The global wine market is projected to reach 27.5 billion litres by 2017, with market growth being mainly driven by factors such as rising affluence, growing shift towards premium alcoholic beverages, increasing consumption of wine, and adoption of western lifestyles in developing markets.
The future of the global wine market portrays a bright picture as wine is set to make gains in both developed and emerging markets at the cost of other alcoholic beverages including beer and spirits.
The economic crisis and the subsequent decline in consumption, which added to the already existing problem of overproduction, adversely affected the global wine manufacturing market during the years 2008 and 2009. The decline in wine consumption was primarily attributed to a drastic reduction in the US and other developed markets such as Europe.
Europe represents the largest region within the global wine market. However, growth in the global wine market will be driven by Asia-Pacific, which is projected to grow at a compound annual rate of 3.8% through to 2017.
Several countries worldwide have witnessed a decrease in vine area, which include countries such as Spain and Italy. The European region as a whole lost over 50,000 hectares of vine acreage in the year 2011 alone.
Major players in the global wine market include companies such as: Consellation Brands Inc., the largest wine producer in the world by volume. Pernod Ricard, a global leader in the production and distribution of wines and spirits, and Chateau Mouton Rothschild, one of the oldest and most prestigious wine labels in the world.
In relation to health benefits some of the most important developments have recently shown that drinking moderate amounts of wine may reduce a person’s risk of having a heart attack or developing some sort of heart disease. These health benefits go way beyond mere superstition having been verified through experiments.
Consolidation will be the key to the present and future success of the global wine market. Many players in the market are on the look out for growth through mergers, acquisitions and joint ventures.
For more information on the global wine market, see the latest research: Wine Market Report
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