Future Market Insights have released their Wine Market Outlook (2023 to 2033), predicting a compound annual growth rate (CAGR) of five per cent over the next ten years.
According to the report, the international wine market is set to grow substantially over the next ten years, from $US 5,34,226 this year to an anticipated $US 8,75,293.8 by 2033.
From 2018 to 2022, the global wine market experienced a compound annual growth rate of 2.3 per cent, reaching a value of US$ 5,13,678 in 2022.
Growth has been attributed to emerging wine nations increasing the availability of wine internationally and expanding distribution channels to boost exports and imports, enabling consumers a greater selection, therefore, fuelling consumption.
Predicted increased demand is based on data that alcoholic beverages are growing in popularity, especially in developing nations where foreign wine is seen as a status symbol, particularly in India, Malaysia and Thailand.
Red wine will continue to dominate the global wine market due to its perception as healthier than other varieties and its preference by corporates and millennials.
Organic wine is predicted to register a 17.5 per cent CAGR as it grows in popularity with younger consumers interested in transparency, health and sustainability.
As with other industries, online sales show no sign of slowing, with several large wine producers and distributors bypassing brick-and-mortar shops altogether in favour of online retail.
Future innovations will capitalise on the growing demand for premium wine and novelty flavours as Western culture is increasingly accepted globally, and wine is seen as a symbol of wealth, modernity and sophistication.
Hand in hand with globalisation, social media, urbanisation, improving income and the possibility of a disposable income in some regions has also propelled sales now and into the future.
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