Evolve Business Intelligence has published a half-cooked research report on the Global Dry Red Wine Market, 2021–2030. The global Dry Red Wine market is projected to exhibit a CAGR of around 2.3% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Dry Red Wine market are E&J Gallo Winery, Constellation, Castel, The Wine Group, Accolade Wines, Concha y Toro, Treasury Wine Estates (TWE), Trinchero Family, Pernod-Ricard, Diageo, E&J Gallo Winery, Changyu Group, Kendall-Jackson Vineyard Estates, GreatWall, Dynasty.
The global Dry Red Wine market is projected to be valued at $ 4.3Billion by 2030, recording a CAGR of around 2.3% during the forecast period. Dry wine contains no residual sugar. During fermentation, yeast consumes the sugar in grape juice and produces alcohol and tannins as residue, which is astringent to taste. Sometimes winemaking process is stopped during fermentation before all of the sugar is consumed. This leaves a sweet flavor in the wine, resulting in slightly strong alcohol content. Dry Red Wine is a type of wine, unlike a typical red wine which is made from fermented grapes, containing residual sugar but also having a sweet and sour flavor. The taste consists of trace flavors (some bitter or caramel). Dry Wine options such as white wine and red wine are popular at the moment in the open market.
The COVID-19 pandemic posed a significant threat to the global Dry Red Wine market. While the impact of pandemic restrictions on various wine importers is not the same, what they share is their ability to collaborate and build a relationship with restaurants and hotels. The wine importers have shifted their focus to the Retail sector which has proven to be more successful as compared to the previous focus on the Hospitality and Restaurant sector, on account of the volume and frequency of sales. With the dramatic rise in governmental regulations around the world, wine production has been affected. Not only do these measures serve as a deterrent, but they also affect demand as well.
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The global Dry Red Wine market has been segmented based on the type, application, and region.
By Type, the Dry Red Wine market is segmented based on Still Wines and Sparkling Wines. The Stil Wines segment dominates the market. Still Wines are one of the most consumed wines in the world. Still wine is a type of wine that is primarily or only made by fermenting grape juice when it is “still” (without adding any CO2). It can also be referred to as non-sparkling or aerated, alcoholic beverages.
Based on Application, the Dry Red Wine market is segmented based on Daily Meals, Social Occasions, Entertainment Venues, Other Situations. The Daily Meals segment is anticipated to hold the largest market share due to the increased consumption of sweet-flavored and fruity wines with everyday meals. The Social Occasion segment of the market is anticipated to be the fastest-growing over the forecast period. The easy-drinking red wine is a popular choice for this type of event.
The Dry Red Wine market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American region is projected to dominate the global Dry Red Wine market. This is due to a growing interest in the consumption of Dry Red Wine with everyday meals. Also as COVID restrictions ease, increased social gatherings are expected to keep up the demand for Dry Red Wine. However, due to the preferable climatic conditions for the wine-making process, the European region is expected to outstrip all other areas by clocking the highest CAGR. The Asia-Pacific region provides lucrative opportunities for Wine exporter to set their market. For instance, Hong Kong levies no import tax on wine, which is a major driving factor for the region.