The Global Cooking Wine Market size is expected to reach $405.1 Million by 2027, rising at a market growth of 6% CAGR during the forecast period. Cooking wines are manufactured with the aging of grapes, sherry, Marsala, rice, and among others. This wine is beneficial in the preparation of soups, ketchup, sausages, chicken, splits, and numerous dishes. Also, it has a low content of fat, calories, sodium; but is high in minerals, improving the flavor and presence of food. Wine dishes find potential application in non-vegan recipes & meals. Cooking wine is an ideal product to enhance the flavor of several dishes. It is highly popular for the innovative sweetness and high flavor that can be suitably combined with rich dishes like gourmet. Moreover, the food & beverage industry is witnessing high demand for cooking wine.
The growth of the cooking wine market is expected to be fueled by the globalization of cuisines because of the switching preferences towards conventional food cultures across various countries. In a similar manner, the awareness about the food, ingredients, cooking methods, and cuisines would be increased by the surge in the penetration of social media. Due to this, the hotel industry has been boosting its expenditure to include cooking wine in the authentic foods of several nations, such as South Korea, France, China, Italy, Japan, Spain, and Lebanon.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic and its related government steps to restrict mobility has significantly impacted the patterns and places of alcohol consumption. The closure of manufacturing units and other stringent conditions have created supply-chain disruption in the alcohol industry. Moreover, the global pandemic created awareness about the adverse effects of the consumption of alcohol and related products on health. In addition, the global population became aware of the fact that alcohol consumption lowers down the ability to fight against the COVID-19 pandemic.
However, the high availability of cooking wines on different eCommerce channels has motivated consumers to continue using the product. During the pandemic period, people tried experimenting with new food recipes by including cooking wines. Thus, the cooking wines had witnessed a modest growth during the pandemic period as people have a lot of free time and they tried & tested different food recipes.
Market Growth Factors:
The high popularity of cooking wine
Cooking wine is an emerging trend in the worldwide food & beverage industry. In addition, it is also gaining high traction among consumers. Cooking wine offers various health advantages to consumers in comparison to conventional cooking oil. Cooking wine finds a large number of applications in the making of sausage, soups, ketchup, and processed meat items, and its uses are increasing at a rapid pace.
Shifting preference of the consumers
Cooking ingredients such as vegetable and seed oil are conventional oils that are utilized for many years in cooking practices. The demand for cooking wine is generated by the shifting lifestyle patterns, changing food trends, and food preferences. Consumers are searching for low-fat cooking substances and cooking with wine is an emerging trend in the foodservice industry. The majority of the consumers are regarding cooking wine as a change and for new taste and flavor.
Market Restraining Factor:
Low awareness about cooking wine in the under-developed countries
There are many under-developed countries in the world wherein individuals have low disposable income and they are also less educated about the new & emerging cooking concepts. Hence, cooking wines find low penetration in these countries, thereby hampering the growth of the overall cooking wine market. In addition, cooking wines should be managed with precision otherwise the whole food recipe could spoil, resulting in a bad experience among the consumers.
Based on Products, the market is segmented into White Wine, Dessert, Red Wine and other products. In 2020, the white cooking wine segment procured the maximum revenue share in the cooking wine market. The inclination towards consuming white cooking wine among consumers is contributing to the growth of this segment. In addition, these variants are utilized in risotto for adding acidity.
Based on Application, the market is segmented into B2B and B2C. The B2C segment would showcase the fastest growth rate during the forecast period. Factor such growing interest among the youth generation to cook exclusive food in their own kitchen is responsible for the growth of this segment. This is due to the free accessibility of various recipes on blog pages and social media. Moreover, cooking wine is available for sale in the market without a license, hence is highly available across the stores.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the cooking wine market in 2020. Moreover, the region is likely to display a promising growth rate during the forecast period. Factor such as the surge in the preference for gourmet food is responsible for the growth of the regional cooking wine market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AAK AB, The Kroger Co., Stratas Foods, Batory Foods, Inc., Iberica Export, LinChen, Inc., Marina Foods, Inc., and Ecovinal SL.
Strategies Deployed in Cooking Wine Market
Aug-2018: Batory foods came into a distribution agreement with Fiberstar, a worldwide leader of natural and functional fibers. The agreement aimed to expand the sales bandwidth of Batory foods across the Western United States.
Jun-2018: The Kroger announced a merger with Home Chef, the largest private meal kit company in the US. The merger aimed to boost the accessibility of meal kits and position the merger to dominate the manner in revolutionizing the way families shop for, prep, and cook their meals. Under the merger, the two unique, data-driven, and customer-centric cultures would help the Kroger Co. to expand its reach across America, hence giving food inspiration.
Mar-2017: AAK expanded its geographical footprint by opening its flagship innovation center, the AAKtion Lab at Edison. The new center would help the company to fully implement the its co-development approach. The AAKtion lab would enable the company to offer a new set of solutions to the customers and would be utilized for the first three phases of the company’s co-development process including exploration and ideation; solutions creation, and then testing in the application.
Scope of the Study
Market Segments covered in the Report:
• White Wine
• Red Wine
• Other products
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• AAK AB
• The Kroger Co.
• Stratas Foods
• Batory Foods, Inc.
• Iberica Export
• LinChen, Inc.
• Marina Foods, Inc.
• Ecovinal SL
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• Assured post sales research support with 10% customization free
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