The global wine market size was USD 339.53 billion in 2020. The market is projected to grow from USD 340.23 billion in 2021 to USD 456.76 billion in 2028 at a CAGR of 4.30% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Wine Market, 2021-2028.”
According to our researchers, the industry is inducing rustic landscapes for consumers across the world and attaining huge admiration in the global marketplace, owing to its taste and uplifting properties. The beverage has become a significant commodity and is also obtaining approval in the overseas market, owing to the eased trade duties and tariff obstructions in marketing.
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By type, the market is divided into,
Still wine is the oldest and the most renowned form of wine present across the world. It held the highest share under type.
Based on Flavor, the global market is segregated into,
In terms of Distribution Channel, the market is classified into,
Drivers and Restraints:
Rising Alcohol Socialization among Consumers to Assist Market Growth
Wine production and consumption have observed rapid development in the last few years, which has led to an augmented consumption pattern. These days, social activities, modernization, and surging acceptance of western culture are few of the aspects promoting alcohol socialization among users.