Sparkling #Wine Market Trends, Drivers, and growth Prospects until 2021
May 19, 2017 (Investorideas.com Newswire) According to Technavio's latest market research study, the global sparkling wine market is expected to grow at a CAGR of more than 2% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global sparkling wine market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product type
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The top three revenue contributing product segments are discussed below
Global Prosecco market: Prosecco has replaced champagne as the most preferred and most sold sparkling wine in the country. The Charmat process is used to prepare Prosecco and is less expensive and faster when compared with other methods. Prosecco has been popularly consumed in cans in the US. The sales of Prosecco have outpaced Champagne sales in the UK.
"Factors such as price, availability, and the quality of the wine are key criteria for the purchase of sparkling wines. While this wine is consumed daily in Italy, in APAC countries such as Japan, dry Prosecco is usually paired with sushi dishes," says Manjunath Reddy, a lead analyst at Technavio for research on alcoholic beverages.
Global Champagne market: Though Champagne has reduced in popularity in the global sparkling wine market over the past few years, it has retained its place as a celebratory drink. Changes in consumption habits, with consumers going for other varieties of sparkling wine such as Prosecco, have been the primary cause for the decline in the sales of Champagne, particularly in hitherto strong markets such as the UK. The global Champagne market is projected to account for the sales of approximately 247 million liters by the end of the forecast period.
Global Cava market: Cava sparkling wine is of Spanish origin, and is as popular as Prosecco in countries such as the US. Cava is much sweeter and has a fruity flavor when compared with Prosecco. It is also much more affordable than most other varieties of sparkling wine. During the forecast period, the consumption of Cava is projected to experience a surge in countries such as France and the UK. In addition, sparkling wine has become popular in Asian countries especially Japan, which has been the major consumer in the region.
The top vendors operating in the global sparkling wine market are:
- E. & J. Gallo Winery
- Treasury Wine Estates
Other prominent vendors in the market include Accolade Wines, BACARDI, Bronco Wine Company, CODORNÍU, Constellation Brands, Henkell & Co., F. Korbel & Bros, NYETIMBER, Pernod Ricard, and The Wine Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Sparkling Wine Market 2017-2021'. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports
- Global Low-Alcohol Beverages Market 2017-2021
- Alcohol Beverages Market in US 2017-2021
- Global Vermouth Market 2017-2021
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