Apple Wine Market: Overview
Earliest form of wine was invented in China 9000 years back. Wine is an alcoholic beverage formed with mostly fermentation of grapes. When grapes ferment, chemical reaction is triggered without the addition of sugars, acids, enzymes, water, or other nutrients. Yeast is added with time to the oak barrel which consumes the sugar in the grapes and converts it to ethanol and carbon dioxide. With expansion of wine industry and rising consumer’s desire to have different type of wines alcoholic and non-alcoholic has pushed wine industry to explore new fruits for wine making which gave birth to inception of apple wine market. There has been a decent rise in demand of apple wine and over the forecast period it can be anticipated that apple wine market will register a healthy CAGR.
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Apple Wine Market: Drivers & Restraints
The primary factor for driving the growth of apple wine market is the up-market restaurant chains and luxury hotels and resorts. Apple wine in past has been perceived to be a premium beverage for the elite and wealthy class. But with emergence of middle income class and rise in purchasing power of individuals apple wine is now is in everyone’s wish list to try for. For pulling some targeted customers as well as the emerging middle class people who are now the potential new buyer class, restaurant chains, departmental stores, hypermarket, modern retail outlet have started to sell apple wine. In occasions such as Thanksgiving, Birthday, Anniversary etc. gifting of apple wine has almost touched the threshold of customary gift. Modern retail chains, hypermarkets, supermarkets has been increasing which has enable the apple wine availability at consumer’s end. New age of farmers no longer look only for selling apple in open fruit market. With rise in awareness and possible new business avenues apples are now sold almost equally to wine making industry who can give better margin to farmers. Educated class and new age entrepreneurs are also making investment in apple orchards as a viable business opportunity. These factors all taken into account at an individual level defines to be key drivers for apple wine market.
Rise in inflation, trade barrier across nations, decline in country’s infrastructure such as fall in establishment of modern retail outlets and supermarkets can be few possible restraints for apple wine market.
Apple Wine Market: Regional Outlook
Regarding geography, apple wine market has been categorized into five key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Apple Wine market is expected to register significant CAGR during the forecast period. North America represents the comparatively highest market share and growth with relatively higher CAGR in forecast period. Reason for a market with a healthy CAGR in North America is due to the high prevalence of wine drinking culture among the masses. Even for various cuisines prepared in North America is wine based. Next to North America, Western Europe stands for apple wine market owing to similar trends. APEJ is a new emerging market for apple wine and the market has been gaining a rapid momentum due to rise in economic level and increasing consumer demand. Eastern Europe follows APEJ in apple wine market, Eastern Europe has a steady market for apple wine and it is gaining momentum over the course of time. MEA and Latin America has also witnessed a surge in apple wine market and over the forecast period it can be anticipated that apple wine market will gain a significant market in these regions as well.
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Apple Wine Market: Key Players
Some of the key players identified in the Apple Wine market are:-
- GEORGETOWN VINEYARDS
- Neige Apple Ice Wine
- Boar’s Head
- Weidmann & Groh
- Palm Bay International