Industry Insights, Market Size, CAGR, High-Level Analysis: Honey Wine Market
The global honey wine market size was valued at USD 408.45 million in 2018. The market is estimated to expand further at a CAGR of 10.41% from 2019 to 2025. Honey wine, which is also called as mead, is fermented using honey. It has high nutritional content and antimicrobial properties, which drive its demand across the globe.
Moreover, availability of different flavors, such as spices, fruits, herbs, and chocolate, is anticipated to fuel the demand over the forecast period. The product also has excellent healing properties and is used in several physical treatments. Some studies concluded that the product can be used to prevent various chronic diseases, such as allergies, heart disease, gastrointestinal disorders, and cancer, due to its probiotic effect.
With a rise in the number of meaderies, particularly in the developed countries, the product consumption has grown at a faster rate over the last few years. Furthermore, rising number of lounges and bars is anticipated to boost the products sales over the forecast period. In addition, growing urban population and consumer disposable income levels will have a positive impact on the product demand.
Europe was the dominant regional market in 2018 and is projected to expand further at a steady CAGR over the next few years. North America, on the other hand, is expected to witness the fastest CAGR over the forecast period on account of increasing product demand from countries, such as U.S. and Canada.
Product Insights of Honey Wine Market
The fruit honey wine product segment accounted for the largest share of more than 55% in 2018. The demand for fruit honey wine is driven by rising awareness about its health benefits, such a lowering cholesterol and increasing blood flow. Availability of different flavors, such as apple, mulberries, and grapes, will also fuel the product demand.
Moreover, it has excellent antioxidants and antimicrobial properties, which can help lower the cholesterol levels and prevent the risk of cancer. The spices product type is projected to be the fastest-growing segment during the forecast period. Constant product innovation in this segment is the key factor driving its growth. For instance, in April 2019, Gosnells Beverages launched a honey wine as Vintage mead with a finish of spice to the product.
Distribution Channel Insights
Off-trade distribution channel contributes to the largest market share. High consumption and demand for sparkling wine is likely to be the major factor for maximum sales through off-trade distribution channels. In addition, low prices of wines through these channels are likely to have a positive impact on the segment growth over the next few years.
On-trade distribution of wines accounts for a lower share due to high prices. However, the segment is estimated to witness the fastest CAGR from 2019 to 2025 owing to high product consumption, especially in the developed regions.
Regional Insights of Honey Wine Market
In terms of value, Europe is the largest shareholder in the global market. The regional honey wine market is driven by high demand for wines in countries, such as France, Italy, and U.K. The France wine market was the third largest market in the world with a share of around 25% in Europe in 2018. Moreover, high production due to increased consumption is expected to drive the market further. North America is expected to witness the highest CAGR of 12.69% over the forecast period on account of rising product demand. The average sales of honey wine from meaderies in U.S. has grown by about 20% in 2018 from the year 2013.
Market Share Insights of Honey Wine Market
Some of these companies include Redstone, Brothers Drake, Medovina Meadery, Kuhnhenn Brewing Co. LLC, and Schramm’s Mead. The market is identified by several strategic activities, such as acquisition and mergers, product innovations, and capacity expansion, initiated by the key manufacturers. For instance, in November 2018, Gosnell’s launched a Vintage Mead in London.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Honey Wine Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global honey wine market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)