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Rise in acceptance of wines and spirits consumption and surge in popularity of vintage wines for special occasions are expected to stimulate the market growth

POTLAND, UNITED STATE, August 24, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Sparkling Wine Market by Type, Product, Price Point, and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”

The global sparkling wines market size was valued at $33.9 billion in 2019 and is anticipated to reach $51.7 billion by 2027, growing at a CAGR of 7.3% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $17.8 billion from 2019 to 2027. Sparkling wine is a fermented carbonated beverage made with grapes and other fruits. The fermentation process results in the production of alcohol and CO2. During the fermentation process, the gas is not allowed to escape, and thus forms tiny bubbles. This carbonation of wine takes place either in bottles or large tanks. Carbonation can also result from CO2 injected into a few varieties of wines.

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Sparkling wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends, such as urbanization, increasing disposable income, and rapidly aging population, indirectly create demand for sparkling wine, which, in turn, supports the growth of the number of wineries.

The fast pace of global urbanization has resulted in an increased demand for luxury goods and services, especially in developing economies such as LAMEA and Asia-Pacific. As these goods are considered as status symbols, they are increasingly being adopted in these countries, thus providing attractive opportunities to manufacturers to distribute and sell their products in these locations. Furthermore, international events, such as film festivals, art exhibitions, auctions, and award shows, have increased the demand for sparkling wines at such social gatherings.

The major players in the sparkling wines market are investing in R&D to enhance the quality of wine and gain competitive advantage over other players in the market. However, stringent government policies about advertisements and distribution of sparkling wines hamper the sparkling wines market growth.

Consumption of sparkling wines is booming globally as it accounts for 10% of the total wine sales. In recent years, the sale of sparkling wines has grown to 2.5 billion liters consumption every year. Germany was the world champion in sparkling wines consumption, with more than 5 liters per capita and a role as a major distributor of sparkling wines from traditional wine-growing regions in central Europe.

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Furthermore, there has been increase in the number of netizens along with rise in internet penetration. Most of the key players in the market strategize on promoting their products on various social media platforms. Through social media marketing strategy, the sparkling wines market attracts critical growth opportunity.

According to the sparkling wines market analysis, the market is segmented on the basis of type, product, price point, sales channel, and region. Based on type, the sparkling wines market is categorized into red, rose, and white. Red wine is the most consumed wine, and holds the major market share in the global sparkling wines market. Europe has a long tradition of red wine consumption, which has made it simpler for the market to penetrate more. Moreover, the presence of vineyards in European countries producing all varieties of red wine has its impact on the regional red wine market.

On the basis of product, it is categorized into cava, champagne, cremant, prosecco, and others. The prosecco segment was valued at $12.1 billion in 2019 and is expected to growth at a CAGR of 6.8% during the forecast period. The segment is expected to reach $17.8 billion by 2027. Attributed to increase in disposable income and aspiration of consumers toward experiential luxury, the market is expected to grow significantly in the coming years.

On the basis of sales channel, the supermarket/hypermarket segment dominated the market in 2019, accounting for 52.8% of the market share, and is expected to retain its dominance over the sparkling wines market forecast period. This is attributed to increase in business of retail sales in different regions and availability of large shelf space for maximum sales.

Region-wise, Europe was the prominent market in 2019, garnering maximum market share. The major countries of the region, such as Italy, Spain, and France, held half of the production of wine across the globe. Therefore, the positive economic prospects of Europe seem sufficient for a rise in aspirations among urban consumers with higher disposable income to invest in luxury products. However, the market is expected to provide attractive profitable opportunities to the manufacturers.

The key players profiled in this report include Accolade Wines Australia Limited, Bronco Wine Company, Casella Family Brands, Caviro Extra S.P.A, Constellation Brands, E. & J. Gallo Winery, Pernod Ricard, The Wine Group, Treasury Wine Estates, and Vina Concha Y Toro SA.

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David Correa Allied Analytics LLP 800-792-5285 email us here Visit us on social media: Facebook Twitter LinkedIn

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