The global wine market size is anticipated to reach USD 444.93 billion by 2027 on account of the increasing adoption of a lavish and wealthy lifestyle. Wine is an alcoholic drink made of fermented grape juice. The yeast helps to consume the sugar present in the grapes and changes it to carbon dioxide, ethanol, and heat. The variety of strains of yeasts and grapes produces different types of wine. Wine has been consumed by people for thousands of years and also has religious importance. Wine also has health benefits when consumed in limits. A recent report by Fortune Business Insights provides an elaborate overview of the market and its prime strategies. As per this report titled, “Wine Market Size, Share & Industry Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavour (Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027,” the market value was USD 364.25 billion in 2019 and is likely to exhibit a CAGR of 6.06% between 2020 and 2027.
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What are the Highlights of the Report?
The report provides a 360-degree overview of the market and various factors driving, restraining, challenging, and creating opportunities for the market. It also discusses the table of segmentation based on factors such as type, flavor, distribution channel, and geography, and lists the names of leading factors. Furthermore, the report highlights current trends prevalent in the market, significant industry developments, and other interesting insights into the market. To purchase this report, refer to the company website.
Rising Adoption of Wine as a Sign of Social Status will Propel Growth
The rising adoption of alcohol as a social drink is a major wine market driver. This, coupled with modernization, westernization, and promotion of alcohol consumption socially will also add impetus to the market in the coming years. Wine and alcohol consumption has now become a social status and this supports the growth of alcoholic beverages worldwide.
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