Asia-Pacific region is expected to witness rapid growth in the canned wines market, owing to the consistently rising population, coupled with the rapid urbanization and growing western influence. Rising demand for high-end products due to improving purchasing power is anticipated to be the key factors fuelling the regional market growth. India and China hold a significant share in the regional market, against the backdrop of favorable government norms and rising FDI. Moreover, with innovations and strong retail and distribution network in the region, the companies are striving to increase their sales and achieve higher revenues.
Impact of COVID-19
The COVID-19 outbreak started in China, has severely impacted the wine industry. As the number of cases continues to increase worldwide, the governments across the globe have imposed lockdowns and social distancing norms, creating disruptions in the global supply chain. This has caused adverse effects on the import and export of wine to the international and domestic markets.
The pandemic has had a massive impact on the on-premises and travel business, further affecting the market growth. To cope up with the pandemic in the coming times, the key players are focusing on reshaping their business models. However, there will be slight growth in the DTC and e-commerce market as individuals prefer in-house consumption.
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Canned Wines Market Segmentation
By Distribution Channel
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now