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.
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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.
In terms of value, Europe is the largest shareholder in the global market. The regional honey wine market is driven by high demand for wines in countries, such as France, Italy, and the U.K. The France wine market was the third-largest market in the world with a share of around 25% in Europe in 2018. Moreover, high production due to increased consumption is expected to drive the market further. North America is expected to witness the highest CAGR of 12.69% over the forecast period on account of rising product demand. The average sales of honey wine from meaderies in the U.S. has grown by about 20% in 2018 from the year 2013.