The growth of the sparkling wine market is being driven by the increasing popularity of different varieties of sparkling wine, rapid socio-economic changes and rapid urbanization.
New York, August 30, 2021 (GLOBE NEWSWIRE) – Sparkling wine market: key information
According to our new research study on ‘Sparkling Wine Market to 2028 – Global Analysis and Forecast – by Type, Packaging Type, Distribution Channel and Geography’, the Sparkling wine market is expected to reach US $ 55,803.26 million by 2028 compared to US $ 41,634.49 million in 2021; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Sparkling wine market: competition landscape and key developments
Bacardi & Company Limited; Bronco Wine Co.; Casella; Constellation Brands, Inc .; Henkell Freixenet; Chandon; the vineyards of Schramsberg; Pernod Ricard winemakers; The Sparkling Wine Company; Treasury Wine Estates Ltd; Spa Bottega; Campari Group; and Codorniu are among the key players in the sparkling wine market. These companies offer a wide range of products in the sparkling wine market. They have established a presence in various developed and developing economies, which provides lucrative opportunities for their proliferation. These market players have a strong focus on developing high quality and premium products to meet the ever changing demands of customers.
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Europe held the largest share of the sparkling wine market in 2020. Germany, France, Italy, United Kingdom and Russia are among the major contributors to market growth in this region, due to of the tradition of opening a bottle of champagne or other sparkling wines. during festivities and celebrations, coupled with a continued rise in popularity of this wine with consumers. The European sparkling wine market consists of several leading distillers as well as small distillers, engaged in the production of different varieties.
Rapid socio-economic changes and rapid urbanization are increasing the demand for sparkling wine around the world. With the continuous increase in living standards and purchasing power, customers want to purchase high quality luxury items. In addition, lifestyle changes transform their eating habits and meal preferences. Thus, the demand for sparkling wine at parties, weddings and social gatherings is on the rise. With the growing preference for low-alcohol or non-alcoholic beverages, the popularity of this wine is increasing among millennials, teens, and working populations, as well as singles and people living in inns. In addition, social media and the Internet have a significant impact on all generations, while the increase in the number of parties and social events leads to high consumption of sparkling wine around the world, mainly in developed countries such as the United States, Canada, Mexico, Germany, France, and Italy.
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Sparkling wine market: segment overview
Based on type, the sparkling wine market is segmented into white, red and rose. The white wine segment held the largest share of the market in 2020. The white wine segment is driven by factors such as the health benefits associated with its consumption, premiumization of wine products, innovation in flavors and more advanced distribution networks. However, the rose segment has seen tremendous demand in recent years and is expected to register the market’s highest CAGR during the forecast period.
Depending on the type of packaging, the sparkling wine market is segmented into bottles and cans. The bottle segment accounted for a larger share of the global market in 2020. However, can packaging is gaining popularity for its compact size and low environmental impact, due to its recyclability. Based on the distribution channel, the sparkling wine market is segmented into supermarkets and hypermarkets, specialty stores, online retail and others. Supermarkets and hypermarkets accounted for the largest share of the market. The high number of visitors and the availability of an array of options are the major factors fueling the market growth of this segment. However, the online retail segment has emerged as a major channel, especially during the COVID-19 pandemic. As a result, the online retail segment is expected to register the highest CAGR in the market between 2021 and 2028.
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Impact of the COVID-19 pandemic on the sparkling wine market:
The COVID-19 pandemic has resulted in declining operational efficiency and disrupted supply chains due to the sudden closure of national and international borders. Disruptions in supply chains have restricted the flow of goods, which in turn also hinders the distribution and manufacture of sparkling wines. Sparkling wine makers mainly depended on supermarkets and online merchants for the advertising and sale of their products, which has resulted in continued market growth, albeit at a slower pace. Over 85% of wineries that sell their products online have started to capitalize more on this sales channel. Despite declining sales in 2020, market players are expected to rebound sooner, with various economies resuming operations and ramping up vaccination campaigns. Thus, all of these factors had a significant impact on the sparkling wine market during the pandemic.
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