White Wine Segment to Dominate North America Sparkling Wine Market during 2021–2028
According to The Insight Partners market research study on “North America 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$ 11,902.84 million by 2028 from US$ 8,855.66 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the North America sparkling wine market along with the drivers and restraints pertaining to the market growth. Rise in popularity of sparkling wine is the major factor driving the growth of the North America sparkling wine market. However, issues associated with the strict government policies and regulations hinder the growth of North America sparkling wine market.
The North America 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 North America sparkling wine market is segmented into—US, Canada, and Mexico.
The US recorded the highest number of COVID-19 confirmed cases than Mexico and Canada. The crisis adversely affected the food & beverage industry in the region due to restricted supply chain. In addition, lockdown, social distancing, shutdown of various supermarkets and hypermarkets, coupled with the overall disruptions in manufacturing process, supply chain disintegration, shortage of raw materials, and other factors have impacted the operations of various industries across the region leading to a significant drop in demand for sparkling wines. However, remarkable success of vaccination drives across the region is projected to have a positive impact on business activities and the economy, which is projected to favor the growth of sparkling wines market in North America over the forecast period.
Bacardi and Company Limited; Bronco Wine Co.; Chandon; Constellation Brands, Inc.; Henkell Freixenet; Pernod Ricard Winemakers; Schramsberg Wineyards; and Treasury Wine Estates Ltd are the leading companies in the North America 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.