IMARC Group, a leading market research company, has recently releases report titled “India Wine Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the India wine market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Indian wine market?
The Indian wine market size reached US$ 164.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 477.9 Million by 2028, exhibiting a growth rate (CAGR) of 18.9% during 2023-2028.
What is wine?
Wine is a brewed alcoholic beverage that is composed through harvesting, pressing, purifying, and fermenting sugary juice extracted from crushed grapes. It mainly consists of water and a certain percentage of alcohol by volume (ABV) to create its various fortified versions. During their production and aging phase, wine is incorporated with additional components, including residual sugar (RS), glycerol, acids, phenolics (anthocyanins and tannins), and aromatic compounds, such as esters, pyrazines, terpenes, thiols, and lactones. These ingredients offer wine a refreshing taste and protect it from spoilage by mitigating enzymatic browning.
Wine can also be combined with other compounds, including iron, magnesium, and potassium, which may be traced back to the grapes or the yeast. Wine is a rich source of antioxidants that can help treat the common cold, regulate blood sugar, lower cholesterol levels, reduce cancer risk, and protect against cell damage. Apart from this, wine enhances the taste of meals and decreases depression and anxiety by providing a relaxing experience; thus, it can be moderately consumed directly or extensively used as a key ingredient in diverse dishes.
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What are the growth prospects and trends in the Indian wine industry?
One of the prime factors driving the India wine market is the growing consumption of various alcoholic beverages. In line with this, the increasing demand for premium drinks and the emerging trend of socializing at restaurants and bars, especially amongst the younger demographics during social gatherings and events, are acting as another growth-inducing factor. Moreover, the large-scale product utilization in cooking applications to intensify the flavor and aroma of finished dishes is supporting the market growth. Additionally, rising consumer awareness regarding the numerous health benefits associated with the moderate consumption of wine, such as preventing circulatory and heart diseases like atherosclerosis, coronary heart disease, heart attack, failure, and stroke, is favoring the market growth. Furthermore, the extensive usage of distinct biotechnological approaches, including a two-step process to brew wine twice by adding sugar and yeast, is propelling the market growth.
This is further supported by the advent of marijuana-infused, gluten-free, or organic, chemical-free wines with higher concentrations of antioxidants. Besides this, the escalating efforts made by key players to ensure product availability across diverse online distribution channels to increase the profit margins of wine vendors and cater to the constantly evolving consumer preferences are supporting the market growth. Other factors, including continuous celebrity endorsements, the ongoing premiumization of wine manufactured with high-quality ingredients, and the fueling product accessibility in effective packaging solutions, are positively stimulating the market growth. Looking forward, the market value is projected to reach US$ 477.9 Million by 2028, expanding at a CAGR of 18.9% during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Still Wine
- Sparkling Wine
- Fortified Wine and Vermouth
Breakup by Color:
- Red Wine
- Rose Wine
- White Wine
Breakup by Distribution Channel:
- Off-Trade
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
- On-Trade
Breakup by Region:
- North India
- West and Central India
- South India
- East India
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