The global honey wine market size is expected to reach $1,054.21 million by 2028 at a CAGR of 10.5 per cent, according to a new study by Polaris Market Research on current market dynamics and future market growth analysis.
The “Honey Wine Market Share, Size, Trends, Industry Analysis Report” provides insight into the significant major factors contributing to the market growth. This includes the escalating base of consumers for the consumption of alcoholic drinks, coupled with the rising culture of clubbing and social gatherings. Moreover, it states that increasing per capita expenditure with urban demographics may lead to lucrative market growth.
Based on product, fruit booze is the leading segment in the global industry because of the availability of various flavours and its health benefits. The spice booze segment is anticipated to rise with the rapid CAGR, owing to increasing advancements in booze production.
With a spike in urban population over the past decade, the demand for honey booze is witnessing a significant rise with an increasing number of lounges and bars coupled with the rising awareness regarding its health benefits, such as increasing blood flow and lowering cholesterol.
According to the United Nations Department of Economic and Social Affairs, in 2018 it was estimated that around 55 per cent of the overall world’s population lives in an urban area and is likely to rise to 68 per cent by 2050.
Also, it is projected the most urbanised region comprises North America, Europe, Latin America, the Caribbean and the Oceanic. With the rising rate of urbanisation, consumers are shifting their interest towards healthy products that can promote health benefits and wellbeing among consumers. Thereby, the adoption of booze is increasing worldwide.
Some of the key players in the global industry include participants such as BeeCraft Mead Company; B. Nektar Meadery; Brothers Drake Meadery; Humble Bee Wines; Etowah Meadery; Kuhnhenn Brewing Co LLC; Moonshine Meadery; Schramm’s Mead; Martin Brothers Winery; Real Beer Media, Inc; Rosewood Estates Winery; Redstone Meadery; and Wild Blossom Meadery and Winery.
Growth marketing policies by the existing industry players may further contribute to the market growth. In June 2021, the Antelope Ridge Mead introduced its new dry and sweet honey wines. They launch several flavours like blackcurrant and an orange blossom honey current and crush berry, blackberry and raspberry.
Similarly, in April 2021 the local start-up in honey mead, Buzz Club, is willing to demonstrate that native New Zealand honey can be used in distinct ways and is usually contains low sugar, carbonated and includes 5.5 per cent alcohol.
For more information, click here to view the report.