The red wine market is expanding in sync with the rising disposable income in developing economies. Alcoholic beverages are enjoying popularity across the world, and red wine is getting precedence as it is low on calories. The global red wine market is getting traction from all quarters and is expected to reach substantial market valuation during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a study that has a firm foundation in a detailed discussion of market drivers and segmental analysis. Among the drivers, the red wine market can benefit from its features such as richness with anti-oxidants (contains resveratrol, catechin, epicatechin, and proanthocyanidins), and when taken in the right amount, the ability to boost the immune system, enhance bone density, and lower cholesterol are some of the benefits that can be considered exemplary.
However, the red wine market can be affected by drawbacks such as liver cirrhosis, the risk of depression, and disease. If consumed in a large amount, these drawbacks can set in and deter the expected red wine market growth.
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The Global Red Wine Market can be Segmented by Type, Taste, and Body-Type.
Based on type, the red wine market can be segmented into still wine, sparkling wine, and others. Still, wine dominates the market owing to price variability and consumers’ high preference. However, consumer preference is witnessing a paradigmatic shift which is leaning more towards sparkling wine now, and as a result, the segment is projected to witness a high growth during the assessment period.
Based on wine taste, the red wine market can be segmented into dry, medium, and sweet. The dry wine variety dominates the market owing to the availability of a wide variety of red wines in the segment and mass consumers’ preference for the product.
Based on body type, the red wine market can be segmented into light, medium, and heavy. Red wine with medium body-type is estimated to be dominating the market. However, light-wine is witnessing a surge at present owing to the rapid demand for red wine from the consumers’ end.
Geographic analysis of the global red wine market reveals namely North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Europe is dominating the red wine market by owning a substantial amount of the globally generated revenue. The region has a long tradition of red wine consumption which has made it simpler for the market to penetrate more. Furthermore, the presence of vineyards producing all the varieties of red wine has its impact on the regional red wine market. The region has also made its name in exporting wine. Italy, France, the U.K., and Spain are major regional market contributors.
North America is assuming the second spot. The region also has structural benefits, along with a huge consumer base who are providing the much-needed thrust to the market. The APAC is the fastest growing region. With substantial growth in disposable income, a huge consumer base has been developed which are now raising the demand for red wine. China and India are fast becoming market influencers.
The red wine market is gaining more from strategies that include new product launch, innovative marketing, merger, acquisition, and other methods.
Viña Concha y Toro S.A. is taking wine production to the next level. The company is integrating Green-e Framework for Renewable Energy Certification program which would enable wines to be vinted and bottled using 100% sustainable energy.
E & J Gallo Winery has announced in July 2018 about their three-year strategic partnership with Alibaba Group in a bid to expand their market in China.
Some of the key players profiled in the global red wine market are Caviro (Italy), Viña Concha y Toro S.A. (Chile), E & J Gallo Winery (U.S.), Constellation Brands, Inc. (U.S.), The Wine Group (U.S.), Treasury Wine Estates (Australia), Grupo Peñaflor S.A. (Argentina), Diageo plc (U.K.), among many others.
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