The size of the Middle East and Africa wine market is expected to be worth USD 18.02 billion in 2024 and grow at a CAGR of 4.12% from 2024 to 2029 to achieve USD 22.05 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 Middle East and Africa 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.
On the basis of geography, the Middle East and Africa market is analysed under regions namely Middle East and Africa. Developing countries in this region are expected to drive the growth for Wine market.
Some of the major companies dominating the market, by their products are Caviro, Concha y Toro, Constellation Brands, Diageo, E & J Gallo, Grupo Penaflor, and Johnnie Walker.
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