LONDON--(EON: Enhanced Online News)--The global vermouth market is projected to grow to USD 18.79 billion by 2021, at a CAGR of more than 3% over the forecast period, according to Technavio’s latest report.
“APAC is expected to be the fastest-growing segment of the global vermouth market, due to the increased consumption in major countries such as China, Australia, Japan, and New Zealand”
In this report, Technavio covers the market outlook and growth prospects of the global vermouth market for 2017-2021. Based on product, the market is divided into dry vermouth and sweet vermouth segments.
|Vermouth is a type of wine which is fortified with various botanicals such as roots, barks, flowers, seeds, herbs, and spices. The product premiumization of vermouth is leading to an improved perception of the product among consumers, which has acted as a crucial driver of the global market.|
Technavio’s research study segments the global vermouth market into the following regions:
“EMEA dominates the vermouth market, holding over 65% of the global shares. The high demand for vermouth from European countries such as Spain, Italy, and France is the key factor behind the dominance of the market segment,” says Manjunath Reddy, a lead analyst at Technavio for alcoholic beverages research.
Vermouth is extremely popular in Spain and is consumed on a daily basis. The large number of vermouth bars in Barcelona also contribute significantly to the market. African vermouth is also booming, driven by good grape harvests that help in producing wines with good acidity and sugar levels, and favorable weather conditions.
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The demand for both dry vermouth and sweet vermouth is rising considerably in the Americas, especially in the US. Increasing health consciousness among consumers, combined with changing consumer preferences are driving the growth of vermouth market in the region. Also, the rising production of vermouth in the increasing number of wineries is also impacting the growth of the market in the region. The turnaround in Brazil's economy is another key factor that will positively impact the demand for vermouth. The demand for vermouth is set to increase in other major markets in the Americas such as Mexico, Argentina, and Chile.
“APAC is expected to be the fastest-growing segment of the global vermouth market, due to the increased consumption in major countries such as China, Australia, Japan, and New Zealand,” says Manjunath.
Vermouth consumption in China is mainly driven by rising number of millennial consumers, who are inspired by the Western culture. However, the climatic conditions in most APAC countries have not allowed for the development of the wine culture prevalent in the Mediterranean countries. Supermarkets and hypermarkets are the primary distribution channels for vermouth in the region.
The top vendors in the global vermouth market highlighted in the report are:
- E. & J. Gallo Winery
- Gruppo Campari
- The Wine Group
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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