White Wine Segment to Dominate APAC Sparkling Wine Market during 2021–2028
According to The Insight Partners market research study on “APAC Sparkling Wine Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Packaging Type, and Distribution Channel” is expected to reach US$ 8,638.35 million by 2028 from US$ 5,970.39 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the APAC sparkling wine market along with the drivers and restraints pertaining to the market growth. Acceptance of alcoholic beverages in developing countries is the major factor driving the growth of the APAC sparkling wine market. However, issues associated with the stringent government policies and regulations hinder the growth of APAC sparkling wine market.
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. In terms of country, the APAC sparkling wine market is segmented into—Australia, China, India, Japan, South Korea, and Rest of APAC.
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.
Bacardi and Company Limited; Casella; Chandon; Constellation Brands, Inc.; Henkell Freixenet; Pernod Ricard Winemakers; and Treasury Wine Estates Ltd are the leading companies in the APAC sparkling wine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.