Craft Wine Market Size and Growth Rate: DataM Intelligence Research Report 2023 - 2030
Global Craft Wine Market is expected to grow due to the rising trend of consuming premium drinks and the availability of different brands and flavors. Innovations in craft wine packaging and an increase in consumer spending on healthy beverages are also driving market growth. According to a DataM market research report, the global craft wine market size is projected to reach US$ 52.39 billion by 2030, exhibiting a CAGR of 4.0% over the forecast period. The increase in craft wine consumption globally and the production of craft wine are also contributing to market growth.
Ohio, Cleveland, April 26, 2023 (GLOBE NEWSWIRE) -- *Market Overview:*
The global craft wine market is expected to witness growth over the forecast period due to the rising trend of consuming premium drinks. An increase in the availability of different brands with different flavors like rose wine, white wine, red wine, and others boost growth of the craft wine market. An increase in consumer spending on healthy and functional beverages helps to boost the immune system and an increase in innovations in craft wine helps to boost the market growth.
Trending innovation in craft wine packaging creates an opportunity for the craft wine market. For instance, the standard 750 ml wine bottle may be replaced by single-serve wine bottles. They are user-friendly due to their benefits such as cost-effectiveness and alcohol consumption control.
Craft wine has several health benefits due to the organic substance in it with a bitter taste, which is one of the significant reasons to attract consumers. The increasing consumer demand for flavorful and high-quality drinks increases the demand for the craft wine industry market.
*Market Size Growth Rate:*
According to DataM market research report, the global craft wine market size was valued at US$ 38.28 billion in 2022 and is projected to reach US$ 52.39 billion by 2030, exhibiting a CAGR of 4.0% over the forecast period (2023-2030).
The increase in the trend of using various flavors in the manufacturing of craft wine is expected to boost the market growth over the forecast period. Growing consumer inclination towards innovative beverages create opportunities for the craft wine market. An increase in the availability of various brands and different flavors of craft wine boost the market growth.
*Market Drivers:*
Increase in the craft wine consumption globally helps to boost the market growth. An increase in the production of craft wine globally helps increase sales of craft wine. According to the IWSR drinks market analysis report, the global consumption of sparkling and still wine is expected to reach US$ 207 bn by 2022, for a total volume of 2.7 bn nine-liter cases. In America, there are more than 11,000 wineries. Around 81% of winery in America region produced 5,000 cases annually and 16% winery produced 5,000 and 49,000 cases of wine in 2022. Increase in the consumption of premium wine is the biggest driver for the growth of the craft wine market. Top 10 wine consuming countries are China, the U.S., Brazil, Germany, Russia, Mexico, Poland, Spain, South Africa, and Japan.
*Market Restraints:*
Availability of the other craft alcoholic beverages such as craft beer and craft spirits hamper the market growth. Increase in the product launches by major key players of craft beer and spirit attracts consumers to buy products. For instance, on June 14, 2022, Vir Das, an Indian comedian launched range of craft beer in the market. It is crisp and light beer called as Faaaakit. Shift in the consumers product demand towards other craft beverages due to their increasing availability hampers the market growth.
*Market Opportunities: *
Increase in the demand from the young and adult population creates opportunity for the craft wine manufacturers to produce new flavors of craft wine such as rose wine, white wine, red wine, and others. These flavors have high demand from the consumers due to its color and taste. Major players in the market launched new innovative craft wines in the market, which creates opportunities for the craft wine market. Major players of craft wines are experimenting new blending techniques in their products, which helps to attract consumers to buy craft wines.
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*COVID-19 Impact Analysis:*
COVID-19 pandemic affected the global economy in many terms, such as directly affecting production and demand, supply chain disruption, and financial impact. COVID-19 has directly impacted the craft wine manufacturers' supply chain across the globe and shut down the production facilities to minimize the risk of virus spread. Also, the lockdown policies have strengthened the demand for handcrafted wine and different wine flavors across the globe. Therefore, the manufacturers have started investing to increase the production capabilities to meet the global market's demand.
*Recent Developments in the Industry:*
1. On February 15, 2022, Queen Elizabeth launched a unique sparkling wine in the market on her Platinum Jubilee. The new launched wine is blend of Chardonnay Pinot Noir and Pinot Meunier.
2. On May 16, 2022, Vintners.co, a Brooklyn, NY-based platform for connection of craft wine producers and importers, launched global online platform for craft wine industry. The company plans to expand new platform with a range of services for marketing, logistics, sales, and financing.
3. On December 27, 2022, CinCin, an India-based Italian food and drinks specialized restaurant, launched their sparkling wine in the market. CinCin’s Limon Spritz is made from the lime, lemon peel, pink grapefruit zest, and fresh green apples, with ripe pineapples along with a bright acidity and silky fine bubbles.
*Market Segmentation:*
As per the research analysis, the global craft wine market is segmented by type, flavor, packaging, distribution channel.
Based on the flavors, the craft wine market has been classified into rose wine, white wine, red wine, and others.
Considering the current market scenarios, rose wine is raising its demand for its rich taste and dark fruit flavors and these are primarily made by grapes. It is also expected that the rose wine market is widely influenced by social media and influential celebrities, that wished to play a significant role in the global craft wine market development. The rose wine is expected to play an essential role in developing the global craft wine market in the coming years.
*Geographical Classification:*
The global craft wine market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
*North America Craft Wine Market:*
The increasing consumption of craft wine in major countries in the region like the U.S. and Canada helps to boost the market growth. For instance, on November 09, 2022, Andrew Peller Limited, one of the leading producers of quality wines and craft beverage alcohol products in Canada, reported sales growth. The company’s sales increased by 2.6% due to the product launches and increasing prices of the products. Also, increase in the disposable income of the consumers and increase in the consumers spending on craft wine boost the market growth in North America.
*South America Craft Wine Market:*
Increase in the acceptance and consumption of craft wine on special occasion helps to boost regional growth of the craft wine market. Some of the major key players in the region such as Bacardi and Company Limited, Chandon, Constellation Brands, Inc., Henkell Freixenet, and Treasury Wine Estates Ltd are focusing on the new product launches and merger and acquisition strategies to expand their business. For instance, on October 7, 2022, Overhex Winery launched South Africa’s first sparkling orange wine in the market. In 2022, the company manufactured 18,000 bottles of sparkling orange wine.
*Europe Craft wine Market:*
There is increasing consumption of craft wine in the major countries of Europe such as Germany, U.K., France, Italy, and Spain due to its availability of different flavors. According to the recent estimation of Unione Italiana Vini (UIV), Italy’s production of sparkling wine in 2022 was around 970 million bottles. The growth of 6% is mainly due to the increase in export of craft wine. In 2021, Europe’s craft wine export accounted for 636 million liters, which increased 29% when compared to 494 million liters in 2020. Prosecco (43%, 273 million liters), champagne (15%, 94 million liters), and cava (10%, 65 million liters) were the top three sparkling wine export categories in 2021. This increase in the export of craft wine helps to boost the market growth in Europe.
*Competitive Analysis:*
There are numerous international, regional, and local suppliers in the global craft wine industry. The competition in the local market is fierce. The vendors compete based on price, product quality, dependability, and aftermarket services. As a result, to prosper and survive in a competitive market, suppliers must provide cost-efficient and effective products.
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*Major Companies:*
Major companies working towards the market's growth include Willamette Valley Wine, A Blooming Hill Vineyard and Winery, Chateau Niagara Winery, ALDI Inc., House of Saka, Koi Zen Cellars, LGI Wines, Auscraft Wine, CRFT Wines, Clover Hill Wines, Scotch Church Road Vineyard, Treasury Wine Estate, Castle Group, Accolade Wines, and E. & J. Gallo Winery.
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1) Unlimited Analyst support for a period of 1 year.
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*The Full Report has the below insights: *
· The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
· Visualize the composition of the global craft wine market segmentation by type, herd size and region, highlighting the key commercial assets and players.
· *By Type: *sparkling wine, still wine and others.
· *By Flavor*: rose wine, white wine, red wine, and others.
· *By Packaging: *glass bottles, plastic bottles, and cans.
· *By Distribution Channel*: on-trade, and off-trade.
· *By Region*: North America, South America, Europe, Asia Pacific, Middle East & Africa
· Identify commercial opportunities in the global craft wine market by analyzing trends and co-development deals.
· The report also covers data insights on various industry forces such as Porter's five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
· Excel data sheet with thousands of data points of global Craft wine market-level 4/5 segmentation.
· PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
· Product mapping in Excel for the key product of all major market players.
· The report will provide access to approximately 75 market data tables, 69 figures and close to 180 pages.
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