A process for preparing a concentrated polyphenolic product is disclosed. The process generally includes the extraction of polyphenolic compounds from grape material using a solvent containing ethanol and water, and further includes steps of extract filtration and extract concentration to provide either a liquid polyphenolic concentrate or a powdered polyphenolic extract. The concentrated polyphenolic product may be used in food products and dietary supplements to afford the health benefits of consuming red wine. An additional process for preparing a concentrated ethanol product with a prefermentation step in addition to a concentrated polyphenolic product also is disclosed.