The global honey wine market size is expected to reach USD 817.03 million by 2025, according to a new report by Grand View Research, Inc. The market is projected to register a CAGR of 10.41% over the forecast period. Demand for flavored wines is expected to be among the key factors driving the market. Increased consumer purchasing power, especially in developing countries like China, is anticipated to drive the product demand further.
Moreover, demand for sparkling wine and antioxidant beverages is estimated to drive the product demand. In addition, rising number of meaderies in developed countries will support the overall market growth. Positive impact of e-commerce channels and social media will also provide growth opportunities to the market. Europe is anticipated to be the largest regional market due to high product demand in countries, such as France, Italy, and U.K.
Key companies in this market are Redstone, Brothers Drake, Medovina Meadery, Kuhnhenn Brewing Co. LLC, and Schramm’s Mead
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Moreover, presence of several leading manufacturers in the region and constant product launches by them are expected to propel the growth. Major companies are investing in R&D and capacity expansion to gain a higher industry share. For instance, in November 2018, Gosnell’s launched a Vintage Mead. They also focus on M&A and online sales for business expansion.
Further key findings from the study suggest:
- In terms of revenue, spices product segment is projected to ascend at the fastest CAGR of 12.12% over the forecast period
- Off-trade channel of distribution led the global honey wine market in 2018 and accounted for an overall share of more than 70%
- Europe was the dominant regional market in 2018 and is projected to expand further at a steady CAGR over the next few years
- Key companies in this market are Redstone, Brothers Drake, Medovina Meadery, Kuhnhenn Brewing Co. LLC, and Schramm’s Mead
- These companies focus on new product development and capacity and business expansion to gain competitive edge
With a rise in the number of meaderies, particularly in the developed countries, the product consumption has grown at a faster rate over the last few years. Furthermore, rising number of lounges and bars is anticipated to boost the products sales over the forecast period. In addition, growing urban population and consumer disposable income levels will have a positive impact on the product demand.
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Europe was the dominant regional market in 2018 and is projected to expand further at a steady CAGR over the next few years. North America, on the other hand, is expected to witness the fastest CAGR over the forecast period on account of increasing product demand from countries, such as U.S. and Canada.
The fruit honey wine product segment accounted for the largest share of more than 55% in 2018. The demand for fruit honey wine is driven by rising awareness about its health benefits, such a lowering cholesterol and increasing blood flow. Availability of different flavors, such as apple, mulberries, and grapes, will also fuel the product demand.
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Moreover, it has excellent antioxidants and antimicrobial properties, which can help lower the cholesterol levels and prevent the risk of cancer. The spices product type is projected to be the fastest-growing segment during the forecast period. Constant product innovation in this segment is the key factor driving its growth. For instance, in April 2019, Gosnells Beverages launched a honey wine as Vintage mead with a finish of spice to the product.
Off-trade distribution channel contributes to the largest market share. High consumption and demand for sparkling wine is likely to be the major factor for maximum sales through off-trade distribution channels. In addition, low prices of wines through these channels are likely to have a positive impact on the segment growth over the next few years.
Grand View Research has segmented the global honey wine market on the basis of product, distribution channel:
Honey Wine Product Outlook (Revenue, USD Million, 2015 – 2025)
- Fruits
- Spices
- Herbs
- Others
Honey Wine Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
- On trade
- Off trade
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Some of these companies include Redstone, Brothers Drake, Medovina Meadery, Kuhnhenn Brewing Co. LLC, and Schramm’s Mead. The market is identified by several strategic activities, such as acquisition and mergers, product innovations, and capacity expansion, initiated by the key manufacturers. For instance, in November 2018, Gosnell’s launched a Vintage Mead in London.
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.
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