Red Wine Market Expected to Achieve $278.5 Billion by 2028, Growing a CAGR of 5.4% by 2028

December 05, 2023 05:08 AM GMT | By EIN Presswire
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PORTLAND, OR, US, December 5, 2023 /EINPresswire.com/ -- Red Wine Market by Type (Cabernet Sauvignon Wine, Merlot Wine, Syrah/Shiraz Wine, and Others), Pricing (Mass and Premium), and Distribution Channel (On-trade and Off-trade): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global red wine industry was estimated at $182.0 billion in 2020, and is anticipated to hit $278.5 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028.

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Red wine is an alcoholic beverage which is produced by fermenting the dark grapes and the color of the red wine vary from light to dark depending over the acid present in the wine. The color of the wine determines the age of the red wine. The darker the color the older the wine; this occurs due to the reaction between the molecules present in the wine due to aging.

Leading Key Players

Brown-Forman
Campari Group
Castel Winery Plc.
Constellation Brands, Inc.
Viña Concha y Toro
Rémy Cointreau
The Carlyle Group
The Wine Group
Treasury Wine Estates
Caviro sca

Nevertheless, the red wine industry faces multiple challenges including but not limited to consumer shift toward the wine alternatives. Few decade back the consumers used to be either the wine consumer or the beer consumer but with the change in tradition and consumption pattern due to the broader societal change consumers are now preferring all types of alcohol beverages depending on the time and occasion. In addition, in the wine industry the consumption of red wine is only of 54% whereas the 10% consumption is of rose wine and 36% share is of white wine, which are also the substitute of red wine. Furthermore, red wine occupies 11.9% of the alcoholic beverages market share which shows that there are multiple substitutes for red wine and the consumers are willingly consuming other alcoholic beverages which is hampering the growth of the red wine market.

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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.

The red wine market is segmented on the basis of product type, pricing, distribution channel, and region. By product type, the market is categorized into cabernet sauvignon wine, merlot wine, syrah/shiraz wine, and others. By pricing, the market is divided into mass and premium. By distribution channel, the market is categorized into on-trade and off-trade. Region wise the market is categorized into North America (U.S., Canada and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, Portugal. and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific) and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).

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Europe is already the largest producer of organic wines and it has 90% of the global wine growing organic area. Spain, Italy, and France are the top wine producers and with the rise in focus toward organic wine and they produce about 79% of the wine together. Therefore, as many key players are adopting the production of organic red wine, the consumption of healthy organic red wine is estimated to gain traction in the near future which is projected to propel the growth of the red wine market.

Key Findings Of The Study

By product type, the cabernet sauvignon segment will remain the mostly demanded red wine in the market, and is expected to gain market share in the coming years.

By distribution channel, the off trade segment is the dominating segments for Red wine and it is expected to gain market share in the coming years.

By region, Europe dominates in terms of the global Red wine market share, and is expected to retain its dominance during the forecast period.

Red wine market trends are inclining more towards organic and biodynamic red.

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