Sparkling Water Market Size Worth $55.3 Billion by 2028 at 11.7% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners

NEW YORK, Aug. 25, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Sparkling Wine Market to 2028 – Global Analysis and Forecast – by Type, Packaging Type, Distribution Channel, and Geography," the sparkling wine market is projected to reach US$ 55.3 Billion by 2028 from US$ 23.27 Billion in 2021; it is expected to grow at a CAGR of 11.7% from 2021 to 2028. The growing popularity of different varieties of sparkling wine is a major driving factor fueling the market growth. Europe held the largest share of the sparkling wine market in 2020. Germany, France, Italy, UK, and Russia are among the major contributors to the market growth in this region, due to  the tradition of opening a bottle of Champagne or other sparkling wine during festivities and celebrations, coupled with continuous surge in the popularity of this wine among consumers. The European sparkling wine market consists of several prominent as well as small distillers, engaged in producing different varieties.

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Sparkling Water Market - Strategic Insights

Sparkling Wine Market: Competition Landscape and Key Developments

Bacardi & Company Limited; Bronco Wine Co.; Casella; Constellation Brands, Inc.; Henkell Freixenet; Chandon; Schramsberg Wineyards; Pernod Ricard Winemakers; The Sparkling Wine Co.; Treasury Wine Estates Ltd; Bottega Spa; Campari Group; and Codorniu are among the key players in the sparkling wine market. These companies provide a wide range of products in the sparkling wine market. They have established presence in various developed and developing economies, which provides lucrative opportunities for their proliferation. These market players are highly focused on developing high quality and premium products to fulfill the constantly evolving customer requirements.

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Rapid socioeconomic changes and fast-paced urbanization are bolstering the demand for sparkling wine worldwide. With continuous rise in living standards and buying power, customers desire to purchase high-quality, luxurious items. Moreover, changes in lifestyle transform their food habits and meal preferences. Thus, the demand for sparkling wine in parties, marriages, and social gatherings is on rise. With the growing preference for drinks with low or no alcohol content, the popularity of this wine is increasing among millennials, teenagers, and working populations, and in bachelors and people living in hostels. Furthermore, social media and the Internet have a significant impact on all generations, while increase in parties and social events are leading to the high consumption of sparkling wine globally, primarily in developed countries such as the US, Canada, Mexico, Germany, France, and Italy.

Based on type, the sparkling wine market is segmented into white, red, and rose. The white wine segment held the largest share of the market in 2020. The white segment is driven by factors such as health benefits associated with its consumption, premiumization of wine products, innovation in flavors, and more advanced distribution networks. However, the rose segment has been witnessing considerable demand over the past few years and is set to register the highest CAGR in the market during the forecast period. Based on packaging type, the sparkling wine market is segmented into bottles and cans. The bottles segment accounted for a larger share of the global market in 2020. However, packaging in cans has been gaining popularity for their compact size and low environmental impact, owing to recyclability. Based on distribution channel, the sparkling wine market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets accounted for the largest share of the market. High number of visitors and availability of an array of options are the major factors fueling the market growth of this segment. However, the online retail segment has emerged as a major channel, especially during the COVID-19 pandemic. As a result, the online retail segment is expected to register the highest CAGR in the market during 2021–2028.

Based on type, the sparkling wine market is segmented into red, white, and rose. In 2020, the white segment accounted for the largest market share. White wine is made with Moscato Bianco grapes from Italy's Piedmont wine region. Its production is primarily concentrated in Alba and the province of Asti in Northern Italy. The bubbles are caused by natural fermentation, which might occur in the bottle or a big tank. Fermentation occurs when sugar is added to wine and yeast acts on the sugar, generating carbon dioxide. Bubbles are formed in the wine as a result of the trapped carbon dioxide inside an enclosed environment.

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The sparkling wine market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe held the largest share of the market in 2020. The dominance of this region in the global market is primarily attributed to surge in the popularity of sparkling wine among the consumers in Germany, France, Italy, UK, and Russia, coupled with the tradition of opening a bottle of Champagne or other sparkling wine during festivities and celebrations. The European sparkling wine market consists of several prominent as well as small distillers, engaged in producing different varieties of sparkling wines.

Rapid socioeconomic changes and fast-paced urbanization are bolstering the demand for sparkling wine. With continuous rise in living standards and buying power, customers desire to purchase high-quality, luxurious items. Moreover, their food habits and meal preferences changes with these changes in lifestyle. Thus, the demand for sparkling wine in parties, marriages, and social gatherings is on rise. With the growing preference for drinks with low alcohol content, the popularity of this wine is increasing among millennials, teenagers, and working populations. Furthermore, increasing social media and the Internet has significant impact on all generations, as well as an increase in social events, are increasing the consumption of sparkling wine globally, primarily in developed nations such as the US, Canada, Mexico, Germany, France, Italy, among others.

Europe is a significant market for the sparkling wine industry. The growth of the sparkling wine market in the Europe region is mainly attributed due to the popularity of sparkling wine amongst the consumers, coupled with the tradition of opening a bottle of Champagne or other sparkling wine during festivities and celebrations. The European sparkling wine market consists of several prominent as well as small distillers, engaged in producing different varieties of sparkling wines. The region accounts for a significant share of the global production of sparkling wines. Moreover, with growing demand for sparkling wines in the region, the market is expected to grow at a considerable pace in the next few years.

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In 2020, Asia Pacific accounted for the largest share of the global sparkling water market. Many Asia-Pacific countries, such as China and India, are among the world's fastest-growing populations. The packaging industry is expanding in the region because of its wide range of applications. The existence of various established sectors such as food & beverage, in nations such as China, India, Japan, and South Korea has increased the demand for packaging solutions in the region. The surging consumption of processed food and rising technologies for packaging drive the growth of the sparkling water market.

In 2020, the flavoured sparkling water segment accounted for the largest market share. The flavoured segment includes sparkling water with added flavours. Flavoured sparkling water is gaining adoption as majority of consumers are exploring their taste profiles. The major flavours consumed globally are lime, grapefruit, cranberry, orange, and others. The millennial and Gen Z population prefer dynamic, bold, and engaging flavour profiles.

On the basis of packaging type, bottle is the fastest growing segment. Bottles have been the choice of packaging for beverages since a very long time. Sparkling water is packed in bottles of varying sizes and material such as plastic and glass. Bottles offer convenience to the consumer while drinking and storing the sparkling water, as they can be easily closed with a lid/cap.

In 2020, supermarkets and hypermarket held the largest market share in the global sparkling water market. Supermarkets and hypermarkets are amongst the prominent distribution channels for sparkling water, especially in developed countries. A supermarket is a large self-service retail store that primarily offers groceries and household goods. Fresh fruits, dairy goods, baked items, meat, canned and packaged meals, a variety of non-food items, and wide assortments of beverages are commonly found in a supermarket.

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Impact of COVID-19 Pandemic on Sparkling Wine Market

The COVID-19 pandemic has led to decline in operational efficiencies and interrupted supply chains due to the sudden shutdown of national and international boundaries. Disruptions in supply chains have restricted the movement of goods, which, in turn, is hindering the distribution and manufacturing of sparkling wine as well. Sparkling wine manufacturers were primarily reliant on supermarkets and e-commerce dealers for the advertisement and sales of their products, which resulted in continued growth of the market, though at a slower pace. More than 85% of wineries that sell their products online have begun capitalizing more on this sales channel. Despite the declined sales in 2020, the market players are expected to bounce back sooner, with different economies resuming their operations and accelerating their vaccination campaigns. Thus, all these factors have had a significant impact on the sparkling wines market during the pandemic.

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