Each industry has its own trends that come and go depending on the resources available and consumer opinions. The wine trading industry is no different, it has seen its fair share of seasonal trends, but some have stuck with this sector until now.
What are the current trends that are affecting wine trading? Here are 7 wine trading trends to help you understand this industry a little bit more:
Different types of packaging
Wine packaging has dramatically changed over the years from traditional bottles to a variety of materials. Some companies have focused on other recycled or recyclable packaging materials to package their finished product.
Globally, another trend in connection with this point is packaging wine in cans for people to drink wherever it suits them best. Also, wine tasting has introduced the concept of using mini-bottles that entail a small quantity of the finished product. Companies have tried to keep up with the latest trends in terms of branding on the packaging also.
Wine origin preferences
Just like other alcoholic beverages, wine is starting to be segmented by place of origin. This trend is predominant in countries with a lot of vineyards and wine-producing companies. Consumers prefer wines from certain locations over others because the quality and workmanship that goes into producing them differ depending on the location.
Sometimes, customers just prefer supporting local businesses and thus purchase alcohol from their local areas. Even people overseas might prefer wines with the same lineage as them. For example, if someone has Italian descent, might prefer wine originating from Italy over other countries.
More countries are starting to enter the wine industry and this is impacting the trading of this alcoholic beverage to a great extent. A good example of this is found in China. The Chinese population was not focused on producing and consuming wine but now there is a significant demand in markets like this.
As per reports in college paper, this results in higher wine imports in countries that were not importing as much before. Companies have started focusing on such earmarked markets and starting to get a dominant presence in them.
Sparkling wine takes the lead in sales volumes
There are a lot of different types of wine, ranging from dry to sparkling. These different ranges are starting to see a shift because sparkling wine is overtaking other types. Sales volumes of this type of wine are starting to be dominant because it constitutes about 10% of this entire industry.
There might be different factors contributing to this growth, such as the accessibility of sparkling wine and widening price ranges. Before this trend started, sparkling wine was known to be consumed by richer people but with price ranges accommodating everyone, more people are starting to consume it.
Increase in online retailing of wine
E-Commerce is one of the greatest points of selling different items but for a long while, alcoholic beverages were not sold online. However, now it is starting to grow and wine can be purchased from various online shops. Some wine brands are even being dropshipped, which is why this industry is seeing this trend grow.
Online retailing of wine will continue to grow as e-commerce dominates this industry and that has increased sales volumes significantly. Consumers have taken a liking of this trend and are in full support of it.
Consumption of wine cocktails
Cocktails are mostly made using spirits and other alcoholic beverages and wine has not been used for this purpose. An upcoming trend will make this a distant history because there are more wine cocktails being mixed by bartenders across the globe.
This makes wine consumption a little bit different from what you were accustomed to and it changes consumer perceptions for the better. Millennials are starting to consume more wine instead of viewing it as a drink made for older generations.
Although wine is produced using wine, which is something vegans consume with no questions asked. Despite that, wine-producing companies are starting to use packaging labels written vegan wine. Perhaps this trend is to make vegans indulge in more wine by making this personalization for them.
Although it is quite an odd trend, it seems to be working for wine-producing companies because they have increased the volumes of wine with these labels. You can only expect it to grow further globally and more companies might start following this uprising trend.
The bottom line
Wine is one of the most popular alcoholic beverages globally and these trends have been inspired by customer behavior and perceptions. Most companies are making this beverage more suitable for younger generations by modifying packaging options and even encouraging the use of wine in cocktails. These 7 wine trading trends have impacted their sales volumes and you can only expect them to grow stronger because of their efficacy.