Wine Market Experiencing Innovation and Geopolitcal Turbulence
Recent university research has identified a compound “resveratrol” found in red wine, which has stress-relieving effects in depression and anxiety. Depression and anxiety are run rampant in the United States, with nearly 16 to 40 million people suffering from it, as per data produced by The Anxiety and Depression Association.
Resveratrol is a compound found in skins and seeds of berries and grapes. It has great benefits on human mental health as it consists of pharmacological properties, including anti-stress and antidepressants. The research suggests its prospective use as an effective alternative to drugs used for treating patients suffering from these disorders. This is likely to boost the production of wine owing to its health benefits. Factors such as premiumization of wine products, innovative flavors, better distribution networks, etc., are also expected to push the market in the next few years. It has been noticed that the taste and preferences of consumers have changed, and there has been a shift towards more new and exotic flavors. Companies in wine manufacturing have increased in number in Asia-Pacific, and the same trend is expected in the future.
Recently, the Australian Wine Industry experienced a weakening blow, as China imposed “temporary Tariffs” on Australian imports. This came after constant refusals by the Australian Government to have Chinese investments in their country and their interference in matters of Hong Kong, Taiwan, and treatment of Uighur people. China is Australia’s single largest market in wine exports and constitutes 37% of it, which is worth around $ 800 Million. Hence, this issue needs to be resolved at the earliest to avoid damage to the Australian Wine Manufacturers.
With COVID – 19 pandemic spreading at its pace, entrepreneurs are innovating and exploring new marketing channels. A new e-commerce site, “Wine&Something,” has emerged in the United Kingdom’s online wine selling market. It comes when consumers are strangled with yet another lockdown in the country, thus providing a home delivery service to ease the purchase process.
The UK’s first shopware six stores with an exclusive portfolio of 250+ wines from 75 producers across 12 countries. It connects consumers with small, independently owned wineries from all major wine regions around the globe.
The site is, although, against big giants like Laithwaites and Naked Wines, it has products that are exclusively available only on its platform, attracting consumers with a new option on wine and better, user-friendly technology.
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