Sparkling wine Market to Show Exponential Growth by 2027 | Worldwide Value $51.7 Billion

 Sparkling wine is a fermented carbonated beverage made with grapes and other fruits. The fermentation process results in the production of alcohol and CO2. During the fermentation process, the gas is not allowed to escape, and thus forms tiny bubbles. This carbonation of wine takes place either in bottles or large tanks. Carbonation can also result from CO2 injected into a few varieties of wines.    

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Sparkling wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends, such as urbanization, increasing disposable income, and rapidly aging population, indirectly create demand for sparkling wine, which, in turn, supports the growth of the number of wineries. 

The alcohol industry is anticipated to experience the differential impact of the COVID-19 pandemic on each stage of its value chain through the mediums of affected workforce at industrial level, raw material supply (agricultural produce, ingredients, and intermediate products), trade & logistics, demand–supply volatility, and uncertain consumer demand at foodservice outlets. In addition, production, distribution, and inventory levels across the sparkling wines industry spectrum have experienced severe impact. Strong global concerns about the pandemic have largely but negatively influenced the global sparkling wines industry. Moreover, due to this pandemic, the prices of sparkling wines increased in 2020 to overcome economic instability. 

The fast pace of global urbanization has resulted in an increased demand for luxury goods and services, especially in developing economies such as LAMEA and Asia-Pacific. As these goods are considered as status symbols, they are increasingly being adopted in these countries, thus providing attractive opportunities to manufacturers to distribute and sell their products in these locations. Furthermore, international events, such as film festivals, art exhibitions, auctions, and award shows, have increased the demand for sparkling wines at such social gatherings. 

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The major players in the sparkling wines market are investing in R&D to enhance the quality of wine and gain competitive advantage over other players in the market. However, stringent government policies about advertisements and distribution of sparkling wines hamper the sparkling wines market growth. 

Consumption of sparkling wines is booming globally as it accounts for 10% of the total wine sales. In recent years, the sale of sparkling wines has grown to 2.5 billion liters consumption every year. Germany was the world champion in sparkling wines consumption, with more than 5 liters per capita and a role as a major distributor of sparkling wines from traditional wine-growing regions in central Europe.

Furthermore, there has been increase in the number of netizens along with rise in internet penetration. Most of the key players in the market strategize on promoting their products on various social media platforms. Through social media marketing strategy, the sparkling wines market attracts critical growth opportunity. 

Sparkling wine has witnessed higher rate of penetration in North America and Europe. However, low availability has been observed for this product in some major parts of Asia-Pacific and LAMEA, which is attributed to low-performing macro-economic factors such as low internet penetration and insufficient marketing strategies by manufacturers. Therefore, lower penetration of such products limits the growth of the sparkling wines market.