, /PRNewswire/ -- Report on how AI is driving market transformation - The global wine and spirits market size is estimated to grow by USD 193.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.2% during the forecast period. Increased demand for craft drinks is driving market growth, with a trend towards increasing dependence on technology throughout value chain. However, campaigns against alcohol consumption poses a challenge. Key market players include Anheuser Busch InBev SA NV, Bacardi Ltd., Bayadera Group, Brown Forman Corp., Campari Group, Constellation Brands Inc., Diageo Plc, E. And J. Gallo Winery, Hite Jinro Co. Ltd., LVMH Group., Meininger Verlag GmbH, Miguel Torres SA, Pernod Ricard SA, Som Distilleries and Breweries Ltd., Sula Vineyards Ltd., Suntory Holdings Ltd., Thai Beverage Public Co. Ltd., The Wine Group LLC, and Treasury Wine Estates Ltd..

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Market Driver

The wine and spirits market is witnessing several trends that are shaping consumer preferences. Aging and alcohol level are key factors influencing the choice of alcoholic beverages, with consumers seeking authenticity and transparency in their choices. The culinary experiences offered by grape varietals and fortified wines, such as Brandy and Champagnes, continue to be popular. Craftsmanship and provenance are essential for premium wines and spirits, with consumers willing to pay for good branding and a sense of cultural significance. Modernization is driving the use of e-commerce channels, environmental conscience, and sustainability. Distillers are focusing on the fermentation process and distillation techniques to create unique flavors and scents in distilled fluids, including spirits like Rum and liqueurs. Health-conscious choices are on the rise, with consumers seeking antioxidant content and lower alcohol levels to reduce health complications like heart disease. Festivities and social events continue to be key drivers for sales, with consumers seeking authentic and sustainable options. Product positioning and subscription services are becoming essential for distillers to reach consumers and build brand loyalty. The premiumization tendency is also influencing the market, with consumers willing to pay more for high-quality, authentic, and sustainable offerings. 

In the Wine and Spirits Market, technological advancements have led to the development of personalized drink-making apps and devices. Distiller, Speakeasy Cocktails, Liquor Cabinet, Cocktail Flow, onthebar inc, and MiniBar are some apps that enable users to create customized drinks and monitor their composition. Additionally, apps like Drizly, MiniBar Delivery, Saucey, Drinkfly, and Klink Delivery offer doorstep delivery of alcoholic beverages. These technological innovations aim to enhance the drinking experience and increase consumption by providing personalized and convenient solutions. 

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Market Challenges

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Segment Overview 

This wine and spirits market report extensively covers market segmentation by

1.1 Off-trade- The off-trade wine and spirits market includes supermarkets, hypermarkets, specialty stores, and online sales channels. Supermarkets and hypermarkets offer a wide range of alcoholic beverages from various brands due to their large stock capacity. Convenience is a significant factor driving the growth of sales through these channels, with major players like Aldi, Tesco, Carrefour, and Target expanding their presence. The increasing number of vodka manufacturers selling through supermarkets and hypermarkets, growing Internet penetration, and the rising number of online consumers are expected to boost off-trade sales. The e-commerce sector offers benefits such as personalized shopping assistance, product comparisons, and consumer feedback through reviews and ratings. Competitive pricing and quick delivery services further fuel the growth of the online distribution channel in the global wine and spirits market. Despite on-trade channels remaining dominant, the off-trade segment is projected to experience significant growth during the forecast period.

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Research Analysis

The wine and spirits market is a thriving industry that celebrates the art of fermentation and distillation, transforming fruits, grains, and other raw materials into alcoholic beverages. The fermentation process, aided by yeast, converts sugars into alcohol, while the distillation process separates the alcohol from the water and impurities. The alcohol level and antioxidant content in these beverages have been linked to heart health benefits. Flavors like vanilla, almond, and others add depth to wines and spirits, from the classic Old Fashioned cocktail to modern creations. Traditional practices and the concept of terroir continue to shape the industry, while modernization and premiumization drive innovation. Champagnes, wines, spirits, rum, whiskey, vodka, gin, liqueurs, and other alcoholic beverages cater to diverse tastes. Changing lifestyles and good branding, along with strategic product positioning, are essential for market success.

Market Research Overview

The Wine and Spirits market is a thriving industry that celebrates the art of transforming fermented grapes and distilled fluids into authentic and transient alcoholic beverages. From the intricate fermentation process to the distillation techniques, each step showcases the craftsmanship and cultural significance of these beverages. Aging plays a crucial role in enhancing the flavors, antioxidant content, and complexity of wines and spirits. Almond, fortified wine, brandy, champagnes, liqueurs, and spirits such as rum, offer unique tastes and aromas that add to the culinary experiences and festivities. The market is witnessing a premiumization tendency, with consumers seeking provenance and quality, and good branding. Modernization has brought e-commerce channels and subscription services, making these beverages more accessible. Sustainability is a growing concern, with environmental conscience and impact becoming essential considerations for both producers and consumers. Health-conscious choices have led to the exploration of grape varietals with lower alcohol levels and health benefits. However, excessive consumption can lead to health complications such as heart disease and liver tissue damage. The market continues to evolve, with distillers experimenting with new spirit categories and flavors, and the revival of classic cocktails like the Old Fashioned. The authenticity and transparency of the industry remain essential, with consumers demanding authenticity and transparency in their purchases. Domestic violence and social events are also topics of ongoing discussion within the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/

SOURCE Technavio