The global craft wine market size is anticipated to grow at a considerable rate owing to the increasing awareness about the health benefits of wine among consumers, finds Fortune Business Insights™ in its report, titled “Craft Wine Market Size, Share & Industry Analysis, By Type (Ales, Lagers, Speciality Wine, Others), By Distribution Channels (On-trade, Pub, Bar, Restaurants, Others) Mass Merchandisers, Convenience Stores, Online Retails, Others) Others and Regional Forecast, 2019-2026”. An article published by the T.H. Chan School of Public Health at Harvard University stated that red wine, when consumed with a meal, offers a host of cardiovascular benefits owing to its chemical composition. For example, red wine contains certain compounds than can relax walls in blood vessels prevent oxidation of bad cholesterol, or low-density lipoprotein. These compounds, known as flavonoids, give wine its unique color and taste and are also found in different plants such as onions and strawberries as well as in dark chocolate and tea. Thus, wine can play a key role in improving heart health in individuals and as awareness about its benefits spreads, the uptake of premium wine products is likely to rise.
List of Companies Covered in the Craft Wine Market Report:
- TRS Inc.
- Wanis Ltd.
- Associated British Foods plc
- Ajinomoto Windsor, Inc.
- Asli Fine Foods
- MTR Foods Pvt. Ltd.
- ARYZTA AG
- Tasty Bite Eatables Limited
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The highlights of the report include:
- Detailed examination of each individual market segment;
- Comprehensive analysis of the factors driving and restraining the market growth;
- Accurate forecasting of upcoming trends and opportunities in the market; and
- Exhaustive research into the regional developments and competitive environment of the market.
Concerns Surrounding Overconsumption of Alcohol May Impede Market Growth
While alcoholic beverages offer a wide variety of physiological benefits, their overconsumption can prove highly detrimental, thus hampering the craft wine market growth. For example, the Centers for Disease Control and Prevention (CDC) enumerates the long-term health risks of alcohol such as liver cancer, weakening of the immune system, and mental health problems. Moreover, according to the World Health Organization (WHO), every year alcohol kills roughly 3 million people around the world and alcohol abuse is known to trigger over 200 diseases and injuries in a human body. Furthermore, measured in disability-adjusted life years (DALYs), alcohol is responsible for 5.1% of the global burden of disease and injury. Thus, fears related to alcohol addiction may inhibit people from purchasing wine and other spirits, their multiple benefits notwithstanding.
North America to Lead the Pack; Asia-Pacific to Present Promising Growth Prospects
Geographically, the market has been segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Among these, North America is projected to dominate the craft wine market share during the forecast period on account of proliferation of independent and small craft breweries, especially in the US. Since demand and paying capacity among alcohol consumers is high, craft wine sales in the region are registering a healthy growth trajectory. In Asia-Pacific, countries such as New Zealand and Australia, although high beer-consuming nations, are exhibiting growing interest in specialty wines and spirits. Additionally, alcohol consumption and awareness in India and China is also steadily increasing and rising disposable income coupled with young populations is creating a niche market for premium, low alcohol content beverages in the region.
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Focused Investment in Innovation to Stimulate Intense Competition
Key players in this market are adopting different strategies to strengthen their position. The most preferred among these is pumping money into R&D to enhance innovation capabilities and introduce unique products in the market to attract a wider spectrum of customers.
- September 2019: The US-based craft brewery, Serda Brewing, launched a novel solution for hangovers called RePear. The product is a two-stage drink mix engineered to protect the liver and thus prevent hangovers. The mix has been created through a unique blend of natural ingredients that are known to protect the body from the harmful effects of alcohol.
- October 2019: Virgin Wines, the UK-based wine retailer, began marketing its newly diversified range of spirits along with a new craft beer shop, which will allow buyers to customize their beer cases online. The company utilizing various marketing routes to mark the presence of their specialty beverages in the market.
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