Growth Prospects for Red Wine Industry in Emerging Economies: Ken Research
Ken Research has released its report on the growth estimates of red wine
in the global market “Global
red wine industry in-depth investigation and analysis report 2017”. The
report analyses growth prospects of red wine and provides valuable data about
its production, revenue, consumption, import and export in North America,
Europe, China, Japan, Southeast Asia and India, from 2011 to 2016, and forecast
up to 2020.
With a CAGR of 4.2% for five years, the red wine industry can look for a
colossal growth in future. Currently, the developed world and China are major
consumers of red wine. The United States, Europe, Japan, and China collectively
account for 51% of the global red wine market. But the market scenario will
change with the red wine trend gaining momentum immerging economies.
Regions
Covered in the report are:
North America
China
Europe
Japan
Other
Scope
in Developing Economies
There is a steady growth in red wine consumption in emerging economies
such as India and Brazil apart from China. Most of the red wine brands are
likely to include China in their strategic global planning to tap into the
country’s wine market. The average red wine growth in China is 4.4%. Our analysts believe that red wine
consumption in China will continue to increase with an average growth rate of
4.6% in the next 5 years. Therefore, China will remain a go-to market for red
wine producers for increasing their business.
China’s neighbour country India is another market with good prospects for
red wine. Previously the growth of the wine sector in India was hampered by
bottlenecks such as lack of storage and transport facilities, absence of proper
wine marketing and promotional activities. Besides, stringent rules for
domestic marketing of wines, regressive and strict government policies and
different taxation across various states also hindered wine growth. With the
expected implementation of GST from July 1, 2017, many problems of red wine
producers and marketers will disappear.
The Indian wine industry has grown due to changing lifestyle of the urban
people. The westernisation of the urban people has made wine drinking a style
statement for them. The Indian wine industry has also benefitted from the
provisions of WTO agreements applicable to it and due to the Indian
government’s tourism initiative – Incredible India.
At present the share of red wine is enormous in India compared to other
wine varieties. Wine consumption and awareness in India is still in a nascent
stage. Thus, marketing becomes important to tap in Indian market. Reduction in
the prevailing heavy taxes will make wine cheaper for consumers thus boosting
its growth.
Innovation
and Marketing
The cut throat competition in the wine market demands constant innovation
and a strategic market approach. In the countries where the red wine market
share has already peaked, companies are innovating in terms of taste, colour
and design of the wine packing. The wine
industry is today about delivering premium and luxury quality products and
ensuring that these products must standout on the shelf to face the
ever-increasing competition successfully.
A red wine brand with its eye-catching labels can also attract consumers.
Also, different packaging sizes tailored to meet varying needs of customers
helps in popularizing a red wine brand.
Today companies are also investing in wine tasting events and taking
consumer feedback for the taste and quality of their products to tailor their
products as per consumers’ tastes.
Key
Factors Considered in the Report
Global Wine Industry
Global Alcohol Industry Research Report
Global Wine Market Size
Europe Wine Consumption
US Wine Industry
Japan Wine Market Research
China Wine Industry Research Report
India Wine Industry Research Report
Brazil Wine Industry Research Report
Global Wine Industry Future Outlook
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Comments (1)
David Henry6
loves to write about alcohol
Interesting insights. The rising demand for premium and affordable red wines in emerging markets shows how consumer preferences are evolving. It will be exciting to see how local producers and global brands adapt to these opportunities.