The global demand for luxury wine and spirits has only gone up in the past few years. Studies show that while the market size was worth $970 billion in 2019, it is expected to rise to $1,411 billion by 2027 at a CAGR of 4.9% during the forecast period. With both brands and consumers increasingly making their way into the competitive market, it has become clear that there is a need and scope for technological advancements in the industry.
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