The global red wine market is expected to exhibit a solid 5.19% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global red wine market is expected to reach a valuation of USD 147.29 billion by the end of 2024. The report provides a close look at the global red wine market, including a detailed analysis of the market’s leading segments, major players operating, and the strategies used by the same to succeed in the market. In this way, a comprehensive overview of the red wine market is presented to the readers.
Red wine is an alcoholic beverage made from grapes. It is a highly popular alcoholic beverage around the world, with red wine taking on an important role in various cultures. Red wine is made from black grapes and is thus rich in antioxidants such as flavonoids. This has also been a major driver for the red wine market in recent years, as consumers have become aware of the health benefits of red wine and have thus started consuming red wine for its health benefits as much as its taste. Regular consumption of red wine can lower the risk of strokes and heart attacks, helping keep the consumer healthy and fit for longer. This is likely to be a major driver for the red wine market over the forecast period.
Many emerging countries are looking to boost wine production in order to create a thriving industry. These countries, such as India, are likely to become important regional markets for red wine over the forecast period. High grape production in these countries is a major driver for the global red wine market. On the other hand, government regulations to restrict the use of alcoholic beverages are likely to be the major restraint on the global red wine market.
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Leading players in the global red wine market include Diageo plc, Grupo Penaflor SA, E&J Gallo Winery, Vina Concha y Toro SA, Caviro, Constellation Brands, The Wine Group, Pernod Ricard, Treasury Wine Estates, Compagnia del Vino Srl, Castel Group, Gruppo Campari, Bacardi Ltd., Amvyx SA, and Accolade Wines. Product diversification and refinement is likely to be the major competitive strategy for players in the red wine market in the coming years. New players are also likely to enter the red wine market in the coming years due to the high degree of profitability of the red wine market.
The global red wine market has been segmented based on type, packaging type, distribution channels, and region.
The global red wine market has been classified, based on type, as sparkling red wine and still red wine.
The global red wine market has been bifurcated, based on packaging type, into bottles and cans. Bottles dominate the global red wine market, as it is traditional to store wine in glass bottles. However, the demand for canned wine is also increasing rapidly and is likely to be an important feature of the global red wine market in the coming years.
The global red wine market has been segmented, on the basis of the distribution channel, into foodservice and retail. The retail segment has been further classified as supermarkets and hypermarkets, specialty stores, and others.
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North America is the dominant regional force in the global red wine market. The development of the wine industry in California is a major driver for the red wine market in North America, as this provides local customers with local buying options, leading to an increased demand. The high disposable income of consumers in North America is also a major driver for the red wine market in North America.
Asia Pacific is likely to exhibit the fastest growth in the global red wine market over the forecast period. Countries such as India, China, and South Korea are likely to emerge as key markets as well as producers of red wine in the coming years.
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