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 size was valued at USD 263.8 billion in 2019 and is poised to grow from USD 296.6 billion in 2023 to USD 444.5 billion by 2031, growing at a CAGR of 5.95% in the forecast period (2024-2031).

Wine is an essential aspect of the European civilization, and this has been influencing other cultures of the world. Mostly young population consume wine as part of their diet, respective of home parties, and social occasions. Over the projected period, these consumer trends are likely to drive market expansion. The demand and consumption have remained stable in the majority of global economies. During the outbreak of Covid-19, the wine industry came to a standstill. However, with the relaxation of quarantine regulations and the shift of consumers toward online purchase, the industry is expected to resume its normal development rate.

Due to its flavour and refreshing features, the wine sector offers consumers the pleasure of alcohol without any hazards and relaying significant appeal. Because of the relaxation of trade taxes and tariff barriers, the beverage has become an essential commodity and is also gaining appeal in the international market. The growing tendency of people socialising with alcohol, along with the introduction of low alcohol-by-volume (ABV) beverages for the working population is driving the market expansion.

US Wine Market is poised to grow at a sustainable CAGR for the next forecast year.