Analysts forecast the global wine market will reach new global consumption of more than 30 billion liters by 2020, according to a recent report by Technavio. The report cites mergers and market acquisitions, new product launches, increasing wine production and marketing and promotional activities as the catalysts of expected growth.
“In today’s competitive world, the product life cycle is getting shorter, and the players in the market are under pressure to come up with new products to remain competitive and also to satisfy the increasing consumer needs,” said Manjunath Reddy, lead analyst at Technavio. The report speculates growth for both still and sparkling wine categories. Still wines account for more than 83 percent of the total market in 2015.