines market accounted for USD 78.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region has enormous growth potential as a result of millennials' growing interest in trends associated with premiumization. According to OIV, the United States consumed 14% of all product consumption. Despite the abrupt termination of on-premise sales due to COVID-19, the California market saw sales of USD 40 billion, according to the Wine Institute. The manufacturers are concentrating on extending their product lines in response to the rising consumer demand and consumption. Additionally, the development of new vineyards with consumer demand in mind is anticipated to fuel growth in the ensuing years.
Major market players focus on expanding their product portfolio by investing heavily in their research and development departments. The market leaders are focused on increasing their footprint by advancing with strategies such as key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. The market leaders in the global Wine industry are also offering their products at a moderate price, due to which a broader consumer base has access.
One of the primary business strategies manufacturers adopt in the global Wine industry is to increase their reliance on reducing operating costs to increase their profit margins. In recent years, the Wine industry has provided various products offering a competitive advantage over its predecessor. The Wine market major player such as Accolade Wines (U.K), Constellation Brands (U.K), E & J. Gallo Winery (U.S.), Shanghai Torres Wine Trading Co. Ltd. (China), Treasury Wine Estates (Australia), Vina Concha y Toro (Chile), and Distell Group Limited (South Africa), and others are working to expand the market demand by investing in research and development activities.
Constellation Brands, Inc American manufacturer and distributor of beer, wine, and spirits. It is the largest beer importer in the US in terms of sales and holds the third-largest market share among all significant beer producers. In April 2022, Constellation Brands established a separate business unit for fine wine and craft spirits. Nelson's Green Brier Distillery, Copper & Kings, Mi Campo, Casa Noble Tequila, The Real McCoy, and High West Whisky are some of the new fine wines and craft spirits.
Treasury Wine Estates is a Melbourne-based company that produces and distributes wine all over the world. In October 2022, Treasury Wine Estates Ltd acquired One of the oldest estates in Bordeaux, France, Château Lanessan. The acquisition is the most recent step in expanding Penfold's portfolio of multi-regional luxury wines.
Wine Industry Developments
July 2020 Empathy Wines, a direct-to-consumer wine company co-founded by businessman Gary Vaynerchuk in 2019, was acquired by Constellation Brands.
February 2021 Vivino, a mobile wine app and online store revealed that it had raised a $155 million Series D round of funding. Sprints Capital and the investment firm Kinnevik took the lead in this round, which also included GP BullHound and Creandum. The company has now received USD 221 million in funding altogether.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 296.6 billion |
| Market Size 2024 | USD 314.24 billion |
| Market Size 2032 | USD 444.50 billion |
| Compound Annual Growth Rate (CAGR) | 5.95% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Accolade Wines (U.K), Constellation Brands (U.K), E & J. Gallo Winery (U.S.), Shanghai Torres Wine Trading Co. Ltd. (China), Treasury Wine Estates (Australia), Vina Concha y Toro (Chile), and Distell Group Limited (South Africa) |
| Key Market Opportunities | Changing lifestyle patterns |
| Key Market Dynamics | Growing consumption of wine globally Increasing company investments |
Wine Market Highlights:
Frequently Asked Questions (FAQ) :
The Wine Market size was valued at USD 296.6 Billion in 2023.
The global market is projected to grow at a CAGR of 5.95% during the forecast period, 2024-2032.
North America had the largest share of the global market.
The key players in the market are Accolade Wines (U.K), Constellation Brands (U.K), E & J. Gallo Winery (U.S.), Shanghai Torres Wine Trading Co. Ltd. (China), Treasury Wine Estates (Australia), Vina Concha y Toro (Chile), and Distell Group Limited (South Africa).
The red Wine category dominated the market in 2023.
The food service had the largest share of the global market.
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Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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