The global premium wine market value was at 343.83 million USD in 2021 and is expected to reach 531.69 million USD by 2029. This marks a steady growth at a CAGR of 5.60% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes strategic industry analysis of the important variables affecting market dynamics, recent innovations, market share, and methods. The report also highlights industry trends, opportunities, marketing strategies, and consumer behavior by major regions, types, and applications.

Meanwhile, Americans are demonstrating an increased demand for sparkling wine, with monthly sparkling wine drinkers rising from 56% to 72% between 2019 and 2022. Big Champagne houses, new releases of products, innovations, and celebrity partnerships are driving the growth of the sparkling wine market. However, the cost of Champagne production is contributing to price increases, which has led consumers to search for high-quality sparkling wines elsewhere. Millennial consumers, in particular, are demanding pet-nats and ancestral method sparkling wines due to their lower alcohol and sugar content. The wine barrel market is also expected to expand, with global sales rising 4.4% YoY in 2020-2021.