The size of the Latin America wine market is expected to be worth USD 26.30 billion in 2024 and grow at a CAGR of 6.71% from 2024 to 2029 to achieve USD 36.39 billion by 2029. The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid development in the industry.
Wine comes under the category of affordable luxury items, resulting in many Wine producing companies to launch more types of wines in the market.
The Latin America Wine market is majorly driven by the recent change in lifestyles, increasing habit of consuming liquor, growing disposable income, and rising affordability of Wine. However, some of the restraints hamper the growth of the industry, like heavy taxes, strict regulations by the governments, and health hazards associated with Wine consumption.
Emerging economies like Brazil and Mexico will show significant growth for Wine market in future years.
Major Key Players in the Latin America Wine Market are Caviro, Concha y Toro, Constellation Brands, Diageo, E & J Gallo, Grupo Penaflor, and Johnnie Walker
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