Structure of the Industry The global wine industry has many characteristics of perfect competition: there are many firms with small market shares, low barriers to entry, and little product differentiation in most market segments. There is high elasticity in terms of price. The global market for wine is growing 1-2% per annum. Industry analysts expect the demand for premium wines to grow 8-10% for the foreseeable future (p.2). Competition from substitution is high. In the jug and popular market segments, there is high substitutability between wine and other beverages, like beer. In the higher price bands, the threat of substitution decreases. In the luxury segment, there are virtually no substitutes. Major beer and liquor producers are attempting to minimize competition from substitution by diversifying into wine. Rivalry among established competitors is high, with low concentration ratios. There are more than 1 million wine producers worldwide (p.2). In the US, there are 4500 producers, of which the top 10 brands have only 37% of market share (Ex.5). Market prices are stabl......

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