Global Red Wine Market to Witness an Exponential Growth by 2028 due to the Demand and Popularity of Premium and Flavored Wines

Red wine is an alcoholic drink that is made from dark-skinned grapes. During the production of red wine, the winemaker pours the pressed grape juice to infuse and ferment with these dark grape skins, adding notable flavor and color to the wine. They are usually the sign of social status in the western culture and, hence are extensively consumed in most lavish parties or functions. The alcohol content in the red wine ranges anywhere between 12-15%.

Forecast Analysis of the Global Red Wine Market

Rising demand for premium and flavored wines across the globe, owing to the changing lifestyle of people worldwide is expected to drive the growth of the market. In addition, considerable health benefits provided them like improved bone density, lowered bad cholesterol, enhanced immunological functions, and others are further expected to bolster the growth of the red wine market during the forecast period. Furthermore, increasing prevalence of organic red wine in countries like Argentina, France, Australia, Italy, and others are expected to create immense opportunities for the growth of the market during the forecast period. However, extortionate cost if red wine is expected to impede the growth of the red wine market during the forecast period.

According to the report published by Research Dive, the global red wine market is expected to generate a revenue of $2,42,822.34 million by 2028, growing rapidly at a CAGR of 6.60% during the forecast period 2021-2028.

Recent Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global red wine market to grow exponentially.

For instance, in April 2021, York Winery, a Nashik-based family-owned wine company, merged with Sula Vineyards, one of the biggest wine brands in the market, in order to give York Winery an extensive distribution reach, and hence expand their market.

In March 2021, Accolade Wines, an Australia-based wine company, acquired Rolf Binder Wines, a family-owned wine company founded in 1955, as a growth strategy of Accolade to invest heavily in South Australia, and hence expand its brand portfolio.

In September 2021, Chrissy Metz, an acclaimed actress and singer, lunched a new wine company called “The Joyful Heart Wine Company” in collaboration with the award-winning winemaker, Nicole Walsh. They provide a wide range of collection including Joyful Heart Red Blend, White Blend and Limited Reserve Red Blend.

Most Profitable Region of the Market

The North America region is expected to dominate the market, and generate a revenue of $98,343.05 million by 2028. High standard of living among people staying in this region is expected to stimulate the growth of the market. In addition, prevalence of illustrious players of the market i and increasing trends of vivacious wine culture in this region is further expected to bolster the growth of the regional red wine market during the forecast period.

Impact of COVID-19 on the Market

The outbreak of coronavirus has had a moderate impact on the global red wine market, owing to the presence of lockdowns in numerous countries across the globe. Temporary closure of the production and supply chains of red wine create significant market disruption coupled with the closure of bars, restaurants, pubs, and others. On the other hand, more consumption of alcohol among people across the globe was witnessed during the lockdowns which subsequently increased their demand. Thus, the pandemic has a moderate impact on the red wine market.