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The global wine market size was USD 339.53 billion in 2020. The market is projected to grow from USD 340.23 billion in 2021 to USD 456.76 billion in 2028 at a CAGR of 4.30% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Wine Market Size, Share & COVID-19 Impact Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavor (Red Wine, White Wine, and Rose Wine), By Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2021-2028.”
Supply Chain Commotions amid COVID-19 to Unfavorably Influence Product Sales
The COVID-19 pandemic has brought about a significant renovation in global markets, predominantly in this market. The wine distribution channels around the globe were interrupted, on account of wide-ranging terminations of several conveniences and constraints in public movement.
The demand and intake of the drink has been held up in most of the markets worldwide. The buying pattern of consumers affected the market the most, as consumers steadily relocated towards obtaining the drink online, on account of the factor of sturdy termination of on-trade channels.
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Treasury Wine Estates Engages and Republic National Distributing Company Engage in Joint Venture
Treasury Wine Estates Ltd, which is among the globe’s biggest wine companies, registered on the Australian Securities Exchange, declared that the company has been involved in a long-term circulation contract with Republic National Distributing Company. This deal is set to cover distribution in multiple markets, based in California, along with other states such as Texas, Utah, Oklahoma, Kentucky, Louisiana, Wyoming, Mississippi, and Nebraska. Currently, RNDC allocates the Treasury’s collection in Georgia, Michigan, as well as in New Mexico.
Drivers and Restraints:
Appearance of E-commerce Platforms to Sustain Higher Income Generation
E-commerce has turned into a progressively renowned choice for purchasing liquor from the last few decades and is anticipated to surge efficiently during the forecast period. The consumers are receiving numerous profits such as appropriate shopping experience, timely home delivery, diverse arrangements, and others.
Therefore, producers are concentrating on creating novel e-commerce platforms and engaging into mergers to lengthen their sales in the market. The technological developments and refined distribution networks in e-commerce are further estimated to boost the wine market growth in the upcoming duration.
Procurements Activated by Paramount Players to Steer Market Growth
The important leaders in the market are ceaselessly cheering for operative strategies to execute in order to encompass their business. One such tactic is to enter into tactical bonds, mergers or even obtain other companies in order to amplify the monetary advantage.
List of Key Players Mentioned in the Report:
Table of Segmentation:
Value (USD Billion)
By Distribution Channel