The global non-alcoholic wine market is estimated to be worth more than $10 billion by 2027, according to market intelligence company Fact.MR.
Between 2019 and 2027, the sector is predicted to record a compound annual growth rate of 7% as consumers switch to healthier versions of alcoholic beverages.
While Europe accounted for more than 40% of the total market demand for non-alcoholic wine market in 2018, North America is anticipated to be the most important market in the world with a growth rate of over 8% during the forecast period.
According to Fact.MR, consumption of non-alcoholic wine is increasingly becoming one of the mainstream trends that is shaping the global beverage industry.
“Over the past decade, the market share of non-alcoholic wine has grown significantly with increasing preference for low-liquor-content drinks,” an analyst from Fact.MR said.
“The ever-growing trend towards health awareness and wellbeing is positioning non-alcoholic wine as one of the biggest product categories in beverages.”
According to Fact.MR, alcohol manufacturers are moving their focus to low- and non-alcoholic beverages to boost profitability margins due to zero tax policies.
Figures released last month by IWSR Drinks Market Analysis revealed wine consumption in the US decreased by 0.9% in 2019, the first decline in 25 years.
Though sparkling wine in the US grew last year by almost 4%, it wasn’t enough to offset the decrease in the large still wine category (-1.5%), which brought total wine down by -0.9%. The volume loss is in part attributed to changing generational habits. Wine represents about 11% of the total beverage alcohol market in the US.
© FoodBev Media Ltd 2020