PUBLISHER: Grand View Research | PRODUCT CODE: 1268886
PUBLISHER: Grand View Research | PRODUCT CODE: 1268886
The global moscato wine market size is expected to reach USD 4.0 billion by 2030, according to a new report by Grand View Research, Inc.The market is expected to grow at a CAGR of 11.3% from 2023 to 2030. The consumption of Moscato wine is growing owing to its use as a dessert wine. Moreover, changing consumer lifestyles and the increased demand for sweeter and lighter wine with a low alcohol percentage contributing to the market growth.
The COVID-19 pandemic had a negative impact on the Moscato wine market. According to the U.S. national wine association Wine America, in May 2020, the average winery lost 70% of tasting room sales and Direct-to-Consumer (DTC) sales via online channels increased by 66%. As the online sales came from a considerably smaller base, it couldn't compensate for the loss on-site. The halt in the tourism industry and imposed lockdowns negatively impacted wine sales at wineries and liquor stores.
The popularity of Moscato d'Asti is rising among 'millennials' as they are increasingly preferring wine over more conventional alcoholic beverages like beer. With the increased availability of educational materials and information about the wines they consume, many consumers are generally turning to wines, and Moscato d'Asti in particular as it compliments a wide range of foods better than most other alcoholic beverages.