Wine is an alcohol based drink that is usually made from grapes and is mainly directly consumed, while also extending its use for cooking purpose and religious rites. The changing consumer lifestyle and the growing awareness of the health benefits of wine has further led many consumers shift from beer and spirit based drinks to wine. The calorie content in beer is about 1.3 times more than that of wine resulting in many calorie and health conscious consumers shifting from beer to wine.

The global wine market was valued at US$ 296.03 billion in 2016 and is slated to reach US$ 404.64 billion by 2025. The market is expected to exhibit a CAGR of 3.23% during the forecast period (2017-2025).

Market Dynamics

In terms of revenue, the wine market is expected to expand at a CAGR of over 3.23% during the forecast period (2017-2025). According to a study conducted by Coherent Market Insights, the still wine segment is estimated to reach $255.66 billion by the end of 2017. The demand for fortified wine is expected to increase while sparkling wine stands to be the fastest growing segment over the forecast period. For instance, demand for new flavors such as marijuana infused wine and people opting for strong alcohol content are helping the market for fortified wine to grow.

Market Taxonomy

The wine market is segmented on the basis of product type and color. Both red and white wine will continue to witness surge in sales owing to the changing lifestyle patterns, ordering wine at social gatherings, the health benefits associated with it and different activities carried out by the government to promote the wine industry. Although Europe contributed over 63% of the global wine consumption in 2016, APAC stands to be the fastest growing market and is forecasted to grow at a CAGR of around 7% followed by Latin America with CAGR of 5%.

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Major Keyplayers: Schlumberger Ltd., Halliburton, Baker Hughes, Weatherford International, Archer Well Services, National Oilwell Varco, and Aker Solutions.

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