Global Wine Market To Be Driven By Increasing Disposable Income

Date: 17-Oct-2016

Wine is one of the utmost popular drinks consumed worldwide. The escalating demand for wine, because of its unusual taste and health assistances is one of the key aspects boosting the growth of the global wine market. The global wine market is categorized into sparkling wine and still wine. Amongst these two types, still wine calls for a substantial share in the global wine market and is estimated to maintain the spot in the forthcoming years. The increased progress of this sector can be accredited to the easy accessibility of still wine globally.

The upgraded lifestyle of buyers in developed economies and the growing disposable income of buyers are the crucial factors heightening the demand for wine in the global market. Furthermore, the promotion endeavours and advertising events conducted by the foremost players are anticipated to augment the growth of the global market in the coming few years.

An additional element motivating the progression of the global wine market is the new product introductions. The market scenario, as of today, is that the product life cycle is becoming considerably shorter, and the companies in the market are under stress to come up with new varieties to maintain their position in the market and also to gratify the snowballing consumer demands. Recently, Gik, a Spanish firm, introduced a new wine and that is claimed to be the world's first blue wine. Another winemakers including the National Wine Centre, Jacob’s Creek, and Botanic Gardens of South Australia have collaborated to launch a new botanic garden wine label. The wine is considered to be world’s first wine created exclusively from grapes produced within a botanic orchard.

One more growth booster of the market is the accumulative wine production in emerging countries and new markets. The drinking of wine is swelling around the world, and it is chiefly due to the amassed intake of wine by the younger population. To meet the snowballing demand, corporations in the market have amplified wine production, and this is projected to endure in the coming years. In 2015, the wine produced globally was almost 274.4 million hectoliters, an upsurge of about 2% as compared to 2014. The total wine yard area is also growing worldwide, and this element is also aiding to surge wine production.

Significant players in the global wine market are aiming on the alliances and mergers and acquisitions so as to withstand the market and enlarge their product selection. Moreover, the leading players are taking extraordinary pains to launch inventions with the aim of attracting a big number of companies and achieve a competitive gain in the global wine market. Furthermore, the increasing number of supply channels globally is anticipated to hasten the progress of the global market in the near future.

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