Wine is one of the most popular alcoholic beverages which is prepared by the fermentation of grape juice. Red wine is made up of the black varieties of grapes that are highly pigmented and are rich in anthocyanin and tannins. Aging of the fermented wines gives the wine their unique color which varies from brick red (for mature wine) to darker brown for older wines. Red wines are stored in barrels for aging and to further increase the alcohol content to the desired level. Red wines are found to be rich in anti-oxidants which adds to the health benefits obtained from red wines when consumed in the right amount. Red wine is a highly popular drink that has been a part of various cuisines around the world.
The consumer base for red wine has increased significantly in the past few years due to a high acceptance rate. The entry of quality wine producers have also transformed the market significantly by way of better wine quality and varieties. Increasing level of disposable income along with changing lifestyle patterns have also fuelled the expansion of the market. Development of various cultivars for red wines will create a robust consumer base for the industry through the forecast period.
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Competitors who are a part of the industry have devised their corporate strategy blueprint in a way that that can bring the best outcomes for development in the current scenario, while also simultaneously delivering customer value unfailingly. The ability to sustain their competitive edge is one of the main causes fuelling their efforts in this period. The scope for development in the industry appears to be promising through the forecast period. The rising interest for diversification in the industry, has indirectly allowed the players to utilize many prospects available in the industry. This scenario has created opportunities for portfolio improvements along with diversification in the sector, which has improved the scenario for market competitors tremendously in this industry. The organizations in this industry are also trying to enhance and maintain financial liquidity that can be crucial to invest in growth opportunities as and when they become available.
Competitors who are carrying on their business in the red wine industry globally are Treasury Wine Estates (Australia), Viña Concha y Toro S.A. (Chile), Caviro (Italy), Constellation Brands, Inc. (U.S.), E & J Gallo Winery (U.S.), The Wine Group (U.S.), Grupo Peñaflor S.A. (Argentina), Diageo plc (U.K.), among many others.
The global red wine market is segmented into type, taste, and body-type segments. The type segment is segmented into sparkling wine, still wine and others. Amongst all the types, still wine dominates the industry due to price variability and consumers’ high preference towards still wine. However, sparkling wine is estimated to witness a high growth rate during the forecast period based on the shift in customers’ preferences. On the basis of wine taste, the segment includes medium, dry and sweet. The dry wine assortment is leading the market due to an extensive variety of red wines presented in the segment and mass consumers’ inclination for the product. The ease of availability also makes the segment more popular. The body type segment is segmented into heavy, light and medium. The red wine segment with medium body type is expected to be leading the market. Nevertheless, due to the swift demand for red wine from the consumers’ end, the sale of the light wine segment is witnessing a surge.
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The red wine industry globally is segmented into Europe, North America, Asia Pacific, and the Rest of the World (RoW). The European region is controlling the red wine industry followed by the North American region. In North America, the U.S. nation is undergoing a high demand for red wine due to the change in consumers’ alcohol consumption liking and high preference towards meeting the social dynamics. The Asia Pacific region is the fastest developing region for the red wine industry due to better disposable income and growing demand for alcoholic beverages from the emerging markets of China and India.