According to a new report published by Allied Market Research, titled, “Wine Production Machinery Market by Type:Opportunity Analysis and Industry Forecast, 2020 - 2027,”The global wine production machinery market size was valued at $2.0 billion in 2019, and is anticipated to reach $2.8 billion by 2027, with a CAGR of 4.2% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $807 million from 2019 to 2027. Wine production machinery is classified into four major categories tanks & fermenters, crushing & pressing equipment, temperature control equipment, filtration equipment. Wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends such as urbanization, increasing disposable income, and rapidly aging population indirectly creates demand for wine production machinery in the U.S., which, in turn, supports the growth of number of wineries across the region.
The major players in the wine production machinery market are investing in R&D to enhance the quality of wine and gain competitive advantage over other players in the market. However, large capital requirement and high cost of the machinery hamper the growth of the market. Due to growing consumption of wine, producers are expanding their product portfolio to meet local taste and adjusting their packaging designs to appeal to the local market. This, in turn, provides opportunities for the market growth.
The wine production machinery market is segmented on the basis of type. The temperature control equipment segment held a major demand in the wine making process, accounting for around 38.75% of the global share in the market, in 2019. This equipment is usually used to control the heating/cooling of equipment used in the wine making industry, as it enhances product quality while allowing automation and need for less employees to monitor and control the equipment. Moreover, surge in demand for temperature control equipment is likely to grow in the wine industry as the process requires maintenance of optimum temperature, which in turn, provides wine production machinerymarket opportunity for the players.
On the basis of region, the wine production machinery market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Chile, Argentina, and Rest of LAMEA).
Europe led the market for wine production machinery globally. This can be attributed to increase in consumption and production of wine in majority of countries in Europe including France, Germany, Italy, and the UK. Italy, France and Spain accounted for around half of the Europe wine production machinery market share in 2018. Furthermore, growing consumption of wine is likely to encourage wine producers to expand capacity of their units or establish new winery production units, thus, drives the growth of the market.
Key findings of the study
- The wine production machinery industry was valued at $2.0 billion in 2019 and is estimated to reach $2.8 billion by 2027, growing at a CAGR of 4.2% during the forecast period.
- By type, the tanks & fermenters segment is estimated to witness the fastest growth, registering significant CAGR during the forecast period.
- In 2019, by type, the temperature control equipment segment held the highest share, accounting for 38.75% of the global wine production machinery market share.
- Italy was the most prominent market in Europe, and accounted for 29.65% of the total market in Europe, in 2019.
The key players profiled in this wine production machinery market report include GW KENT, Agrovin, Della Toffola Pacific, Love Brewing Ltd, Northern Brewer, Adamark Airknife, Paul Mueller Company, Vitikit Limited, Tanium Machinery, and VeCriveller Group.