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SHERIDAN, WYOMING, UNITED STATES, February 1, 2024 /EINPresswire / -- IMARC Group's report titled " Vietnam Wine Market Report by Product Type (Still Wine, Sparkling Wine, Fortified Wine and Vermouth), Color (Red Wine, Rose Wine, White Wine), Distribution Channel (Off-Trade, On-Trade), and Region 2024-2032", Vietnam wine market size is projected to exhibit a growth rate (CAGR) of 3.89% during 2024-2032.
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Factors Affecting the Growth of the Vietnam Wine Industry:
.Changing Consumer Preferences:
Vietnam has a rich cultural heritage, and alcoholic beverages like rice wine were more popular. However, changing consumer preferences reflect a growing openness to international cuisines and beverages, including wine. Modern consumers, especially in urban areas, are more cosmopolitan in their tastes. They are increasingly interested in exploring new flavors and wine varieties, appreciating the diverse options that the wine market offers. Some consumers view wine as a healthier alternative to other alcoholic beverages due to its potential health benefits, especially the association of red wine with heart health.
.Government Regulations:
Vietnam is actively engaged in trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA). These agreements have reduced tariffs and trade barriers for wine imports, making foreign wines more affordable and accessible to consumers. Governing agencies in Vietnam are streamlining importation procedures for alcoholic beverages, including wine. This simplification is leading to a more efficient process for importing wine, resulting in a wider variety of choices for consumers. They are also establishing a clear regulatory framework for alcoholic beverages, including wine, to ensure that products meet quality and safety standards.
.Wine Education:
Wine education programs and workshops in the country aim to demystify wine for consumers, making it more approachable and less intimidating. This accessibility encourages more people to explore and try different wines. Wine education initiatives raise awareness about the diversity of wine regions, grape varieties, and winemaking techniques. This exposure increases curiosity among people and encourages them to experiment with various wine options. As consumers are learning about wine, they gain a better understanding of how it can enhance their dining experiences.
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Vietnam Wine Market Report Segmentation:
By Product Type:
.Still Wine
.Sparkling Wine
.Fortified Wine and Vermouth
On the basis of the product type, the market has been classified into still wine, sparkling wine, and fortified wine and vermouth.
By Color:
.Red Wine
.Rose Wine
.White Wine
Based on the color, the market has been divided into red wine, rose wine, and white wine.
By Distribution Channel:
.Off-Trade
oSupermarkets and Hypermarkets
oSpecialty Stores
oOnline Stores
oOthers
.On-Trade
On the basis of the distribution channel, the market has been bifurcated into off-trade (supermarkets and hypermarkets, specialty stores, online stores, others) and on-trade.
Regional Insights:
.Northern Vietnam
.Central Vietnam
.Southern Vietnam
Region-wise, the Vietnam Wine market has been segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam.
Vietnam Wine Market Trends:
The growing demand for wine due to changing consumer preferences, rising disposable income, and increasing exposure to international cuisines is offering a favorable market outlook.
Moreover, wineries in Vietnam are gaining recognition for their quality products, leading to increased local wine consumption.
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