Market Trends of Wine Industry
Surging Demand for Fortified and Other Premium Ingredients Infused Wine
Product premiumization is one of the prime factors expected to fuel the growth of the fortified wine market in the coming years. Leading market players are concentrating on the development of new flavored fortified wines to cater to changing consumer preferences. Marijuana-infused wines are gaining high popularity, specifically in markets like the United States. It is possibly the most significant trend influencing the alcoholic drinks market globally. Markets worldwide witnessed consumers shifting toward higher-value products, primarily across a wide range of categories. This trend is prominent in developed markets like the United States. Consumers are keen to explore unique and interesting alcoholic beverages.
A Surge in Wine Consumption in Asia-Pacific and South America
Asia-Pacific is leading the demand for wine, with China dominating the market in the region. Notably, the consumption of red wine is more prominent as a tradition in China, as the color red is considered lucky in the country. Therefore, China is one of the leading markets for red wine, giving tough competition to France and Italy. Australia ranks second in the consumption of wine in Asia-Pacific, followed by Japan. India is also the fastest-growing country in terms of wine consumption and registered a growth rate of approximately 7%. The Philippines, South Korea, and Vietnam are the other potential wine-consuming markets in Asia-Pacific. Hong Kong has no import tax for wine, which is a driving factor for the market. Brazil and Argentina are other key countries reflecting the future growth prospects in the wine market. The two countries are majorly driven by an expanding middle class and marketing campaigns run by major importers, such as Expand Importadora and Interfood Importação, which aim to promote the culture of wine consumption, particularly in Brazil.
