According to a report, “Vermouth Market Size, Share & Trends Analysis Report By Product (Dry, Sweet), By Distribution Channel (Off Trade, On Trade), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global vermouth market size is expected to reach USD 15.7 billion by 2027, expanding at a CAGR of 7.6%, according to a new report by Grand View Research, Inc. Increasing demand for low alcohol content drinks among millennials and adults in pubs and restaurants is expected to be a key factor for the growth of the market. Moreover, growing popularity of fortified and aromatized wines among millennials on a global level is expected to remain one of the key driving factors for the market over the forecast period.
Over the past few years, the enthusiasm of fortified wines with low alcohol content has grown significantly across the globe. People around the world prefer vermouth in order to taste more flavored alcoholic drinks. Wine can be aromatized with cardamom, cloves, cinnamon, and many more spices, whereas it is fortified with various spices, herbs, roots, flowers, barks, and seeds. This drink is replacing various conventional drinks such as gin in many parts of the world including Spain.
Europe was the largest market and accounted for market share of more than 50.0% in 2019 as a result of the high concentration of consumers in countries including Spain, Italy, and France. Sweet as well as dry vermouth were first introduced in Italy which played a significant role in the large consumption of the wine in the region. Moreover, major players in the market are launching new products in order to increase the booze tourism in the region.
“Would you Like/Try a Sample Report” Click the link below: https://www.grandviewresearch.com/industry-analysis/vermouth-market/request/rs5
The vermouth market is slightly consolidated in nature owing to the presence of strong players with large customer base across the globe. Moreover, the market is full of new product launches owing to significant rise in the popularity of vermouth. For instance, in July 2019, El Bandarra, a brand known for craft vermouth launched a new product under the brand name ‘El Bandarra Vermut Rosé’ in Barcelona, Spain. This product contains 30.0% less sugar and 15.0% Alcohol by Volume (ABV).
Vermouth Market Report Highlights
-
Sweet was the largest product segment with a market share of more than 55.0% in 2019 and expected to maintain its dominance over the forecast period
-
Dry is expected to be the fastest growing product segment with a CAGR of 7.8% from 2020 to 2027 owing to increasing demand for the dry and extra-dry vermouth majorly is North America, having low sugar syrup content
-
The on-trade distribution is anticipated to be the fastest growing segment with a CAGR of 7.8% from 2020 to 2027 owing to high sale of product through pubs, bars, nightclubs, hotels, restaurants, and Cafés (HoReCa)
-
Europe was the largest market for vermouth and accounted for a market share of more than 50.0% in 2018 owing to substantial consumption across the region majorly in Spain, Italy, and France
-
Key players include Martini and Rossi, William Grant and Sons Limited, Branca International S.p.A., Bacardi Limited, Atsby Vermouth, Ransom Spirits, E.and J. Gallo Winery, Anchor Brewers and Distillers, Davide Campari-Milano S.p.A., and Contratto.
Have Any Query? Ask Our Experts for More Details on Report: https://www.grandviewresearch.com/inquiry/450242/ibb
Distribution Channel Insights
Off-trade distribution through retail market, wine shops, and wholesalers was the largest sales channel with a market share of more than 45.0% in 2019. Increasing consumer preference for vermouth as an appetizer and growing adoption of an off-trade distribution channel to purchase the wine is anticipated to drive the segment over forecast period. In addition, the segment is anticipated to witness substantial growth in developing nations on account of growing consumer buying power. Moreover, rising penetration among the large customer group in countries such as China, India, Brazil, Thailand, and Mexico with growing preference for low ABV content drinks over other alcoholic drinks such as gin is expected to compliment segment growth over the next few years.
The on-trade distribution is anticipated to be the fastest-growing segment with a CAGR of 7.8% from 2020 to 2027. This sales channel primarily attributes the sale of the product through pubs, bars, nightclubs, hotels, restaurants, and cafés (HoReCa) in the hospitality industry. With the increasing nightlife trend among the millennials and young generation is propelling the demand for the wine through an on-trade distribution channel. Low-alcohol is opening new scope for the wine in restaurants, pubs, and night clubs among young generation and adults.
Vermouth Market Segmentation
Grand View Research has segmented the global vermouth market on the basis of product, distribution channel, and region:
Vermouth Product Outlook (Revenue, USD Million, 2016 – 2027)
-
Dry
-
Sweet
Vermouth Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
-
Off Trade
-
On Trade
Vermouth Regional Outlook (Revenue, USD Million, 2016 – 2027)
-
North America
-
U.S.
-
-
Europe
-
Spain
-
France
-
Italy
-
-
Asia Pacific
-
China
-
Japan
-
-
Central & South America
-
Brazil
-
-
Middle East & Africa
Browse Related Reports @
Menthol Cigarette Market – https://www.grandviewresearch.com/industry-analysis/menthol-cigarette-market
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/vermouth-market