Middle East and Africa Wine Market was worth USD 30.82 billion in 2022 and estimated to be growing at a CAGR of 3.32%, to reach USD 37.2 billion by 2028. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid development in the industry.
Wine comes under the category of affordable luxury items, resulting in many Wine producing companies to launch more types of wines in the market.
Drivers and Restraints:
The Middle East and Africa Wine market is majorly driven by the recent change in lifestyles, increasing habit of consuming liquor, growing disposable income, and rising affordability of Wine. However, some of the restraints hamper the growth of the industry, like heavy taxes, strict regulations by the governments, and health hazards associated with Wine consumption.
Middle East and Africa Wine Market Segmentation Analysis:
The Middle East and Africa Wine Market is segmented on the basis of taste into dry, medium, and sweet wine. By wine style, wine market can be segmented into still wine, sparkling wine, dessert wine, and fortified wine. The market segment based on colour are red wine, white wine and rose wine.
Region Analysis:
On the basis of geography, the Middle East and Africa market is analysed under regions namely Middle East and Africa. Developing countries in this region are expected to drive the growth for Wine market.
Key Players in the Market:
Some of the major companies dominating the market, by their products are Caviro, Concha y Toro, Constellation Brands, Diageo, E & J Gallo, Grupo Penaflor, and Johnnie Walker.
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