The wine market is now enduring transformation due to its health benefits, technological advancements, innovation in flavor, and the introduction of advanced distribution networks. The market revenue is projected to grow with a CAGR of 1.4%, expecting to cross $420 billion over the next decade.
The most established wine markets are in Europe (Portugal, Italy, and France) due to their high consumption. The largest wine markets are the USA, China, and France, due to their larger communities, while the largest importers of wine are Germany, the USA, and the United Kingdom, where consumption is higher than production.
In recent years, the Asia Pacific wine industry is also swiftly growing as many companies are starting to invest in the wine-making business. As the market demand for premium wines keeps growing, the wine market is believed to post strong growth in the coming years. China will dwell among the fastest-growing in this group of regional markets. The market in Asia-Pacific is forecast to reach US$62 Billion by the year 2027.
With an increased growth rate, the wine industry also gets affected by wine bottle forgery, spiked, relabelled, and watered down, despite the close attention of makers and distributors. Counterfeiting grew so widespread that winemakers trying to protect their reputations today using technology. Experts have estimated the global worth of the counterfeit industry to as much as $3billion.
Scotch whisky and other spirits face a similar challenge, with empty bottles filled with flavored spirits and then resealed. Globally, nearly a third of all alcoholic drinks are mislabelled, counterfeit, or fake, according to the International Center for Alcohol Policies.
Winemakers bear the vastest accountability in upholding their brand, yet they also have the least amount of transparency into their supply chain. When the containers or bottles leave their doors, winemakers are helpless when confronted with illegal fraudsters. Lack of transparency in the supply chains results in counterfeiting, altering consumer confidence, and reducing brand equity.
Authlink is one of the companies to secure a wine bottle’s provenance in unique digital identity using technologies like blockchain, near-field communication (NFC), and the Internet of Things (IoT). Authlink works closely along the supply chain, from farmers to merchants and into broader retail, to build more authenticity in the global industry.
Authlink is built exactly to overcome this issue faced by the winemakers and it can help to create a unique digital identity for every product and secure its provenance on the blockchain technology saving the product from counterfeiting through unique QR code, mislabelling through near-field communication (NFC) tags on every bottle thus protecting the quality and reputation of the wine and spirits brand.
Authlink’s unique dashboard captures data across the supply chain, from where the grapes were procured to its juice fermentation, a permanent digital identity for each bottle of wine is created. Winemakers can also now see where those bottles travel in the market, and when customers interact with the bottle, thus enabling higher transparency and consumer insights. Unique digital assets from Authlink produce valuable information at every stage of the supply chain, making inventory management easier and more powerful.
These types of solutions will eventually simplify an unclear path for wine producers, reducing the threat of settling up in grey markets in the coming years. Now the wine bottles’ origin can be certified, their quality and condition verified in logistics, and their authorized distribution guaranteed.
From small wineries and craft distillers to large conglomerates whose business maintains a global reach, Authlink can provide unparalleled consumer engagement, authenticity, and security around individual bottles using technologies like blockchain, near-field communication (NFC), and the Internet of Things (IoT).
With so many great wines being made today and causing unprecedented competition, the wine industry is gearing up for major transformations in technology and market growth.