Wine market is currently witnessing steady growth in both developed and emerging economies. Increasing disposable incomes, rising awareness about the medical benefits of wine, and the resultant consumer shift towards consumption of premium alcoholic beverages are driving the growth in the wine industry. The wine consumption has surged particularly in developed nations such as US, Canada, Australia and Chile, which are enjoying more steady growth.
US wine market is one of the fastest growing markets of the world, both in terms of production and consumption. It has expanded rapidly over the past few years on the back of increased consumption, government support, on-line wine purchasing and growing young population. The US wine market will continue growing at a rapid pace in coming years also and become the largest wine consumer in the world, surpassing France, says our new report “US Wine Market Forecast to 2012”.
As per our findings, the US wine market is expected to hit a value of around US$ 33.5 Billion with 871 Million Gallons of wine sales by 2013. The market (in volume terms) will grow at a CAGR of over 3% during 2010-2013. The economic recession had little impact on the US wine industry as consumers started enjoying low-priced bottles and wines by glasses. Restaurants’ wine sales value declined by 10% as consumers dined out less to save funds.
Anticipating the current market trends and future prospects, we have done a comprehensive analysis of the US wine industry. The report covers state-wise analysis of the wine industry in the US. It also gives detailed product-wise analysis of the country’s wine market by studying it in terms of wine produced, wine consumed, color mix and amount of wine imported and exported.
Our research also highlights the factors that will be responsible for the growth of the US wine market over the forecast period. It says that the millennial segment is the future of the US wine industry, and their numbers are increasing as younger members are attaining the drinking age. Moreover, rise in the number of female wine drinkers in marginal segment is also fueling the growth of the US wine industry. This trend, coupled with government’s initiatives, is playing a greater role in promoting reforms and competitiveness in the wine industry of the US.