Wine Production Machinery Market Sales to Generate $2.8 Billion Globally by 2026 | by Type, Region
Wine Production Machine Market by Type: Global Opportunity Analysis and Industry Forecast, 2020-2027
PORTLAND, OR, USA, Aug. 29, 2022 /EINPresswire.com/ — According to the report, the global wine production machinery industry brought in $2.0 billion in 2019 and is expected to reach $2.83 billion. dollars by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Main determinants of growth
Rising number of wineries, considerable replacement rate in developed markets and increasing consumption of wine globally are driving the growth of the global wine production machinery market. However, capital investments and high maintenance costs are hampering the growth of the market. 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
The wine trade has been impacted by COVID-19 in terms of consumer spending. However, the consumption volume was not impacted much, as wine lovers continued their consumption. However, buyers avoided buying expensive wines and reduced the amount of their purchases. For example, those who bought wine at $60 in the beginning are now buying wine at $30. And, those who originally bought wine for $20 are now buying wine for $10. Buying habits would affect the wine industry as a whole.
Temperature control equipment segment will dominate by 2027
Based on type, the temperature control equipment segment contributed the highest market share in 2019, accounting for nearly two-fifths of the global wine production machinery market, and is expected to maintain its leading position. during the forecast period. This is attributed to its vital role in the production of quality wine as well as the implementation of automated equipment which eliminates the need for employees to control and monitor the equipment. However, crushing and pressing equipment is estimated to experience the highest CAGR of 4.5% from 2020 to 2027. The research also analyzes segments such as tanks and fermenters, filtration equipment and others.
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North America will see the fastest growth by 2027
By region, North America is expected to maintain the highest CAGR of 5.2% from 2020 to 2027, due to the increase in the number of wineries in the United States over the past decade and the increase in wine consumption by the millennial population. However, Europe contributed more than three-fifths of the global wine production machinery market in 2019 and is expected to retain its lion’s share during the forecast period. This is attributed to increased demand from export markets and increased investment by wine producers in production-enhancing machinery. The research also analyzes regions including Asia-Pacific and LAMEA.
Market players grab the biggest pie
Della Toffola Pacific
Love Brewing Ltd.
Company Paul Müller
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