Is there a market for functional wines? Consumer preferences and willingness to pay for resveratrol-enriched red wine

The European Union is witnessing a rising level of concern regarding the relationship between diet and health. In response to this demand the food industry has developed so-called “functional foods”. Demand for these products is increasing in both volume and expenditure and the food industry is witnessing developments trying to expand the functional attribute to new groups of products. In this context we carried out an exploratory valuation exercise regarding the potential market for functional wine, a wine produced from grapes, in which the resveratrol content has been enhanced. A choice experiment approach has been used to assess the impact of the functional attribute on the probability of choosing a given wine among consumers of red wine in Granada, Spain, and their willingness to pay for different wine attributes. Results suggest that the functional attribute positively and significantly affects the probability of selecting a red wine and that the willingness to pay for this attribute is as important as for ageing in wine.