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Global wine manufacturing market: $126.7 billion industry by 2018


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2014-02-12 05:01:01 - Global Wine Manufacturing - a new market research report on companiesandmarkets.com

Oversupply conditions have characterized the $104.3-billion Global Wine Manufacturing market during the past five years due in part to consumer spending´s first decline in 30 years. In response, wine producers began manufacturing less wine; total volume slid at an estimated 1.8% annualized rate to 248.2 million hectoliters from 2007 to 2012 (latest data available). Much of this production decline occurred in Europe, which offered incentives for vintners to reduce winery acreage.

This reduction in supply and rebounding demand have enabled wine producers to buoy prices, leveling the mismatched market. As a result of these conditions, revenue has declined just 1.0% per year on average since 2008. In 2013, revenue is estimated to grow 0.4%, which will primarily be driven by a

 

 

2.7% rise in consumer spending despite a weak European economy.

Although the majority of wineries are small local operations, weakening consumption in traditional wine-growing regions is leading to a shift in ownership. Many wine regions in developed markets like California are undergoing consolidation in the face of heightening regional competition, especially because wine consumption in emerging markets, such as in China and India, is growing quickly. Due to consolidation, the number of winemakers is expected to decrease at a 2.2% five-year annualized rate to 20,885 companies in 2013. On top of that, some vineyards closed completely or halted production in underperforming locations during this time, which has depressed the number of industry establishments at a faster 4.6% annualized rate to about 26,441 in the five years to 2013. Vineyard closures have also contributed to the aforementioned decrease in wine production volume.

Lower production volumes will enable vintners to raise product prices during the next five years, especially as consumer spending rebounds at an estimated 3.0% annualized rate. Consequently, Global Wine Manufacturing industry revenue is forecast to grow 4.0% annually on average to $126.7 billion in the five years to 2018. An improving global economy and rising wine consumption in Asia and other emerging markets are projected to lead to stronger sales of higher-value, premium wines. Due to its large consumer base, China´s presence in the industry is anticipated to expand during the next five years as domestic vintners vie to compete with importers.

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