The global sparkling wine market reached a value of $33.9 billion in 2019, projected to soar to $51.7 billion by 2027, exhibiting a robust CAGR of 7.3% during the projection period. Sparkling wine is a carbonated beverage resulting from the fermentation of grapes and other fruits, producing alcohol and CO2.
Escalating trends among the younger population, coupled with the burgeoning influence of cocktail culture, stand as pivotal factors propelling market expansion. Additionally, digitalization, climate shifts, and globalization impact the Sparkling Wine industry, bolstered by the surge in e-commerce. The blossoming food tourism sector and positive culinary services also contribute to the adoption of effervescent wine in upscale hotels and restaurants. These factors converge with the pioneering influence reshaping traditional wine styles, making 2023 a captivating year for sparkling wine.
Aligned with consumer preferences and trends, several considerations for Sparkling Wine are as follows:
Low or No Alcohol Variants: With heightened health consciousness, consumers lean towards low or non-alcoholic sparkling wine. The industry can respond by developing alcohol-free or low-alcohol variants that still embody the flavors of traditional wine.
Sustainability: Growing environmental awareness drives consumers to seek sustainable products. The industry can address this by focusing on eco-friendly production methods, incorporating renewable energy sources, optimizing water usage, and minimizing industrial waste.
E-commerce: The industry can offer unique and exotic flavors of sparkling wine in cans through online retail, capitalizing on the flourishing e-commerce driven by technological reliance and online shopping convenience.
Alternative Packaging: The shift toward sustainable and ergonomic packaging has spurred experimentation with formats like cans or pouches. The sparkling wine industry can cater to eco-conscious younger consumers by exploring reusable bottle options and captivating packaging designs.
In conclusion, the trends in the sparkling wine industry are steered by preferences for sustainability, technological integration, convenience, and health consciousness. The industry must adapt to these evolving trends to remain attractive and competitive in the eyes of the younger consumer demographic.
