Global Ice Wine Market - Forecast(2023 - 2028)

Global Ice Wine Market Overview

Global Ice Wine Market size is estimated to reach $7.1 billion by 2027, growing at a CAGR of 5.6% during the forecast period 2022-2027. Ice wine falls under the category of sweet/dessert wine which is formed from the cryoextraction of grapes. Rather than using already harvested frozen grapes, ice wine is fabricated from grapes that are intentionally allowed to get frozen on the vine because dehydrated grapes give rise to more sugary and concentrated juice. The Riesling grapes and Vidal Blanc are the primary categories of grapes that are taken into consideration while preparing white ice wine. Rhine grapes (Riesling) discharge a sweet taste, special aroma, and fruity flavor to the wine. Ice wine was initially originated in Germany in the 18th century, therefore, is quite famous among European countries. Moreover, as compared to traditional wines, ice wine has quite low alcohol by volume which ranges from 6-10%. In addition to that, it is home to numerous flavonoids, micronutrients (=vitamin E, vitamin C, manganese, zinc, and others), and phenolic compounds that extends its properties to detoxify the body, prevent aging, reduce weight and hazard of CVDs, and lighten skin color. The global ice wine market outlook is interestingly captivating as demand for beverages with low ABV content is mounting. Escalating awareness regarding health benefits associated with ice wine consumption, growing urbanization and per capita incomes, the vast network of retail outlets, and broadening usage in the foods industry are the factors set to drive the growth of the Global Ice Wine Market for the period 2022-2027.

Report Coverage

The report: “Global Ice Wine Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Global Ice Wine Market.

By Type: Red and White.
By Flavors: Apricot, Honey, Melon, Peach, and Others.
By Application: Foods, Confectioneries, and Others.
By End User: Households, Entertainment venues, Food Services.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

• Geographically, the North America Ice Wine Market accounted for the highest revenue share in 2021. Nevertheless, Europe is anticipated to grow with the fastest CAGR over the period 2022-2027.
• Innovative flavors and health benefits accompanied by ice wine consumption are said to be preeminent drivers driving the growth of the Global Ice Wine Market. Crippled manufacturing activities, widespread inflation, and reducing vine yield owing to climate change are said to reduce the market growth.
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Global Ice Wine Market report.

Global Ice Wine Market Segment Analysis-By Type

The Global Ice Wine Market based on the type can be further segmented into red wine and white ice wine. The red ice wine segment held the largest share in 2021. The growth is owing to its flavor-rich nature. Both red and white ice wine has almost a similar market share but red wine has outperformed the latter as it has a variety of flavors which includes spices and strawberry. Moreover, owing to its appealing aesthetics and sweet taste it has gained large popularity among millennials and many adults. Nevertheless, the presence of resveratrol makes red wine more effective in preventing complications related to blood clotting and cubing the swell of lower bad cholesterol in the body. Nevertheless, skin bleaching properties linked with red wine make it a much more craved drink as compared to white wine. Furthermore, both the white and red ice wine segment is estimated to be the fastest-growing with a CAGR of 6.2% over the forecast period 2022-2027. This growth is owing to proliferating prevalence of complications like obesity, diabetes, and CVDs like cancer and heart attack. It has been scientifically proven that white wine plays a significant role in refining heart health and other life-threatening cardiovascular complications like cancer. Moreover, an intact base grape taste of white ice wine is gaining acceptance among wine drinkers worldwide and is anticipated to drive the respective market.

Global Ice Wine Market Segment Analysis-By End-user

The Global Ice Wine Market based on end-user can be further segmented into households, entertainment venues (=movie theatre, concerts, sports venues, bars, pubs, and others), food Services (=restaurants, hotels, cafes, and others). The household and food services segment held the largest share in 2021. The growth is owing to the rising trend of wine consumption in many wealthy and middle-income countries. Many people in wealthy regions of the globe love consuming wine while having food. Moreover, the trend of going out to restaurants, cafes, and other food facilities has inextricably rooted in the routine of western people which is providing fairgrounds for growth of the ice wine market in respective segments. Also, as the COVID-19 is roaming around the world most of the entertainment venues were closed which has directed consumers traffic toward household and food services consumption. Yes, food services facilities were too closed in 2021 but many of them were allowed to function at half capacity. Therefore, even though witnessing a sharp decline in the number of visitors, they were still performing better than entertainment facilities. However, the entertainment venues segment is estimated to be the fastest-growing with a CAGR of 6.4% over the forecast period 2022-2027. This growth is owing to the slowly normalizing situation of the COVID-19. Once the situation gets better people will start visiting such facilities and it will eventually heighten the demand for ice wine.

Global Ice Wine Market Segment Analysis-By Geography

The Global Ice Wine Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the factors such as the presence of the biggest ice wine-producing countries. Canada is by far the biggest and most renowned producer of ice wine worldwide. Actually, before preparing ice wine the grapes are required to freeze at a minimum temperature of (-8 degrees Celsius). Therefore, harsh winters and extreme snowy regions of Canada are a blessing indeed for the ice wine industry. Therefore, we can say that Canada has a geographical advantage over other countries in producing ice wines. Furthermore, the Europe segment is expected to be the fastest-growing region over the forecast period 2022-2027. This growth is owing to rising production in countries like Austria and Germany. Moreover, the massive per capita income of European nations has ensured top-notch living standards to the general public which is acting as a prominent factor for the growth of the global ice wine market.

Global Ice Wine Market Drivers

Rising awareness regarding the health benefits of ice wine and augmenting demand for low ABV beverages is Anticipated to Boost Product Demand

As people are suffering from various health hitches like diabetes, skin problems, obesity, and mortal CVDs like cancer and heart attack, wine consumption is becoming a new normal for them. Ice wine has the ability to fight free radicals, prevent the risk of heart attack, stabilize cholesterol levels, and last but not least maintain skin health. According to a report, more than 530 million people throughout the globe were suffering from diabetes in 2021. Additionally, the number is likely to cross 700 million in foreseeable future. On another hand, widescale obesity prevalence is keeping people from living a quality life. A report claimed that around 12-13% of the people worldwide who were aging above 18 were obese in 2021. Therefore, the heightening prevalence of such complications is driving growth in the respective market.

The growing number of wineries and increasing per capita income is Expected to Boost Product Demand

With surging demand for ice wine, many countries have stepped up their game to get a bigger share of the market. as a result, the total number of wineries in such countries is witnessing a sheer rise. For instance, the total number of wineries in Canada has reached around 800, whereas, Germany has a massive network of around 3,000 wineries throughout the country. Besides the growing presence of wineries, the GDP per capita incomes of many European countries have risen over $65000 which is acting as a potent trigger alluring growth in the ice wine market.

Global Ice Wine Market Challenges

Deteriorated manufacturing activities owing to the pandemic and reducing grape yield ascribing to climate change are Anticipated to Hamper Market Growth

As the supply chain of many essential ingredients is strangled by the widespread prevalence of coronavirus, manufacturers across the globe are facing a severe shortage of required raw materials. On another hand, employee reduction has its reasonable contribution in crippling manufacturing activities. Besides, climate change is posing various challenges in front of the global ice wine market. For instance, shorter winters and lengthened summers may reduce the overall yield of rhine grapes which are essential for ice wine production.

Global Ice Wine Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Global Ice Wine top 10 companies include:

1. Jackson-Triggs
2. Reif Estate
3. Inniskillin
4. Pelee Island
5. Pillitteri Estates
6. Peller Estates
7. Kittling Ridge
8. Arterra Wines Canada
9.  Cave Springs Cellar
10. Brown Brothers

Recent Developments

• December 15, 2020, Ontario, Canada-based well-known winery “Jackson-Triggs” publicized the company’s collaboration with rhythm and blues (a music genre) singer Assefa Emanuel. The whole collaboration centered around simulating a movement of revolution and amplifying the voices of black people to promote inclusivity in society.
• March 13, 2020, Reims, France-based champagne producing company “Maison Louis Roederer” announced that it has successfully acquired California-United States-based winery “Diamond Creek Vineyards” which is famous for its sauvignon wines. The details regarding the financials of the acquisition were kept secret by the company. Nevertheless, the above transaction is projected to enhance Maison’s wine portfolio.
• July 10, 2019, Mississauga, Canada-based company “Arterra Wines Canada” announced the successful acquisition of Canada-based boutique winery “Culmina Family Estate Winery.” The details regarding the financials of the deal were not revealed by the company. Also, the transaction is anticipated to strengthen the VQA (Ontario-grown grapes) wines portfolio of Arterra.

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