Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cooking Wine market.
Trusted Business Insights presents an updated and Latest Study on Cooking Wine Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cooking Wine market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Cooking Wine Market
The global cooking wine market size was valued at USD 219.4 million in 2020 and is expected to witness significant growth over the forecast period 2021-2027. Globalization of cuisines due to shifting inclination of people towards traditional food cultures across their geographic boundaries is expected to expand the market scope.
Likewise, increasing penetration of social media has been creating awareness regarding food, cooking methods, ingredients, and cuisines. As a result, the hotel industry has been increasing its spending on the incorporation of cooking wine in the authentic foods of various countries, including France, Italy, Spain, Lebanon, China, Japan, and South Korea, that are popular across the world.
Growing trend of marinating with wine among the new age cooks is positively impacting the growth of the market. Wine marinades are a concoction of wine, acidity, herbs, spices, and oil. It has been found that the usage of cooking wine while marinating steak, poultry, and seafood makes the meat tender, flavorful, and delectable. Similarly, the trend of marinating vegetables with cooking wine is also gaining popularity. Along with adding subtle flavors, red cooking wine while marinating imparts color to the dish. Other kinds of cooking wine help in adding smoky flavor or fruity freshness to the dish. Such a marinating process is considered to be exceptionally helpful while cooking on stove, slow cooker, or in the oven.
Various recipes of desserts and cakes involve a generous dose of wine as an ingredient. The dosage of these ingredients results in lightening the cake, which reduces the amount of fat and adds a complimentary flavor. Use of port wine in baked fruit dishes helps in adding sweetness. Similarly, sparkling wine adds lightness, along with sweetness. Some of the popular red wine desserts are marshmallows, hot chocolate, truffles, cherry compote pavlova, Riesling apple cake, citrus cake, and chiffon cake.
Besides enhancing taste, cooking alcoholic ingredients in food enhance the health benefits, which results in the reduction of occurrences of cancer and improvements in digestion. The alcohol content of certain cooking wines is known for increasing the content of high-density lipoprotein, which is good for the body. It also reduces levels of fibrinogen, which is a precursor of blood clots. The cooking wines are considered rich in polyphenols that are natural compounds protecting blood vessels and helping in the reduction of inflammation. Additionally, it is claimed that it decreases both systolic and diastolic blood pressure. The aforementioned health benefits associated with cooking wine are expected to drive the product demand as an ingredient during food preparation over the next few years.
Product Insights: Cooking Wine Market
White cooking wine held around 36.0% share of the overall revenue in 2019. Various factors have been supporting the preference for white cooking wine among the crowd. Additionally, these variants are used in risotto for a good touch of acidity.
The dessert variant is expected to be one of the fastest-growing segments in the cooking wine market, expanding at a CAGR of 2.3% from 2021 to 2027. Popular varieties used for cooking include sherry, Madeira, Marsala, and port. Fortified wine can be easily kept on the kitchen shelf for at least a year with no loss in the quality. Some of the popular dishes cooked with these dessert variants are Sherry-Glazed Chicken and Madeira Mushrooms.
Application Insights: Cooking Wine Market
The B2B segment held around 68.3% share of the overall revenue in 2019. The use of cooking wine in restaurants, fine dines, and other similar eateries has become popular owing to the growing preference for gourmet food. Most chefs are often seen using it while marinating or preparing soups, stews, and sauces.
The B2C segment is expected to expand at the fastest CAGR of 2.8% from 2020 to 2027 owing to increased interest among the millennials to cook exotic food in ones own kitchen. This is attributed to the free availability of a variety of recipes on social media and blog pages. Furthermore, cooking wine is sold without license owing to which these products are easily available in any nearby store.
Regional Insights: Cooking Wine Market
North America generated USD 94.4 million in 2020 and is anticipated to expand at a CAGR of 2.4% from 2021 to 2027. Growing interest in gourmet food is expected to drive the market in the region.
Asia Pacific is projected to expand at the fastest CAGR of 3.9% from 2021 to 2027. This is attributed to the growing usage of rice wine for cooking purposes. Consumers in the region use this cooking wine to marinate and tenderize meat and seafood as well as to impart flavor to the food. Moreover, rice wine forms the basis of herbal soup meant to help new mothers recover quickly after giving birth.
Cooking Wine Market Share Insights: Cooking Wine Market
Key market participants include
- AAK AB
- Batory Foods
- De Vinco Company
- ECOVINAL; Elegre
- Iberica Export
- LinChen Inc.
- Marina Foods, Inc.
- Stratas Foods
- The Kroger Co.
- Mizkan America, Inc.
Companies are focusing on ideal business development by substantiating different development techniques. M&A and the formation of strategic alliances are expected to remain the critical success factors for the market participants over the next few years. Additionally, manufacturers have been increasing their spending on the establishment of online channels catering to the developing markets, including China and India, which are expected to remain a vast customer base of millennials.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cooking wine market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2016 – 2027)
Application Outlook (Revenue, USD Million, 2016 – 2027)
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