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SINGAPORE WINE MARKET FORECAST 2023-2030

SCOPE OF THE REPORT

Singapore Wine Market by Product (Fortified Wine and Vermouth (Port, Sherry, Vermouth, Other Fortified Wine), Non-grape Wine (Apple Wine, Other Non-grape Wine), Sparkling Wine (Champagne, Other Sparkling Wine), Still Light Grape Wine (Still Red Wine, Still Rosé Wine, Still White Wine)) Market by Trade (Off-trade, on-trade) Market by Price Range (Sparkling Wine, Still Red Wine, Still Rosé Wine, Still White Wine)

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MARKET OVERVIEW

The Singapore wine market was valued at $634.50 million in 2022 and is expected to reach $947.23 million by 2030, growing at a CAGR of 5.77% during the forecast period, 2023-2030.

On the other hand, the Singapore wine market was valued at 16.00 million liters in 2022 and is expected to reach 19.67 million liters by 2030, projecting a CAGR of 2.72% during the forecast period, 2023-2030.

Wine is an alcoholic beverage produced via fermentation using fruits, cherries, rice, berries, pomegranate, grapes, etc. The terroir, grape types utilized, weather fluctuations, and winemaking methods are some of the variables that affect a wine variety’s distinctive qualities. Wine consumption has several positive health effects, as well, including increased bone density, decreased cholesterol, a decreased chance of heart disease, and others.

Singapore Wine Market

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Singapore has emerged as one of the most promising markets globally for fine wines. The nation’s wine industry is modest but expanding. Also, due to the dearth of native winemakers in the country, foreign winemakers have a sizable portion of the market in Singapore. 

Further, red wine is Singapore’s most popular wine category, while Merlot is the most popular grape variety. Pinot Noir, Shiraz, and Cabernet Sauvignon are some additional common grape varietals. Whereas sparkling, white, and dessert wines are all produced in Singapore. The Singapore Wine and Spirits Board regulates the wine business in Singapore.

One of the main growth drivers of the Singapore wine market is the city-state’s dominant population and an increasing number of visitors who prefer wine as their beverage, further strengthening the wine industry’s cosmopolitan culture. Accordingly, due to its stability, relatively high purchasing power, and smaller, more concentrated size, Singapore is among the newly rising wine markets.

On the downside, there are already a lot of well-established importers, wholesalers, and retailers in the Singapore wine market with great portfolios, fostering fierce competition. Additionally, hefty import fees and taxes render wine expensive in Singapore, where foreigners dominate the market. Such factors are projected to restrain Singapore’s wine market expansion.

Inkwood Research’s report on the Singapore wine market provides in-depth insights and a segmentation analysis of the market. The detailed assessment of the market includes PEST analysis, competitive landscape, key buying criteria, market share analysis, brand share analysis, and value chain analysis. Moreover, the segmentation analysis of the market includes product, trade, and price range.

Some of the key players in the Singapore wine market are Bacardi-Martini Singapore Pte Ltd, Hock Tong Bee Pte Ltd, Makoto-Ya Pte Ltd, Maybev Pte Ltd, etc.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2030
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million), Volume (Million Liters)
Segments Analyzed
Product, Trade, Price Range
Countries AnalyzedSingapore
Companies AnalyzedBacardi-Martini Singapore Pte Ltd, Hock Tong Bee Pte Ltd, Makoto-Ya Pte Ltd, MayBev Pte Ltd, Treasury Wine Estates Ltd

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON WINE MARKET
  3. MARKET DYNAMICS
    1. KEY GROWTH ENABLERS
      1. SURGING DEMAND DUE TO WINE PREMIUMIZATION
      2. HIGH PENETRATION OF ONLINE CHANNELS BOOSTS WINE SALES
      3. AWARENESS REGARDING HEALTH BENEFITS ASSOCIATED WITH WINE CONSUMPTION
    2. KEY CHALLENGES
      1. HEALTH LABELLING REGULATIONS 
      2. SMALL & COMPETITIVE WINE LANDSCAPE 
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PEST ANALYSIS
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. OPPORTUNITY MATRIX
    5. VALUE CHAIN ANALYSIS 
    6. KEY BUYING CRITERIA
    7. MARKET SHARE ANALYSIS, 2021 & 2022 (IN %)
    8. BRAND SHARE ANALYSIS, 2021 & 2022 (IN %)
  5. MARKET BY PRODUCT (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. FORTIFIED WINE AND VERMOUTH
      1. PORT
      2. SHERRY
      3. VERMOUTH
      4. OTHER FORTIFIED WINE
    2. NON-GRAPE WINE
      1. APPLE WINE
      2. OTHER NON-GRAPE WINE
    3. SPARKLING WINE
      1. CHAMPAGNE
      2. OTHER SPARKLING WINE
    4. STILL LIGHT GRAPE WINE
      1. STILL RED WINE
      2. STILL ROSÉ WINE
      3. STILL WHITE WINE
  6. MARKET BY TRADE (IN TERMS OF REVENUE: $MILLION & IN TERMS OF VOLUME: MILLION LITERS)
    1. OFF-TRADE
    2. ON-TRADE
  7. MARKET BY PRICE RANGE – SPARKLING WINE
  8. MARKET BY PRICE RANGE – STILL RED WINE
  9. MARKET BY PRICE RANGE – STILL ROSÉ WINE
  10. MARKET BY PRICE RANGE – STILL WHITE WINE
  11. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS
      4. BUSINESS EXPANSIONS
    2. COMPANY PROFILES
      1. BACARDI-MARTINI SINGAPORE PTE LTD
      2. HOCK TONG BEE PTE LTD
      3. MAKOTO-YA PTE LTD
      4. MAYBEV PTE LTD
      5. TREASURY WINE ESTATES LTD

LIST OF TABLES

TABLE 1: SINGAPORE – COUNTRY SNAPSHOT

TABLE 2: SINGAPORE WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3: SINGAPORE WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 4: SINGAPORE WINE MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 5: SINGAPORE WINE MARKET, BY PRODUCT, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 6: SINGAPORE WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 7: SINGAPORE WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 8: SINGAPORE WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 9: SINGAPORE WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 10: SINGAPORE WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 11: SINGAPORE WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 12: SINGAPORE WINE MARKET, BY NON-GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 13: SINGAPORE WINE MARKET, BY NON-GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 14: SINGAPORE WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 15: SINGAPORE WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 16: SINGAPORE WINE MARKET, BY SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 17: SINGAPORE WINE MARKET, BY SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 18: SINGAPORE WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (MILLION LITERS)

TABLE 19: SINGAPORE WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (MILLION LITERS)

TABLE 20: SINGAPORE WINE MARKET, BY STILL LIGHT GRAPE WINE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 21: SINGAPORE WINE MARKET, BY STILL LIGHT GRAPE WINE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 22: SINGAPORE WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 23: SINGAPORE WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 24: SINGAPORE WINE MARKET, BY TRADE, HISTORICAL YEARS, 2018-2022 (IN MILLION LITERS)

TABLE 25: SINGAPORE WINE MARKET, BY TRADE, FORECAST YEARS, 2023-2030 (IN MILLION LITERS)

TABLE 26: SINGAPORE WINE MARKET, BY PRICE RANGE – SPARKLING WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 27: SINGAPORE WINE MARKET, BY PRICE RANGE – SPARKLING WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 28: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL RED WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 29: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL RED WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 30: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 31: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL ROSÉ WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 32: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, HISTORICAL YEARS, 2018-2022 (IN %)

TABLE 33: SINGAPORE WINE MARKET, BY PRICE RANGE – STILL WHITE WINE, FORECAST YEARS, 2023-2030 (IN %)

TABLE 34: LIST OF ACQUISITIONS

TABLE 35: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 36: LIST OF PARTNERSHIPS 

TABLE 37: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: MARKET SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 7: MARKET SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 8: MARKET SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 9: MARKET SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 10: BRAND SHARE OF STILL LIGHT GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 11: BRAND SHARE OF CHAMPAGNE, 2021 & 2022 (IN %)

FIGURE 12: BRAND SHARE OF FORTIFIED WINE AND VERMOUTH, 2021 & 2022 (IN %)

FIGURE 13: BRAND SHARE OF NON-GRAPE WINE, 2021 & 2022 (IN %)

FIGURE 14: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2022

FIGURE 15: SINGAPORE WINE MARKET, BY FORTIFIED WINE AND VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 16: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY FORTIFIED WINE AND VERMOUTH, IN 2022

FIGURE 17: SINGAPORE WINE MARKET, BY PORT, 2023-2030 (IN $ MILLION)

FIGURE 18: SINGAPORE WINE MARKET, BY SHERRY, 2023-2030 (IN $ MILLION)

FIGURE 19: SINGAPORE WINE MARKET, BY VERMOUTH, 2023-2030 (IN $ MILLION)

FIGURE 20: SINGAPORE WINE MARKET, BY OTHER FORTIFIED WINE, 2023-2030 (IN $ MILLION)

FIGURE 21: SINGAPORE WINE MARKET, BY NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 22: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY NON-GRAPE WINE, IN 2022

FIGURE 23: SINGAPORE WINE MARKET, BY APPLE WINE, 2023-2030 (IN $ MILLION)

FIGURE 24: SINGAPORE WINE MARKET, BY OTHER NON-GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 25: SINGAPORE WINE MARKET, BY SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 26: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY SPARKLING WINE, IN 2022

FIGURE 27: SINGAPORE WINE MARKET, BY CHAMPAGNE, 2023-2030 (IN $ MILLION)

FIGURE 28: SINGAPORE WINE MARKET, BY OTHER SPARKLING WINE, 2023-2030 (IN $ MILLION)

FIGURE 29: SINGAPORE WINE MARKET, BY STILL LIGHT GRAPE WINE, 2023-2030 (IN $ MILLION)

FIGURE 30: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY STILL LIGHT GRAPE WINE, IN 2022

FIGURE 31: SINGAPORE WINE MARKET, BY STILL RED WINE, 2023-2030 (IN $ MILLION)

FIGURE 32: SINGAPORE WINE MARKET, BY STILL ROSÉ WINE, 2023-2030 (IN $ MILLION)

FIGURE 33: SINGAPORE WINE MARKET, BY STILL WHITE WINE, 2023-2030 (IN $ MILLION)

FIGURE 34: SINGAPORE WINE MARKET, GROWTH POTENTIAL, BY TRADE, IN 2022

FIGURE 35: SINGAPORE WINE MARKET, BY OFF-TRADE, 2023-2030 (IN $ MILLION)

FIGURE 36: SINGAPORE WINE MARKET, BY ON-TRADE, 2023-2030 (IN $ MILLION)

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