Wine Industry Growth Slows as Competition Heats Up
Following strong volume growth earlier in the decade, the wine industry's upward trajectory continues, but the rate of growth has decelerated. In 2014, total wine volume rose 1.0 percent, and projections for 2015 and beyond call for a similar pace of industry expansion, according to the recently released 2015 WineTAB report from Technomic Inc.
More insights from Technomic's Wine Trends in Adult Beverage report here.
"Primary factors influencing the industry's performance include slowed per capita consumption growth and the proliferation of brands and styles, as well as competition from spirits and beer for consumer attention and occasions," observes Donna Hood Crecca, senior director at Technomic Inc. "Consumers are highly engaged with wine and learning more about it every day—we also see consumer trade-up happening—but the number of choices they face at the restaurant table and in the retail store can be almost overwhelming."
While the leading wine brands achieved mixed results, the fastest-growing wine brands reveal that a range of variety of styles, varietals and regions appeal. The roster also shows consumer interest in wines with interesting back stories and philanthropic connections, unique production methods and convenient packaging.
Technomic Inc. tracks more than 1,250 wine brands and 125 suppliers, and develops consumer insights into wine preferences and purchasing behaviors for the 2015 WineTAB Report, which is part of Technomic's Trends in Adult Beverage series. WineTAB provides an in-depth look at national volume and sales information on wine categories, brands and suppliers, as well as actionable outlook and projection information, and consumer insights around wine purchases on-premise and at retail.
Additional information about the wine industry is also available on DRINK (Digital Resource INformation Knowledgebase), Technomic's online resource featuring spirits, wine and beer volume and sales information, category analysis, New Product Tracker, on-premise channel intelligence, and additional tools and insights for adult beverage professionals. DRINK is searchable, exportable and constantly updated.