Wine Market Overview
Per GlobalData, the wine market size was valued at $333.7 billion in 2023 and will achieve a CAGR of >6% during 2023-2028. The increasing popularity of wine among young consumers will drive market growth during the forecast period. In 2023, Western Europe garnered the highest wine market revenue with France, Italy, Germany, and the UK being the major contributors. The regional market growth can be attributed to the easing of inflation and wage growth that will help consumers’ spending on wine offerings.