Health Benefits Associated With Wine Are Driving the Growth of the Wine Market

 

Wine is an alcoholic drink typically made from fermented grape juice with different varieties of yeast. Different varieties of grapes and strains of yeasts produce different styles of the wine. Moreover, drinking an occasional glass of red wine is good for health. It provides antioxidants, can promote longevity, and help reduce the risk of cardiac disease and harmful inflammation, among other benefits. The growing awareness of the health benefits of wine and the changing consumer lifestyle has led many consumers to shift from beer and spirits based beverages to wine. This in turn is expected to augment the growth of the Wine Market.

Though the major consumer base is of middle and older age group, there is a growing demand among the millennial which is further driving the market growth. Thus, with the increasing popularity of wine in the millennial population (above the legal drinking age), the demand for wine is also increasing. According to Millennial Engagement Initiative Report, nearly half (around 46%) of all the United States work force is expected to be millennial by 2020. This in turn is expected to accelerate the growth of the Wine Market. Moreover, the growth of the wine market is driven by the increasing number of bars and pubs worldwide.

The number of bars and pubs in India has increased over the years. Counting all together, India has more than 800 liquor serving bars and pubs. This in turn is increasing the demand for wine, and market players are focused on launching new products in the market to meet increasing demand. For instance, in February 2020, Sula Vineyards, which holds a 60% market share in the country’s wine segment, introduced its eight-year-old brand Dia Sparkler in a 330 ml can. The new form will give the beverage a casual and youthful twist. Wine comes at a low alcohol by volume (ABV) of 8%, making it popular for both public and private entertaining purposes.

However, it is important to understand the dangers that can be associated with the excessive drinking. Long-term use of large amounts of wine causes many serious health problems, such as pancreas problems, liver problems, heart problems, mental problems, and certain types of cancer. Moreover, it is important to understand that drinking wine is not healthy for everyone, nor is it necessary. The aforementioned factors and the high price of wine compared to other alcoholic beverages, such as beer, are restraining the growth of the wine market.