The impact of millennials’ purchasing power and trends, the demand for and accessibility of previously unknown regions. There are factors hinting at a shift in business paradigms for the wine market.
A recent study conducted on behalf of ProWein, published in Meininger’s Wine Business International magazine shares insightful data into the current and future state of the international wine market.
Let’s have a look at some interesting highlights and emerging trends in the industry.
New Regions for New Markets
The study’s survey states nine out of 10 leading international wine producers are planning to expand their businesses. Most wine produces around the globe are extending their exports to new markets by 2020. The US is trending to become a major globalization factor in the wine industry, for many producers seem interested in exporting to the USA.
In addition to globalization, two-thirds of international marketers wish to include wines from new countries in their portfolio. This complementary point further demonstrates the demand for diversity in selection within the wine market. Moreover, consumers are also expecting marketers to share the histories of these new regions and link them with the stories of their wines.
For these new markets, a new approached to marketing wine must be taken. The gist of the modern wine marketing lies in storytelling. Wine is nowadays all about placing consumers in the moment and experience of wine.
Purchasing and Sourcing Will Change
There is a clear trend towards doing away with the middleman in wine procurement channels. There is a push from Marketers to source their wine directly from the producer. In other words, wine businesses are striving to buy their goods from wine-growing states or large wineries. Furthermore, models of direct-to-consumer and direct-to-trade business are the current emerging and preferred method to provide increased value to the consumers. All in all, these two types of business methods are best suited to shorten sourcing channels.
The wine sector and its business paradigms are undergoing a transformation, marketers are facing changes in the sale of wine. Traditional sales via wine merchants will decline as the industry moves on to a long far-reaching market. The different, interactive outlooks of the various market participants attest to the producers’ willingness to satisfy the demand of distant regions. What’s more, the purchasing and sourcing of wine shows a clear trend towards shortening procurement and building rapport with the customer. It is a new age for the wine market; adaptation and novelty will be paramount for the modern wine entrepreneurs.
VenToSpain Keeps Pace with the Shifting Wine Market
At Bodegas Ven we understand the importance of getting involved in the international wine market. Indeed, it is an exciting time for Spanish wines worldwide. While highly praising the virtues of the past, we’ve never stopped looking forward to the future, with this in mind we concocted VenToSpain. Our newest addition to our wine catalog, an international wine line where tradition meets innovation. If you have never tasted Spanish wines before this is your chance. Check out our wine line VenToSpain. Do not miss out on discovering what VenToSpain has in its cellar just for you!
VenToSpain is now available at restaurants, gas stations and other points of sale too. Visit:
- Entre Tapas Restaurant
- Madrid Tapas y Vinos
- Mobile Sunny Isles at Collins 18300
- Chevron Miami Beach at 401 71st St, Miami Beach, FL 33141
- A&G Mini Mart at Chevron Doral 2498 NW 87th Ave, Miami, FL 33172
Find out what VenToSpain has in store for you!