Increase in number of wineries, considerable replacement rate in the developed markets, and surge in wine consumption worldwide drive the growth of the global wine production machinery market
PORTLAND, Oregon, May 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wine Production Machinery Market by Type (Tanks & Fermenters, Crushing & Pressing Equipment, Temperature Control Equipment, Filtration Equipment, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global wine production machinery industry garnered $2.0 billion in 2019, and is expected to reach $2.83 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Prime determinants of growth
Increase in number of wineries, considerable replacement rate in the developed markets, and surge in wine consumption worldwide drive the growth of the global wine production machinery market. However, high capital investment and maintenance costs hinder the market growth. On the other hand, technological advancements in wine production processes create new opportunities in the coming years.
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The impact of COVID-19 on wine consumption
Wine business has been impacted with COVID-19 in terms of expenditure of consumers. However, the volume of consumption has not been impacted much, as wine-lovers have continued with their consumption. However, buyers have been avoiding buying expensive wines, and have downscaled their purchase amount. For example, those who were buying $60 wine in the beginning are now buying $30 wine. And, those who were buying $20 wine in the start are now purchasing $10 wine. The purchasing habits would affect the wine business as a whole.
The temperature control equipment segment to dominate by 2027
Based on type, the temperature control equipment segment contributed to the highest market share in 2019, accounting for nearly two-fifths of the global wine production machinery market, and is expected to maintain its lead position during the forecast period. This is attributed to its vital role in producing quality wine along with implementation of automated equipment that eliminates the need of employees to control and monitor the equipment. However, the crushing & pressing equipment is estimated to witness the highest CAGR of 4.5% from 2020 to 2027. The research also analyzes segments including tanks & fermenters, filtration equipment, and others.
North America to grow at the fastest rate by 2027
Based on region, North America is estimated to continue the highest CAGR of 5.2% from 2020 to 2027, owing to surge in number of winery plants in the U.S. for past decade and rise in wine consumption by millennial population. However, Europe contributed to more than three-fifths of the global wine production machinery market in 2019, and is expected to maintain its lion's share during the forecast period. This is attributed to increase in demand from export markets and rise in investments by wine manufacturers in machinery for improving production. The research also analyzes the regions including Asia-Pacific and LAMEA.
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Market players grabbing largest pie
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