Date : June 15, 2023
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Wine tourism is fostering the global wine market, which will be worth USD 563 billion by 2028. - Bonafide Research

Wine tourism is fostering the global wine market, which will be worth USD 563 billion by 2028.  - Bonafide Research
Wine tourism is accelerated by end-consumers showing an ever-increasing inclination toward exploration of different kinds of vineyards. The connection to the land, the beauty of vineyards and the opportunity to explore picturesque wine regions add to the allure of wine as a favorite among consumers.

Wine tourism is known for having an enormous economic impact, thereby contributing to local growth and job creation. The wine regions are increasingly investing in tourism infrastructure to enhance visitors’ experiences. Education regarding the sustainability of wines is an important aspect of wine tourism. Digital platforms and technology are playing a bigger role in improving wine tourism. Specialized and niche segments are likely to emerge to address specific interests. The future is expected to see partnerships and collaboration amongst tour operators, wineries, and tourism boards for creating comprehensive wine tourism experiences. The tourists could have the opportunity to engage in exploration of vineyards, meet winemakers, and even take part in wine blending or grape harvesting activities. There are wine festivals being organized, like the Oregon Wine Country Thanksgiving and the Aspen Food and Wine Classic. Popular vineyards in North America are found in Sonoma County, Napa Valley, and the Willamette Valley. Europe is expected to grow in the wine tourism market on the back of countries like France and Italy.

According to the research report "Global Wine Market Outlook, 2028," published by Bonafide Research, the market was valued at USD 396 billion in 2022 and is anticipated to grow at a CAGR of 6.11% to be worth USD 563 billion by 2028. The global wine market is a dynamic and thriving industry that continues to evolve and captivate consumers around the world. The global wine market continues to be a vibrant and competitive landscape, shaped by consumer preferences, technological advancements, and evolving wine production practices. Whether it's the sensory experience, cultural significance, or social aspects, wine continues to captivate and delight a diverse global audience. The rise of e-commerce platforms and online wine retailers has transformed the way consumers purchase wine. This convenience has expanded consumer choices and broadened the reach of wine producers.

Wine players have established themselves in the global market through a combination of factors, including historical legacies, regional expertise, marketing strategies, and quality-focused approaches. Wine producers have employed effective branding and marketing strategies to differentiate them in the global market. Many wine producers have expanded their presence beyond their domestic markets, establishing distribution networks in key international markets. Successful wine players have embraced innovation and adaptation to meet evolving consumer demands and market trends. These strategies, combined with a commitment to quality, consistency, and consumer satisfaction, have allowed wine players to establish themselves as reputable and influential participants in the global wine industry. Through their expertise, brand recognition, and customer-centric approach, these players continue to shape the market and drive its growth.

Canned wine offers convenience and ease of consumption, as it comes in a portable and lightweight package. Canned wine typically comes in single-serve portions, which appeals to millennials who prefer individual-sized servings. It allows for better portion control, especially for those who want to enjoy a glass of wine without opening an entire bottle. This format also reduces the risk of wine spoilage or waste. Canned wine is often perceived as a more sustainable option compared to traditional glass bottles. The lower price point attracts millennials who are looking for quality wines at a more budget-friendly cost. The Instagrammable packaging and designs, coupled with the novelty factor, make canned wine an attractive option for social media posts and sharing experiences online, contributing to its visibility and reach.

Wine is widely accessible in many parts of the world, with a range of price points and options to suit different budgets and preferences. This accessibility, coupled with various educational resources and recommendations, helps consumers navigate and appreciate the world of wine. Orange wine is still relatively niche in the global wine market, and production is often on a smaller scale. Due to their higher alcohol content and the fortification process, fortified wines generally have longer shelf lives compared to regular table wines. Ros? wine has gained significant visibility and traction on social media platforms, where it is often associated with a glamorous and vibrant lifestyle. Though rose wines are not much in demand and account for the lowest share of the wine market.

Red wine has deep cultural significance in several wine-producing regions, such as France, Italy, Spain, and Argentina. The allure of aged red wines adds a layer of sophistication and exclusivity to the category, appealing to connoisseurs and collectors. Red wine holds a significant market share globally and is readily available in various price ranges. It is produced in large quantities in many wine-producing regions, making it accessible to a wide range of consumers. White wine offers a diverse range of grape varietals, styles, and regions, providing consumers with ample opportunities to explore and discover new flavors and profiles. In recent years, there has been a growing trend toward lighter, lower-alcohol wines across the beverage industry. White wines, especially those with lower alcohol content, align with this preference and attract consumers seeking wines with a more moderate and balanced alcohol profile. Influencers, celebrities, and wine enthusiasts have contributed to the trend by showcasing ros? wine in their posts and events, influencing consumer perceptions and increasing its desirability.

Europe leads the global wine market, driven by a robust presence in France, Italy, and the UK. North America’s wine success is concentrated in the United States, with its huge consumer base and drinking culture. Asia-Pacific region to register the fastest growth rate of 7.50%, followed by South America over the forecast period. The Asia-Pacific region is expected to garner higher revenues in the forthcoming period, with China, Australia, and New Zealand contributing to wine production. In South America, Brazil is an important country with many established wineries. China has taken over France’s position in both wine production and consumption. India, on the other hand, is still in a nascent phase in either wine production or the number of wineries.

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Wine tourism is fostering the global wine market, which will be worth USD 563 billion by 2028. - Bonafide Research

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