Asia Pacific Sparkling Wine Market
The sparkling wine market in Asia Pacific is sub segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is witnessing rapid economic growth with changing lifestyles of people, highly influenced by western culture. Wine business across the region is rapidly developing with countries such as Australia, China, and Japan contributing a major share to it. The market is expected to grow at a remarkable pace in the region owing to factors such as the increasing adoption of western culture, improving standards of living, and growing influence of social media. With elevating disposable income and spending powers, people are willing to spend high amounts on celebrating occasions such as birthdays, weddings, promotions, and anniversaries, which is further expected to propel the sparkling wine market growth in Asia Pacific during the forecast period. According to a report published by the Institute of Wine and Vine, Japan and Australia are among the emerging sparkling wine-consuming countries with an average annual growth rate of more than 5%. Thus, Asia Pacific is projected to offer lucrative growth opportunities to the manufacturers of sparkling wine owing to growing per capita consumption of imported sparkling wines. Additionally, the surging number of lifestyle influencers in these countries is driving people’s attention toward luxury goods, which would bolster the demand for this wine type in the coming years. Acceptance of alcoholic beverages in developing countries is the major factor driving the growth of the APAC sparkling wine market.
The outbreak of COVID-19 is wreaking havoc on the economic growth of Asia-Pacific. The severity of the consequences and impact is entirely dependent on the transmission of the novel coronavirus. Various governments in Asia Pacific have taken actions to limit the spread by imposing lockdowns, which is slowing down the operations of various industries in the region. This factor is anticipated to severely affect the growth of the regional market. However, with increasing recovery rates, governments are easing the restrictions imposed on various industrial operations, which is expected to create a positive impact for the growth of sparkling wines market across the region.
Strategic insights for the Asia Pacific Sparkling Wine provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 5,970.39 Million |
| Market Size by 2028 | US$ 8,638.35 Million |
| Global CAGR (2021 - 2028) | 5.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Sparkling Wine refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The sparkling wine market in APAC is expected to grow from US$ 5,970.39 million in 2021 to US$ 8,638.35 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. Rapid socioeconomic changes and fast-paced urbanization are bolstering the demand for sparkling wine. With continuous rise in living standards and buying power, customers desire to purchase high-quality, luxurious items. Moreover, their food habits and meal preferences changes with these changes in lifestyle. Thus, the demand for sparkling wine in parties, marriages, and social gatherings is on rise. With the growing preference for drinks with low or no alcohol content, the popularity of this wine is increasing among millennials, teenagers, and working populations, and in bachelors and people living in hostels. Furthermore, increasing social media and the Internet has significant impact on all generations, as well as an increase in social parties, are increasing consumption of sparkling wine.
The APAC sparkling wine market is segmented on the bases type, packaging type, and distribution channel, and country. Based on type, the market is segmented into white, red, and rose. The white segment dominated the market in 2020 and red segment is expected to be the fastest growing during the forecast period. On the basis of packaging type, the sparkling wine market is segmented into bottles and cans. The bottles segment dominated the market in 2020 and cans segment is expected to be the fastest growing during the forecast period. On the basis of distribution channel, the sparkling wine market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment dominated the market and online retail segment is expected to be the fastest growing during the forecast period.
A few major primary and secondary sources referred to for preparing this report on the sparkling wine market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Bacardi and Company Limited; Casella; Chandon; Constellation Brands, Inc.; Henkell Freixenet; Pernod Ricard Winemakers; and Treasury Wine Estates Ltd are among others.
The Asia Pacific Sparkling Wine Market is valued at US$ 5,970.39 Million in 2021, it is projected to reach US$ 8,638.35 Million by 2028.
As per our report Asia Pacific Sparkling Wine Market, the market size is valued at US$ 5,970.39 Million in 2021, projecting it to reach US$ 8,638.35 Million by 2028. This translates to a CAGR of approximately 5.4% during the forecast period.
The Asia Pacific Sparkling Wine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Sparkling Wine Market report:
The Asia Pacific Sparkling Wine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Sparkling Wine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Sparkling Wine Market value chain can benefit from the information contained in a comprehensive market report.
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