The global canned wines market size is expected to reach USD 155.1 million by 2027, expanding at a CAGR of 10.4% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for portable and less fragile wine containers than glass for increased convenience is a key factor fueling the market growth. Moreover, increasing participation in outdoor recreational activities, such as camping, fishing, and hiking, is propelling the demand for the product.
Over the past few years, increasing enthusiasm for outdoor recreational activities has opened new avenues for canned wines. Millennials and working class people are increasingly spending on wine over other alcoholic beverages, such as whiskey and rum. Moreover, these metal cans are less expensive than the glass bottles, more environment friendly, and have considerably higher recycling rate than glass. These advantages are expected to boost the demand for these canned drinks over the forecast period.
North America emerged as the largest regional market for canned wines with a share of more than 35.0% in 2019 owing to increasing number of households participating in camping as an outdoor recreational activity. According to the statistics provided by the 2019 North American Camping Report, the number of camping households in U.S. increased by 1.4 million from 2017 to 2018. Moreover, major players in the market are launching new products in order to increase the booze tourism in the region.
The market is slightly fragmented owing to the presence of a number of domestic as well as international players across the globe. Moreover, major players are adopting various market strategies in order to capture greater market share. For instance, in March 2020, Integrated Beverage Group (IBG) announced the acquisition of Ransom Wine Co. & Distillery.
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Further key findings from the study suggest:
- By product, sparkling canned wine held the largest share of more than 60.0% in 2019 and is expected to maintain its lead over the forecast period. This segment consists of all types of sparkling wines, including demi-sec, extra dry, brut, and extra brut
- Fortified canned wine is expected to exhibit the fastest CAGR of 10.7% from 2020 to 2027 owing to increasing demand for fortified wines, especially vermouth, majorly in North America and Europe owing to their low sugar as well as ABV content
- The online retail distribution channel is anticipated to expand at the fastest CAGR of 10.7% from 2020 to 2027 owing to increasing participation of millennials, young generation, and working class population in the online shopping of food and beverages
- North America led the canned wine market and accounted for a share of more than 35.0% in 2019 owing to substantial consumption among millennials in U.S.
- Key market players include E & J Gallo Winery, Union Wine Company, Integrated Beverage Group LLC, SANS WINE CO, Sula Vineyards Pvt. Ltd., and The Family Coppola.