A recent report by an ESOMAR-certified market research and consulting firm states that the market for white wines is expected to surpass US$ 60 Bn in the projected assessment period 2021-2031. As per the market intelligence report, the white wine market will register a CAGR of almost 5% by the end of 2031. In the short run, until 2022, white wine sales will experience sluggish to moderate growth, registering a CAGR of 3.5% to be valued at just over US$ 46 Bn.
Historically, between 2016 and 2020, the white wine industry gained a market value that surpassed US$ 35 Bn. Owing to COVID-19 restrictions, hotels and restaurants were shut down. This, in turn, affected the sales of white wine negatively. As relaxations increase, end use industries are resuming operations, thereby restoring demand.
Demand from the residential sector has increased over time. In addition, experimentation and inclusion of different flavours will boost the sales of white wines. Also, wine companies are focusing on the packaging of wine that can be used as gifts and can be added to gift hampers. Thus, the demand for white wines will upsurge in the forecast period.
Key Takeaways from the Market Study
· Riesling white wine expected to hold a significant share, yielding over 1/5th of global demand
· Pinot Grigio to exhibit absolute $ opportunity worth US$ 500 Mn by 2022
· By 2022, over US$ 6 Bn of total market revenue to be stimulated by Chardonnay white wines
· By body type, light bodied wines to account for nearly 2/5th of the global white wine demand
· By sales channel, modern trade outlets to capture over 33% of total market revenue
· The white wine industry expected to hold a market share of more than 50% throughout Europe
· Asia is expected to contribute 35% revenue to the white wine market.
“Increasing inclusion of different flavours and enhanced tastes and flavors along with health benefits is propelling the demand for white wine across several regions,” opines a Senior Research Analyst.
Manufactures of white wines are focusing on leveraging existing and new products by using various sales distribution channels.
· Penfold California Collection has launched duty free retailers in Asia Pacific that would include online and offline initiatives for selling wine in the region.
· In September 2021, Louis Roederer, will launch wine collected that would be named multi-vintage Cuvee. Also, the collection would have different expressions with each passing year for enhancing the taste and the flavour of wine.
These insights are based on a report on White Wine Market by Fact.MR.