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Key regions: Worldwide, Philippines, India, China, United Kingdom
The Wine market in G7 countries has been experiencing significant growth in recent years.
Customer preferences: Customers in G7 countries have shown a strong preference for wine, making it one of the most popular alcoholic beverages in the region. Wine is often associated with sophistication and is commonly consumed during social gatherings and special occasions. Additionally, the health benefits of moderate wine consumption, such as the presence of antioxidants, have also contributed to its popularity among health-conscious consumers.
Trends in the market: One of the key trends in the Wine market in G7 countries is the increasing demand for premium and organic wines. Consumers are willing to pay a premium for high-quality wines that are produced using organic and sustainable practices. This trend is driven by the growing awareness of the environmental impact of conventional wine production and the desire to support ethical and sustainable brands. Another trend in the market is the rise of online wine sales. E-commerce platforms have made it easier for consumers to purchase wine from the comfort of their homes, offering a wide selection of wines from different regions and price ranges. This has led to increased competition among wine retailers, as they strive to provide a seamless online shopping experience and offer personalized recommendations based on customer preferences.
Local special circumstances: Each G7 country has its own unique wine culture and production capabilities. For example, France is renowned for its world-class wines, particularly those from Bordeaux and Burgundy regions. Italy is known for its diverse range of wine varieties, including Chianti and Prosecco. Germany is famous for its Riesling wines, while the United States has a thriving wine industry in regions such as California and Oregon.
Underlying macroeconomic factors: The Wine market in G7 countries is influenced by several macroeconomic factors. Economic growth and rising disposable incomes have increased consumer spending power, allowing individuals to indulge in premium wine purchases. Additionally, changing demographics, such as an aging population and the rise of the millennial generation, have also impacted the market. Millennials, in particular, are known for their interest in wine and willingness to experiment with new and unique flavors. Furthermore, international trade agreements and regulations play a crucial role in shaping the Wine market in G7 countries. Tariffs and import restrictions can impact the availability and affordability of imported wines. For instance, Brexit has had a significant impact on the wine industry in the United Kingdom, as the country had to renegotiate trade agreements with European Union countries. In conclusion, the Wine market in G7 countries is experiencing growth due to customer preferences for wine, including premium and organic varieties. The rise of online wine sales has also contributed to the market's expansion. Each G7 country has its own unique wine culture and production capabilities, which further shape the market. Macroeconomic factors, such as economic growth, changing demographics, and international trade agreements, also play a significant role in the development of the Wine market in G7 countries.
Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.
Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.
Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.
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