Major companies in the wine and brandy market include Constellation Brands; E & J Gallo Winery; Torres Wines; Treasury Wine Estates and Vina Concha Y Toro. The global wine and brandy market is expected to grow from $166.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wine And Brandy Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018911/?utm_source=GNW
56 billion in 2020 to $178.46 billion in 2021 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $245.79 billion in 2025 at a CAGR of 8%.
The wine and brandy market consists of sales of wines, ciders, fortified wines and brandies by entities (organizations, sole traders and partnerships) that grow grapes and other fruits, and/or produce wines and brandies, and blend wines and brandies. The companies in the wineries industry process raw materials into wines, brandies, ciders and fortified wines, package and distribute them through various distribution channels to both individual customers and commercial establishments. Their produce includes champagne, alcoholic cider, fortified wines, ice wines, sparkling wines and vermouth. The wine and brandy market is segmented into wine and brandy.
Western Europe was the largest region in the global wine and brandy market, accounting for 31% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global wine and brandy market. Middle East was the smallest region in the global wine and brandy market.
Wine manufacturers are increasingly using augmented reality mobile applications to effectively promote their products. Mobile phones with augmented reality applications when held over a wine bottle label display creative video content that convey a brand’s story and help engage customers. For instance, Treasury Wine Estates launched the 19 Crimes augmented reality mobile application that animated criminals pictured on its bottle labels when a phone camera is pointed. Other wineries that have launched augmented reality mobile applications include E. & J. Gallo Winery and The Walking Dead.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the wine and brandy manufacturing (wineries) market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the wine and brandy manufacturing (wineries) market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing demand for ready-to-drink (RTD) beverages is expected to drive the wine and brandy manufacturing (wineries) market in the forecast period. RTD is a single-use packaged beverage that is ready for immediate consumption at the time of purchase. RTD drinks are gaining popularity among working adults due to their clean label and functionality. Introduction of new flavors of in the range of RTD alcoholic beverages, ease of carrying, and convenience are expected to boost the demand for RTD alcoholic beverages. Increasing demand for RTD beverages, including RTD alcoholic beverages, is expected to drive the wine and brandy manufacturing (wineries) market going forward.
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