Noida, India (PressExposure) August 20, 2009 -- In 2008, the US constituted 12% of the global wine consumption to become the second largest wine consuming nation in the world after France. The US wine consumption is projected to grow at a CAGR of over 3% during 2009â2012 to make the country worldâs largest wine consuming market by the end of forecast period, says our new research report, âUS Wine Market Forecast to 2012â.
The prospective growth in the US wine industry will be driven by high percentage share of millennial segment (Age 21-32) and rising number of female drinkers. For instance, the millennial segment reported a net increase of 23% in wine consumption during 2008 compared to other age groups and women (representing nearly 52% of the US adult population) drink 60% of the wine sold in the country.
Our report further says that the impact of global economic slowdown on the wine industry varied widely across the nation and resulted in complex market conditions. Restaurant volume slumped by around 10% as consumers refrained from dining out and spent on lower-priced bottles and wines-by-the glass. However, consumers saved money by having wine at their home as a result the US food store wine volume surged by approx. 1.2 Million cases, up 1.6% in 2008.
We have found that recent consumption gains for wine have been driven by the continuing assimilation of news relating moderate wine consumption to positive health outcomes, increased and more highly evolved marketing campaigns by major brand marketers. This trend of soaring wine demand in the US over the past few years has placed the wine industry in an excellent position to weather the current economic challenges.
âUS Wine Market Forecast to 2012â provides exhaustive information about the past and current performance of the market in terms of production, consumption, trade and color mix. The report also contains detailed statistical data along with rational analysis of wine production and consumption by province. Moreover, the forces that are fueling growth in various segments have also been discussed thoroughly.
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