Global Sparkling Wine Market Growth Driven by Evolving Tastes
The growing popularity of football games, Derby races, and Formula One races, as well as the ancient habit of popping a bottle of champagne or sparkling wine during celebrations and ceremonies, will drive up demand. Millennials are fuelling the rise of the sparkling wine market, notably with their taste for luxury and ceremonial wines. Furthermore, the rising appeal of low-alcohol cocktails, which frequently feature sparkling wine as a base, is propelling market expansion. Sparkling wine naturally has a lower alcohol concentration than other spirits and liquors, ranging between 9% and 12.5% ABV. However, sparkling wine's low alcohol concentration makes it widely used among health-conscious customers, which contributes to its rise.
Champagne Dominance While Prosecco Demand for Sparkling Wine Market
The champagne comes in a wide range of flavours, from brut to rosé, and frequently connects with celebrations and elegance. The price-sensitive consumers seek out the other cost-effective option, where prosecco wine stands out as the first choice for the price-sensitive consumers. As per data, the champagne usually costs US$ 30 to US$ 150, so it would cost more expensive and luxurious. Meanwhile, the prosecco would be the ideal option for the budget-conscious consumer, as it costs approximately US$ 10 to US$ 40. Thus, both wines boost the market growth significantly on special occasions and events like birthdays and weddings.
Recent Trends in the Sparkling Wine Industry:
- Prosecco, the Italian sparkling wine, has experienced significant growth in demand globally.
- Growth of Organic and Sustainable Sparkling Wines.
- Emergence of Low- and No-Alcohol Sparkling Wines
- Packaging innovation reshaping the sparkling wine market.
- Cava, the Spanish sparkling wine, is experiencing the fastest growth.
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Regulatory Challenges in the United States for Wine Shipping Limits Market Growth
With the shift in taste of consumer interest, the changes in regulatory rules or the addition of new regulatory rules can hamper market growth for the wineries. The stringent regulatory laws of the United States limit the direct distribution of wine in the United States. According to the NCSL, Arkansas requires that a consumer be present at the time of purchase unless shipping from a small farm winery licensee. Delaware requires that shipments must be delivered to a wholesaler, and then delivered to consumers by a retail license. In addition, Mississippi requires that a consumer may purchase at a winery and have the shipment sent to an in-state package retailer. Rhode Island requires that the consumer be present at purchase to ship the alcohol to the consumer.
Mergers, New Product Ventures, and Innovations in the Sparkling Wine Industry
In August 2023, BACARDÍ marks the wrap-up of National Rum Month with the debut of the third installment in its exclusive cask finish series - the BACARDÍ Reserva Ocho Sevillian Orange Cask Finish. This limited-edition announcement celebrates the union of tradition and innovation within the world of fine-quality rum. However, in December 2023, Mionetto, a renowned Italian prosecco brand, has volunteered into the non-alcoholic market with a new offering a zero-proof sparkling wine replicating the taste of its renowned Prestige Prosecco Brut.
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Europe's Dominance and Asia-Pacific's Emerging Growth Trends Driving Sparkling Wine Market
Nonetheless, the Asia Pacific region is projected to experience the most rapid growth in the global sparkling wine market over the predicted time frame. The country is experiencing rapid economic growth, as consumer's lives are affected by Western culture. In 2023, the Asia-Pacific region continues to be the primary force behind global growth, even as it deals with challenges such as shifting global demand from goods to services and stricter monetary policy. According to the International Monetary Fund, the region is expected to grow 4.6% in 2023, compared to 3.9% in 2022.
The wine sector in the region is also steadily increasing, with significant contributors including Australia, China, and Japan. With increased disposable income and spending capability, individuals are ready to allocate relatively high amounts of money on special events such as birthdays, weddings, promotions, and anniversaries, which in turn are likely to propel the sparkling wine market in Asia Pacific over the forecast period.
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Regions | Countries |
---|---|
North America | United States, Canada |
Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Sparkling Wine Market Research Report Covers In-depth Analysis on:
- Sparkling Wine market detailed segments and segment-wise market breakdown
- Sparkling Wine market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in sparkling wine industry)
- Current, historical and forthcoming 10 years market valuation in terms of sparkling wine market size (US$ Mn), volume (Liters), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Sparkling Wine market demand analysis
- Sparkling Wine market pricing analysis over forecast period (by key segment and by region)
- Sparkling Wine market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in sparkling wine market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in sparkling wine market
- Sparkling Wine market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on sparkling wine market forecast by countries
- Mergers and acquisitions in sparkling wine market
- Essential information to enhance market position
- Robust research methodology