Dessert Wine Market to Reach $64.4 Billion, Globally, by 2033 at 6.1% CAGR: Allied Market Research
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NEW CASTLE, Delaware, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Dessert Wine Market by Product Type (Still Wine, Sparkling Wine and Fortified Wine), Grape Type (White Grapes and Red Grapes), and Distribution Channel (On-trade and Off-trade): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the dessert wine market was valued at $35.7 billion in 2023, and is estimated to reach $64.4 billion by 2033, growing at a CAGR of 6.1% from 2024 to 2033.
Prime determinants of growth
The global dessert wine market is experiencing growth due to several factors such growing consumer interest in premium and specialty wines and rise of food and wine pairing trends. However, high production costs and competition from other beverage segments hinder market growth to some extent. Moreover, development of organic and sustainable dessert wines and innovative packaging and marketing strategies offer remunerative opportunities for the growth of the global dessert wine market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024–2033 |
Base Year | 2023 |
Market Size in 2023 | $35.7 billion |
Market Size in 2033 | $64.4 billion |
CAGR | 6.1% |
No. of Pages in Report | 235 |
Segments Covered | Product Type, Grape Type, Distribution Channel, and Region. |
Drivers |
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Opportunities |
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Restraint |
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Segment Highlights The still segment is expected to grow faster throughout the forecast period.
By product type, the still segment held the highest market share in 2023, accounting for less than two-fifths of the global dessert wine market revenue and is likely to retain its dominance throughout the forecast period. The still wine segment leads the dessert wine industry because of its variety, accessibility, and widespread appeal. Still dessert wines, such as Sauternes, Tokaji, and Ice Wine, have a wide range of flavors and sweetness levels that may complement a variety of desserts or be drunk on its own.
The white grapes segment is expected to grow faster throughout the forecast period.
By grape type, the off-trade segment held the highest market share in 2023, accounting for less than two-thirds of the global dessert wine market revenue and is likely to retain its dominance throughout the forecast period. White grapes naturally have more acidity, which is important in maintaining the sugar content of dessert wines. This acidity keeps the wine from getting too sweet and contributes to the wine's depth and freshness.
The off-trade segment is expected to grow faster throughout the forecast period.
By distribution channel, the off-trade segment held the highest market share in 2023, accounting for three-fifths of the global dessert wine market revenue and is likely to retain its dominance throughout the forecast period. The off-trade segment dominates the dessert wine market primarily due to its accessibility and convenience. Consumers increasingly prefer purchasing dessert wines from retail outlets, supermarkets, and online stores where they can explore a wider variety of options at their own pace.
Regional Outlook Europe to maintain its dominance by 2033.
By region, Europe held the highest market share in terms of revenue in 2023, accounting for more than one-third of the global dessert wine market revenue and is expected to dominate throughout the forecast period. The European region dominates the dessert wine market due to its rich winemaking heritage, diverse climatic conditions, and renowned production regions. Countries like France, Italy, and Hungary are home to some of the world's most famous dessert wines, such as Sauternes, Moscato, and Tokaji, which have been produced for centuries. The region's expertise in viticulture and winemaking, combined with favorable climates for growing the specific grape varieties used in dessert wines, contributes to Europe's leadership in this market.
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Players: -
E & J Gallo Winery
Constellation Brands
The Wine Group
Treasury Wine Estates
Pernod Ricard
Viña Concha y Toro
Castel Group
Grupo Peñaflor
Accolade Wines
Caviro
The report provides a detailed analysis of these key players in the global dessert wine market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Developments:
In 2022, Treasury Wine Estates Ltd. declared that it has completed the purchase of Château Lanessan, which is among Bordeaux's oldest estates. The buyout is the latest move towards expanding Penfold's multi-regional premium wine offering.
In 2022, Pernod Ricard and the Fayard family disclosed the finalization of a contract for Pernod Ricard to acquire a controlling stake in Château Sainte Marguerite.
In 2021, Constellation Brands established a specialized business unit for premium wine and artisan spirits. New premium wine and artisan spirits brands include High West Whisky, Casa Noble Tequila, Mi Campo, Copper & Kings, Nelson's Green Brier Distillery, and The Real McCoy.
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