According to Research and Markets, the global wine industry is growing at a CAGR of 3.7 percent. It will reach $201 billion by 2025 and $434 billion by 2027. In the U.S. alone, the wine industry was valued at over 88 billion by the end of 2020.
Despite the coronavirus pandemic, the demand for wine increased last year. Another parallel report revised the wine industry to grow by a CAGR of 4.8 percent, up from 4.7 percent, to 2027. During this period, the demand for wine in China will grow at a CAGR of 7.8 percent. In 2020, China, the second-largest market for wine, redistributed $93.5 billion in the wine supply chain.
This explains why projects are focused on tokenizing this multi-billion industry. With tokenization of this lucrative sector, automatic digitization opens up more opportunities, reduces fraud, and improves traceability, directly benefiting stakeholders.
IIf you want to read more about this interview done by hackernoon.com, click here: https://hackernoon.com/tokenizing-the-wine-industry-with-somm-marc-flores-gj2v374k