Overview of the Global Sparkling Wine Market
The global sparkling wine market is a rapidly growing industry, with sales expected to reach $50.2 billion by 2023. Sparkling wine is a type of wine that has been carbonated, either through natural fermentation or through the addition of carbon dioxide. It is a popular beverage choice for special occasions, such as weddings, anniversaries, and birthdays.
Market Drivers
The global sparkling wine market is driven by a number of factors, including increasing disposable incomes, changing consumer preferences, and the growing popularity of sparkling wines in emerging markets.
The increasing disposable incomes of consumers in developed countries have led to an increase in the demand for luxury goods, including sparkling wines. This has resulted in an increase in the sales of sparkling wines in these countries.
In addition, changing consumer preferences have also contributed to the growth of the sparkling wine market. Consumers are increasingly opting for sparkling wines over still wines, due to their refreshing taste and effervescence. This has led to an increase in the demand for sparkling wines in both developed and emerging markets.
The growing popularity of sparkling wines in emerging markets is also driving the growth of the global sparkling wine market. The increasing disposable incomes of consumers in these countries have led to an increase in the demand for luxury goods, including sparkling wines. This has resulted in an increase in the sales of sparkling wines in these countries.
Market Segmentation
The global sparkling wine market is segmented on the basis of type, distribution channel, and region.
On the basis of type, the market is segmented into Champagne, Prosecco, Cava, and others. Champagne is the most popular type of sparkling wine, accounting for the largest share of the global sparkling wine market.
On the basis of distribution channel, the market is segmented into on-trade and off-trade. The on-trade segment is expected to account for the largest share of the global sparkling wine market, due to the increasing number of bars, restaurants, and hotels that serve sparkling wines.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to account for the largest share of the global sparkling wine market, due to the increasing demand for sparkling wines in the region.
Competitive Landscape
The global sparkling wine market is highly competitive, with a number of players operating in the market. The major players in the market include Moët & Chandon, Veuve Clicquot, Dom Pérignon, Louis Roederer, and Mumm.
These players are focusing on product innovation and marketing strategies to gain a competitive edge in the market. For instance, Moët & Chandon has launched a new range of sparkling wines, called “Moët & Chandon Grand Vintage”, which is made from a blend of different vintages.
Regional Analysis
The global sparkling wine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Europe is expected to account for the largest share of the global sparkling wine market, due to the increasing demand for sparkling wines in the region. The increasing disposable incomes of consumers in the region have led to an increase in the demand for luxury goods, including sparkling wines.
Asia Pacific is expected to be the fastest growing region in the global sparkling wine market, due to the increasing demand for sparkling wines in the region. The increasing disposable incomes of consumers in the region have led to an increase in the demand for luxury goods, including sparkling wines.
Key Players
The key players in the global sparkling wine market are Moët & Chandon, Veuve Clicquot, Dom Pérignon, Louis Roederer, and Mumm. These players are focusing on product innovation and marketing strategies to gain a competitive edge in the market.
Conclusion
The global sparkling wine market is a rapidly growing industry, with sales expected to reach $50.2 billion by 2023. The market is driven by a number of factors, including increasing disposable incomes, changing consumer preferences, and the growing popularity of sparkling wines in emerging markets. The market is segmented on the basis of type, distribution channel, and region. Europe is expected to account for the largest share of the global sparkling wine market, due to the increasing demand for sparkling wines in the region. The key players in the global sparkling wine market are Moët & Chandon, Veuve Clicquot, Dom Pérignon, Louis Roederer, and Mumm. These players are focusing on product innovation and marketing strategies to gain a competitive edge in the market.