The global canned wines market size was valued at USD 213.42 million in 2022 and is projected to reach USD 592.90 million by 2031 at a CAGR of 11.8% from 2023 to 2031.
The canned wines market is expected to grow at a lucrative growth rate owing to the shifting consumer preference towards convenient ways of wine consumption. People around the globe are demanding more portable and less fragile beverages for picnics and outings, which has surged the demand for canned wines. In addition, rising consumer spending on camping, recreational activities, and overnight stays at beaches and other secluded places are prominent factors driving the market growth.
As per the figures recorded by the International Organisation of Vine and Wine, in 2018, the global wine consumption reached 246 million hectolitres (hl), surpassing 245 million hectolitres (hl) of the previous year. Globally, increasing demand for wine owing to the rising awareness among individuals regarding the health benefits associated with the beverage is a key factor responsible for the market growth. The below-mentioned info-graph depicts wine consumption worldwide for the period 2013–2018. (million hl)
Changing consumer lifestyle and fast-paced living in recent years has drastically changed the consumption patterns of the consumers. Today, consumers are adopting on-the-go products, which has increased the demand for canned wines. Furthermore, the key players are introducing new flavors and offering a wide range of canned wines to attract more consumers, further bolstering the market growth.
Changing needs and different occasions are demanding products ideal for the situation. The rapid rise in consumer spending on short trips and growing importance of recreational activities is drawing attention towards canned wines. Consumers are touting for the product as an alternative to beer and other cold beverages as it is portable and available at affordable prices. The debouching trends in household structures, comprising of more nuclear and single persons, have increased the home consumption of canned wines.
The leading market players are embracing the burgeoning trend by unveiling wines in cans. The smaller serve helps the individual customer remove the potential barriers of purchasing a huge traditional wine bottle. The plethora of benefits of canned wines offers the individual to pack light for the trip and increase efficiency in recycling. The use of conventional glass bottles is fragile and cannot be carried to parks, beaches, and other tourist places. Cans are the fastest growing forms of wine packaging and occasion-friendly than glass, which is facilitating the market growth.
Changing demographics in the different regions of the world are important factors affecting the canned wines market. The growing millennials and young population are reshaping the alcoholic beverages market. In the last two decades, there is a significant transition in the alcohol consumption of millennials across the globe. The millennials are more conscious of their alcohol consumption and seek options with moderate and lower alcohol levels. Also, the young generations have become more eco-conscious and careful about their carbon footprints, which has compelled the manufacturers to introduce organic and eco-friendly packaged wines.
The on-the-go drinking culture of the people, particularly the millennials, is augmenting the sales of canned wines. The upward surge in the popularity of the canned wines among the millennials has led to a massive boom in the number of leading players launching their canned wine brands. Young people are more likely to create new drinking occasions than the older generations, further accelerating beverage sales. The confluence of these factors is expected to foster market growth during the forecast period.
The online sales segment holds the highest market share on account of ease of buying and doorstep delivery options provided by the online platforms. Economic growth plays a crucial role in alcohol consumption patterns due to gradually improving consumer spending. The prominent players in the market are continuously striving to increase their profit margins and revenue by collaborating with popular online platforms.
The direct to consumer (DTC) segment, on the other hand, accounts for a larger share in the market. The key players in the market are adopting strategies to directly deliver products to the customers in order to increase the consumer base. The offline store segment is projected to observe a substantial growth rate in the canned wines market.
Europe dominates the canned wines market as wine is the second most preferred alcoholic beverage in the region. Italy, Spain, and France are leading contributors to the wine market in Europe, as they are among the top producers and consumers of wine across the globe. The region is also backed by the presence of prominent players and vineyards, making the canned wines available at cheaper rates. The below-mentioned info-graph depicts the wine-producing countries in the European region for the year 2018. (million hl)
As per the above-mentioned statistics, Italy is the worlds’ leading wine-producing country with 54.8 million hl, followed by France and Spain, respectively. Currently, the consumers prefer low-priced wines; however, the rising disposable incomes are expected to push the demand for higher-quality canned wines in the near future. The growing domestic production and consumption of wine in the European region are expected to have a positive influence on regional market growth.
In 2018, the U.S. canned wines sales grew by 69% and reached more than USD 69 million, as per the data recorded by the Nielsen data. The consumers present in the region demand new and convenient products to fit their busy schedules. Higher durability and faster chilling ability of cans as compared to the traditional wine bottles are supporting regional market growth. Most of the consumers in the U.S. are attracted to canned sparkling wines, presenting lucrative growth opportunities. Hiking has surged the popularity of canned wines in the U.S. as they are lighter and mobile than their counterparts, which makes it easier to transport in outdoor activities.
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