Pheonix Research - Editorial Index
Editorial analysis anchored to industries, segments, and the market intelligence behind them.
The Philippines is the largest volume block in world gin — 51 million cases across one portfolio that doesn't even separate gin — while the UK sits 40 per cent below its peak. The volume centre and the value centre of the category are in different countries, which makes a global average price a poor instrument.
Maharashtra sold 12.1 million litres of grape wine in 2024-25, up 14.2 per cent and doubled in a decade — and it is 0.058 per cent of world volume. India's beer market is sized at USD 6.85 billion; its wine market has no number, and the reasons are tax and distribution rather than demand.
US winery direct-to-consumer shipping moved 0.28 per cent of the world's wine volume and 0.73 per cent of its value in 2025 — at USD 49.55 a bottle against a world average of USD 19.06 — and it shrank 15 per cent in volume while price per bottle rose 11. Direct is a price channel, not a distribution solution.
Treasury Wine Estates earned A$138.1 a case at the gate on 2.7 per cent less volume: revenue per case rose 10.2 per cent while cost per case rose 2.5, turning A$53.60 of gross profit into A$64.70. But organic revenue fell 1.1 per cent, and eighteen points of cash conversion are sitting in inventory.
Pernod Ricard completed the sale of Jacob's Creek, Campo Viejo and Brancott Estate to Accolade's owner on 30 April 2025, creating Vinarchy — 32 million cases at roughly A$46.88 each, against Treasury Wine Estates' A$138.10. In a market that cannot grow volume, that gap is the whole strategy.
De-alcoholised wine now has a legal definition, a comparative claim and a permitted route for sparkling. It does not have a volume series — and the reason is structural: a litre of 0.0% wine is not a vineyard litre.
The EU's December 2025 wine package pays growers to grub up vines, caps crisis distillation at 25 per cent of each member state's envelope, and defines "alcohol-free" for the first time. Four measures, and every one of them is a supply-side admission.
China imported 207 million litres of wine in 2025 — 1.0 per cent of what the world drank. It paid USD 6.86 a litre for it, at least 1.6 times the world export average. That is how a rounding error becomes a price-relevant buyer.
Wine's volume falls 1.19 per cent a year and its value rises 3.81 — which means the entire forecast is a price rise of 5.06 per cent a bottle. At 2025 prices and 2033 volume the market would be USD 48.3 billion smaller than it is today.
RTD alcoholic beverages grow at 8.00 per cent against wine's 3.81 — but from a base 12.4 times smaller. Wine adds USD 184.2 billion of value to RTD's 36.35. Growth rate is not value creation.
Premium wine is 14.05 per cent of the world wine market and grows 1.4 times as fast — worth 20.7 per cent of all the value the category will add. Its share moves 0.215 points a year, which is a drift, not a revolution.
Wine led spirits by USD 34.7 billion in 2025 and is growing 1.19 points a year slower. Run both report's own published rates and the lead is gone in 2031 — leaving USD 19.9 billion the other way by 2033.
Freeze-drying needs 17.84 kWh of electricity per kilogram of finished product and about 3.125 kWh to remove a single kilogram of water. That makes a dehydration plant a long-dated power contract with a food business bolted on.
Canada imported CAD 67.3 million of green tea in 2024. No trade line separates matcha from sencha — and Japan's tencha harvest just fell into a five-year supply lag.
US plant-based meat retail fell 10% in dollars and 11% in units in 2025 while the American soybean crush is being built to a record 2,780 million bushels. Textured soy protein is attached to the second number, not the first: it is where a feed-grade co-product of an oil-driven crush gets upgraded into a food ingredient.
US lactose-free yogurt grew 41% in dollars and 40.7% in volume in the 52 weeks to July 2025, against 11.6% to 14% for the yogurt category. The growth is not an intolerance story. It falls out of ultrafiltration and straining built to raise protein — which is why the winners own membranes and protein claims, not the words "lactose free".
Hormel sold 2.3% fewer pounds in fiscal 2025 and took 1.6% more money for them, while Tyson's branded retail volume grew 2.4% against a category down 1.5%. Branded, prepared protein is now the only part of the meat business that grows while the category shrinks — and the commodity underneath still sets the margin.
Asia-Pacific's health and wellness food market compounds at 10.9% while regulators in Washington, London and New Delhi tighten what a food may call itself. The stricter the definition, the more the claim is worth to whoever can still legally make it.
