Discerning consumer tastes, a rising disposable income, increased urbanization, and the popularity of different wine varieties for all sorts of social events and gatherings directly benefit the red wine market. Red wine finds a ready customer base in both the younger as well as older demographic as a substitute for ‘hard drinks’ and a healthy lifestyle alternative respectively. Wine consumption and production has noticeably increased in emerging markets and technological advancements in developed ones have given rise to new and unique flavors and textures in the red wine market.
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According to Fact.MR, the red wine market is likely to record a modest CAGR of 2.7% from 2017-2024 and grow to just over US$ 77 billion by the end of the study.
- The semi-sweet segment is the most popular by sweetness level and it accounts for a revenue share of more than 2/5th in the red wine market. The semi-sweet segment in Europe alone is on track to be worth just under US$ 16 billion in 2024. However, APEJ should record a higher CAGR during this period. Sweet wine is considerably smaller with a revenue share of a quarter of the red wine market. As is the case with the semi-sweet segment, companies may wish to target APEJ as it represents the highest growth opportunity in the red wine market
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- The trade segment is the largest sales channel in the red wine market and companies are advised to take this into consideration while devising their long-term distribution strategies. The trade segment could be worth more than US$ 28 billion by the end of 2024, making it a sales channel that can hardly be ignored in the red wine market. On the other hand, grocery stores are estimated to be extremely popular in APEJ and Latin America and key stakeholders may seek to target these in the red wine market
- E-commerce is currently much smaller than the trade segment in the red wine market but it can safely be said that it is the future of most sales channels. As Internet connectivity improves in emerging markets, consumers will definitely seek out the comfort and convenience of ‘anywhere, anytime’ red wine shopping. A market approaching US$ 8.7 billion in Europe in 2024 makes e-commerce the sales channel to watch out for and companies that do not cater to online shoppers may risk being left behind in the red wine market
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- The market opportunity that exists in the light bodied and medium bodied segment is fairly similar as both contribute 2/5th revenue share in the red wine market. APEJ seems to show a greater preference for light bodied red wines as the CAGR for the period 2017-2024 is 4.1% In the case of medium bodied wines, companies could focus their attention on either Latin America or North America in the red wine market
- Full-bodied wines are notably less popular than either light or medium bodied wines in the red wine market. Nonetheless, a market exceeding US$ 7.7 billion in Europe alone in 2024 makes it unwise to ignore full bodied wines entirely in the red wine market
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The report has profiled leading players in the global market for red wine, which will remain active through 2024. These include companies such as Treasury Wine Estates, The Wine Group, Grupo Peñaflor S.A, E&J Gallo Winery, Diageo Plc, Constellation Brands, Inc., Viña Concha y Toro SA, Caviro, Casella Family Brands, and Accolade Wines Australia Limited.
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