North America emerges to be the largest contributor in the market of canned wines. Due to the substantial consumption among the millennials in US. Moreover the presence of ample domestic and international players in the region is the main factor driving the market in the region. Manufacturers in the region are continuously striving to innovate ideas and strategies to capture a greater share in the market.
Wine market in US is undergoing demographic changes that is affecting the overall industry. Factors like geriatric population, ageing baby boomers are reducing the consumption due to the loss of fixed incomes are hampering the overall market growth. Young consumers prefer to consume beverages across all categories at significantly higher rates also results in reduced occasions for wine. Wineries across the region are constantly innovating newer technologies to retain the market place. Recent innovation in the wine industry such as introduction of red blends and bourbon-barrel aged products, have helped in retaining consumer interest. Additionally, wine producers are still using various strategies to innovate branding and packaging to meet the demands for convenience and portability. Canned wines is contributing a major volume in the market and the sale has exploded over the recent past years and is anticipated to dominate over the years to come. Also it is remarkable that canned wine is one of the fastest growing category thanks to millennial drinker.
Key players operating in the global canned wines market are E & J Gallo, The Wine Group, Treasury Wine Estate, Castel Freres, Accolade Wines, Total Together, FeCoVitA Coop, Grupo Penaflor and Constellation Brands among others. The manufactures indulge in M&A programs to retain their position in the market and share profits. The recent acquisition of Ransom Wine Co. & Distillery by Integrated Beverage Group (IBG) in March 2020 has made IBG to make a well-recognized foothold in the category of craft spirits thus making the company as a leader in Oregon wine.
Impact of COVID 19
The ongoing pandemic COVID 19 has its impact on the global canned wines by hampering the productions. Due to the lockdowns the factories are shut, the supply chain is completely disrupted. The manufacturers are facing difficulty in procuring raw materials and short of staff & resources due to the sudden outbreak of corona virus has slowed down the global market. The existing pandemic has induced more health conscious thus making them consume in less quantities.
“The still wine products segment is expected for the largest share of the global canned wines market in 2024.”
The still wine category dominates the global canned wines market and is anticipated to contribute a higher share over the forecast period. Due to the increased demand as celebration wine, the sparkling wine segment is also expected to provide a larger share during the future. The availability of wines through online platform is fuelling the market in its growth trajectory.
