Non-alcoholic wine market to be worth $10bn by 2027
The non-alcoholic wine market is growing at such speed that it is predicted to be worth $10 billion by 2027, according to market intelligence company Fact.MR.
As reported by FoodBev Media, between 2019 and 2027, the non-alcoholic wine sector is predicted to achieve a compound annual growth rate of 7% as consumers continue to switch to non-alcoholic alternatives.
While Europe accounted for over 40% of the total demand for non-alcoholic wine market in 2018, North America is tipped to be the most important market in the world for the category, with a growth rate of over 8% during the eight-year period.
According to Fact.MR, consumption of non-alcoholic wine is becoming one of the key trends currently shaping the global drinks industry.
“Over the past decade, the market share of non-alcoholic wine has grown significantly, with increasing preference for low liquor content drinks,” an analyst from Fact.MR said.
“The ever-growing trend towards health awareness and wellbeing is positioning non-alcoholic wine as one of the biggest product categories in beverages.”
Alcoholic drinks producers are increasingly moving their focus to low- and non-alcoholic beverages to boost profitability margins due to zero tax policies.
At the same time, wine drinking is on the wane, with consumption dipping by 0.9% in the US last year for the first time in 25 years. Wine accounted for just 11% of the total alcoholic drinks market in America last year.
According to Fact.MR, growth of online sales of non-alcoholic wines are predicted to rise by 99% over the eight-year period between 20119 and 2027.
Among the key players in the non-alcoholic wine market are California-based E & J Gallo, French firm Castel Frères and Australia’s McGuigan.