Over the last couple of decades, fuelled by the increasing disposable income and improving living standards attributed to the rising GDP, Wine consumption has dramatically increased. Changing lifestyles, increasing purchasing power which leads to change in preferences are some of the factors propelling the market growth. Furthermore, the increased demand for locally produced wines has gone up due to the change in such preferences driving growth of the global Wine market. Also, there is a change in the traditional form of packaging of wines, manufacturers are investing substantially to bring about better, attractive and innovative packaging solutions that can reflect the exclusivity and luxury nature of the wine using techniques such as foiling, heavy debussing, etc. Attractive packaging is also one of the key factors driving the Covid-19 Impact on Wine Market growth to an extent.
Wine needs no introduction, being around since 7000 BC suiting palates of consumers. Its market is ever increasing in thick & thins of economies. Although on the surface, Wine doesn’t seem to be undergone much of a transformation; there have been a lot of changes in its process like fermentation and filtration. Among them, Filtration expertise are critically important to achieve clarity and stability of fine Wine. And to attain the Filtration expertise, several technical advancements have been transpired in the field of Wines. Some of the notable innovations include – filter design innovation – Advanced Pleat Technology (APT), Rigid Extrusion Bonded Technology that controls the process parameters like temperature and pressure, and characteristics of the polypropylene resin. And Membrane Filter Technology offering unmatched protection of final membrane filters, as well as exceptionally long service life.
Developing economy and increasing disposable income have a major impact on the wine market. Increased demand for premium alcohol is also driving the market for wine. Availability of various product types in wine supports the growth of wine market. Furthermore, high focus on research and development has led to innovations in wine varieties by experimenting with unique flavors, which has also fueled up the wine share in the global wine market. Innovation in fermentation process and inclusion of various ingredients for wine production has resulted in launch of various wine products. This has encouraged higher sales of wine globally.
Major Key Players
The key players profiled in Covid-19 Impact on Wine Market are Shanghai Torres Wine Trading Co. Ltd. (China), Accolade Wines (U.K), Vina Concha y Toro (Chile),Distell Group Limited (South Africa), Treasury Wine Estates (Australia), Constellation Brands (U.K) and E. & J. Gallo Winery (U.S.)
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Market players in Wine Market are emphasizing in the merger & acquisition activities to upsurge the product portfolio of the company. Also, the manufacturers are also investing in the wine processing plant to increase the product portfolio.
The strategic sales plan of wine manufacturers includes use of online channels for marketing. For that, key manufacturers are entering into collaboration with the online channels to reach maximum customers and also to upsurge the brand value of the product. Key players in the wine market, is inclined to introduce new products in Covid-19 Impact on Wine Market or to extend the product line of renowned product. Also, the company promotes their new products on social media to reach many customers. This promotional strategy aids to retain the existing the customers and to acquire new customers. Also, the key manufacturers are focusing in the packaging of the wine. Today packaging is not only used to increase the shelf life of the product but also it aids to upsurge the brand value of the product. Growth in awareness related to wine products information among consumers through books and social media platforms has supported wine sales globally. Popularity of wine is also supported by wine tourism and special programs focused on the presentation of wine areas and variety wines with the authentic and clear origin.
In the recent years, wine consumption has evolved resulting in more shifts of consumers towards higher-quality wines compared to traditional wines. Wine consumption has witnessed continuous fall in traditional wine-producing countries. This has forced many suppliers to shift to newer ingredients for wine production. Popularity of wines is more among the famous origin types and high-priced quality wines which has posed a threat to consumption of domestic cheaper wines. Domestic wines production volume is comparatively higher whose demand is highly affected with shift of consumers to premium wines.
Covid-19 Impact on Wine Market is segmented into Europe, North America, Asia Pacific and Rest of the World. Among the entire region, Europe is estimated to account for the major market proportion in the year of 2017. The region is estimated to retain its dominance throughout the forecast period of 2017-2024. U.K and Germany are the major consuming countries of wine in Europe. Presence of key manufacturers in the European countries is one of the significant reasons for the rising growth of wine. Also, key manufacturers are focusing in the new product development which in turn escalates the sales of wine in Europe. However, Asia Pacific region is expected to expand at a high growth rate during the forecast period of 2017-2024. China and India are collectively accounting for the 50% of the overall Asia Pacific market. The growth of the Asia Pacific region is anticipated to be driven by the increasing youth population coupled with the increasing disposable income of the consumers.