The global craft wine market size is set to gain traction from the increasing need to develop exotic and innovative products by infusing various ingredients in wine. This information is given by Fortune Business Insights™ in a new study, titled, “Craft Wine Market Size, Share & COVID-19 Impact Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavor (Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027.” The study further mentions that the market size stood at USD 35.39 billion in 2019 and is projected to reach USD 48.77 billion by the end of 2027, exhibiting a CAGR of 4.4% in the forecast period.
COVID-19 Pandemic: Shutdown of Bars and Taprooms to Affect Growth Negatively
The COVID-19 pandemic has resulted in the shutdown of various bars, restaurants, wineries, and taprooms across the globe because of stringent norms, such as lockdown and social distancing by governments. But, supermarkets and e-commerce platforms are offering home delivery services of craft wine and other alcoholic beverages in many countries. The market is set to gain momentum in a few more months.
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List of the Leading Companies Profiled in the Global Craft Wine Market are:
- A Blooming Hill Vineyard & Winery (United States)
- Chateau Niagara Winery (United States)
- ALDI Inc. (Essen, Germany)
- House of Saka (California, United States)
- Koi Zen Cellars (United States)
- LGI Wines (France)
- Auscraft Wine (Australia)
- CRFT Wines (Australia)
- Clover Hill Wines (Australia)
- Scotch Church Road Vineyard (United States)
How Did We Develop This Report?
We have conducted extensive primary and secondary research to collect all the information required for this report. Some of our authentic sources include Food Processing & Certification Bodies, the Organization for Economic Co-operation and Development, Codex Alimentarius, Institute of Food Technologists, Eurostat, and others. In addition to that, we have gathered information from press releases, reports, and websites of end-user facilities, especially food service providers and manufacturers.
Drivers & Restraints
Increasing Usage of E-commerce Channels to Bolster Growth
Consumers nowadays are rapidly inclining towards beverages that have unique taste and are sophisticated. The International Wines and Spirits Record (U.K.) states that in the U.S., the consumption of premium-and-above wine surged by more than 5% in 2018. Besides, digitization is playing a significant role in educating the masses about various craft type of wines available in the market. Also, people are increasingly using e-commerce channels to purchase these drinks. These factors are expected to drive the craft wine market growth in the forthcoming years. However, the availability of other alcoholic beverages, such as craft spirits and craft beer in the market may hamper growth.
Segment
Sparkling Wine Segment to Grow Steadily Fueled by Availability in Various Flavors
Based on origin, the sparkling wine segment generated 40.79% in terms of the craft wine market share in 2019. This growth is attributable to the availability of these wines in numerous flavors, such as pear, citrus, blossom, and peach. They are also mildly sweet and possess a crisp acidity balance.
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Regional Insights
Europe to Remain at Forefront Stoked by Rising Consumption in Celebratory Occasions
Geographically, in 2019, Europe held USD 21.36 billion in terms of revenue. The region is considered to be one of the major producers of this type of wine globally. Developed nations, such as Spain, Italy, Germany, and France are the significant wine-producing countries in this region. Coupled with this, the rising consumption of craft wine on multiple celebratory occasions would contribute to growth.
North America, on the other hand, is anticipated to remain in the second position owing to the high demand for craft beer and wine from consumers. In Asia Pacific, the increasing disposable incomes of the middle-class population, as well as the surging usage of westernized cultures would propel growth.
