Rising Income Levels, Consumption Amongst Millennials Will Support Growth
CLEVELAND, Jan. 10, 2020 /PRNewswire/ — US wine demand is forecast to increase 1.0% yearly in volume terms through 2024, according to Wine: United States, a report recently released by Freedonia Focus Reports. Advances will be supported by growth in disposable personal income levels and a consumer trend in alcoholic beverages toward premium products, such as wine, and away from beer. Demographics will also play a role, in that millennials drink wine more casually than baby boomers, and join wine clubs and frequent wine bars in high numbers. Indeed, an increasing number of wineries are eschewing palatial visitor centers and tasting rooms for more rustic settings like barns, and offering activities like yoga classes among the vines. Increasing popularity of events like “sip-and-paint” art courses will also stoke gains.
Increasing adoption of single-serving canned wine will reinforce casual consumption among millennials, but baby boomers will remain the prime market and their affluence will continue to drive demand for higher value product. Yet, as baby boomers drop out of the wine market, growth in wine consumption will slow on the relatively low levels of disposable income among millennials, as well as increasing competition from distilled spirits and cocktails.
These and other key insights are featured in Wine: United States. This report forecasts to 2024 US wine demand and production in US gallons. Total demand is segmented by type in terms of:
To illustrate historical trends, total demand, production, trade, and the various demand segments are provided in annual series from 2009 to 2019.
The product scope of this report includes both unflavored and flavored varieties of natural wine (i.e., wine derived from grapes with minimal production methods) as well as wine derived from other types of fruit or honey, fortified grape wines such as vermouth, certain types of cider, and wine coolers. Brandies and sake are excluded. Re-exports of wine are excluded from trade figures.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group