The increase in the number of wineries, the considerable replacement rate in developed markets and the increase in wine consumption around the world are driving the growth of the market.
PORTLAND, OR, USA, Sep 15, 2021 /EINPresswire.com/ – Wine Making Machinery Market by Type (Tanks & Fermenters, Crushing & Pressing Equipment, Temperature Control Equipment, Filtration Equipment & others): Global Opportunity Analysis and Industry Forecast, 2020-2027. According to the report, the global wine making machinery industry generated $ 2.0 billion in 2019 and is expected to reach $ 2.83 billion by 2027, with a CAGR of 4.2% from 2020 to 2027 .
Main determinants of growth
The increase in the number of wineries, the considerable replacement rate in developed markets, and the increase in the consumption of wine around the world are driving the growth of the global wine production machinery market. However, the high investment and maintenance costs are hampering the growth of the market. On the other hand, technological advances in wine production processes create new opportunities in the years to come.
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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 volume of consumption was little impacted, as wine lovers continued to consume them. However, buyers avoided buying expensive wines and reduced their purchase amount. For example, those who bought wine at $ 60 in the beginning now buy wine at $ 30. And those who bought $ 20 wine in the beginning now buy $ 10 wine. Buying habits would affect the wine business as a whole.
Temperature control equipment segment to dominate by 2027
On the basis of 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 producing quality wine as well as the implementation of automated equipment that 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 including tanks and fermenters, filtration equipment and others.
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North America to experience fastest growth by 2027
Based on region, North America is expected to retain 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 last decade and the increase in wine consumption by the millennial population. However, Europe contributed over three-fifths of the global wine making machinery market in 2019 and is expected to retain its lion’s share over the forecast period. This is attributed to increased demand from export markets and increased investment by wine makers in machinery to improve production. The research also analyzes regions, including Asia-Pacific and LAMEA.
Market players take the biggest pie
Della Toffola Pacific
Love Brewing Ltd.
Brewer of the North
Adamark air knife
Paul Mueller Company
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