October 07, 2021
According to the business intelligence report titled ‘Global Red Wine Market Size study, by Type (Sparkling red wine, Still red wine), by Packaging Type (Bottles, cans), by Distribution Channel (Foodservice, Retail)and Regional Forecasts 2021-2027’, available with MarketStudyReport, global red wine market is projected to witness considerable expansion between 2021-2027.
Rising acceptance for alcoholic beverages, changing lifestyles, and growing demand from health conscious consumers are the key growth stimulants for global red wine market. Increasing disposable incomes, rising number of millennials, and fast paced urbanization will aid in revenue inflow as well in the forthcoming years.
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For the unaware, red wine is an alcoholic beverage produced from a variety of grape materials. When consumed in moderation, it has various health benefits such as enhanced immunological function, improved bone density, and decreased risk of heart stroke.
Rapid expansion of the food sector, growing preference towards wine during social gatherings, and rising consumer demand for tasty beverages to satisfy sensory needs will facilitate industry growth. On the other hand, heavy tax duties imposed on alcoholic beverages will act as a challenge for global red wine market growth.
Based on type, worldwide red wine industry is split into still red wine, and sparkling red wine. Speaking of packaging type, the industry is divided into cans and bottles. As per distribution channel, the business sphere is bifurcated into retail and food service.
Regionally speaking, North America captured majority of global red wine market share in the recent past due to high spending capacity of the populace. Rising demand for natural & organic cosmetics will also aid towards the market growth between 2021-2027.
Leading players shaping worldwide red wine market dynamics are Amvyx S.A., Accolade Wines Limited, Bacardi Limited, Castel Group, Davide Campari-Milano N.V., Treasury Wine Estates, Compagnia Del Vino SRL, Pernod Ricard, Constellation Brands Inc., and The Wine Group.
These companies are undertaking strategic decisions such as mergers & acquisitions, collaborations, novel product launches, and research & development investments to maximize profits and acquire a competitive lead in this business domain.