In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Wine making or vinification is a process to carry out production of wine by using good quality grapes, other fruits, honey and lot more. There are various activities that are carried out in the process of wine making such as fermentation, sanitization etc.
Further, wine kits by equipment contain grape juice concentrate as well as all the additives that are needed to make wine. These additives include stabilizing agents, a clarifier, and oak chips. The grape juice and additives that come in the kit are all engineered to work together to make the process easy and making good wine straight out of the gate. Global wine production is expected to expand on the account of growing household production of wine.
The global wine making equipment market is anticipated to grow at a robust growth over the forecast period i.e. 2017-2024. Further, the growth of wine making equipment market can be attributed to rising disposable income coupled with changing lifestyles of the consumers.
In terms of regions, Europe wine making equipment market is expected to hold the largest market share by the end of 2024. Additionally, Europe region in 2016 accounted for the highest market share of 46% of the overall wine making equipment market globally. The major countries witnessing the demand for wine making equipment in Europe include France, Italy and U.K. Likely, France is the biggest market for wine making equipment and is believed to continue its dominance by the end of 2024.
North America region is the second largest wine making equipment market in terms of revenue in 2016. The wine making equipment market in North America is aided by U.S. Further, U.S. is estimated to be the largest consumer of wine and it is expected to witness a significant growth during the forecast period.
Asia-Pacific is anticipated to show a tremendous growth over the forecast period owing to rise in wine consumption which has led the wine making equipment market to expand in this region. Likely, China is the leading country in this region and it is expected to dominate the wine making equipment market over the forecast period on the back of favorable government initiatives. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis segmented the global wine making equipment market in the following segments:
By End User
Global wine making equipment market is further classified on the basis of region as follows:
Rising personal disposable income of consumers has led the consumer to spend on luxury things such as wine. Further, this attributed to further increase in demand for wine making equipment for household as well as for commercial use across the globe.
Further, rising middle class population and rising purchasing power of the consumers is expected to foster the demand for wine which is further attributed to augment the demand for wine making equipment. Moreover, the health benefits related to wine and use of wine in food industry is also expected to boost the demand for wine which would directly impact the growth of wine making equipment.
Additionally, favorable government initiatives for the cultivation of wine ingredients in some nations such as China are likely to boost the demand for wine making equipments.
However, low consumption of wine in some countries is expected to hinder the demand for wine. Further, weather conditions and natural disasters also hamper the production of wine. This is likely to hamper the growth of wine making equipment market globally.