Wine Market Size, Share, Growth Analysis, By Type(Sparkling, Still, Others), By Flavours(Red, White, Rose), By Price Range(US$ 5, US$ 5-10, US$ 10-15, above US$ 15), By Distribution Channel(Hypermarkets/ Supermarkets, Convenience Stores, Specialty Stores, Pubs/Bars/ Restaurants), By Source(Organic Wine, Conventional Wine), By Region - Industry Forecast 2024-2031

Wine Market Driver

Increasing Consumer Alcohol Socialization to Aid Wine Market Growth

• As the wine production and consumption have grown rapidly in recent decades, resulting in an increasing consumption pattern. Social interactions, modernization, and the rising acceptance of Western culture are some of the reasons that are driving alcohol socialization among consumers today. 
• Alcohol intake is becoming a social status symbol, which is fueling the market growth for low alcoholic beverages. Because of its refreshing appeal and low ABV options, it has a huge popularity with millennials. 
• It is commonly connected with many occasions and is offered as a table drink alongside ordinary cuisine in several countries. This rising demand encourages producers to create and introduce new items into the market, ensuring its future market growth.

Wine Market Restraint

Consumer limit demand for premium products is expected to slow down the market expansion

• Growing modernisation and increased alcohol use are global trends that have prompted alcohol companies to introduce creative and daring alcoholic beverage varieties.
• Because of their low pricing, customers' tastes are following the regular wine industry and looking for affordable products
  This can have a negative impact on the premium wine industry