03 Jul Wine Market Constantly In Flow
Recent research shows that in 2024, whilst wine consumption volumes declined by 3% to 2.3 billion 9-litre cases in 2024, the total value increased by 1% to US$191 billion, with both volume and value forecast to reduce slightly by 1% per year through to 2029.
These findings indicate that while wine consumption volumes continue to decline, rising value represents a shift in consumer preferences: they are drinking less but selecting higher-quality wines.
Over the past 5 years, consumption of wines valued below US$10 per bottle, has declined by an average of 4% per year, while consumption of premium wines (valued at US$10 per bottle and above) has fallen at a much slower rate of 1% per year and is expected to remain flat over the upcoming five.
The premiumisation trend has supported value growth in many major wine markets in recent years. However, this trend is forecast to moderate with many strong markets expected to decline over coming years including the USA, United Kingdom, France, Germany and Canada.
Australia’s wine market indicates a degree of optimism, especially when compared to other mature markets. Value is expected to grow slightly each year over the next 5 years, driven by continued growth in premium wine, lighter styles and lower-alcohol wines. Australia’s projected economic growth, easing inflation, and stable political environment also helps consumer confidence and further supports this outlook.
Elsewhere, the Nordic markets of Sweden and Norway are also forecast for annual growth, attributable to factors such as their lighter wine styles and sustainable packaging formats, which are resonating with environmentally conscious consumers. In addition, Brazil, South Korea, Thailand, India, Taiwan, Vietnam, and Malaysia are also all forecast to grow in value – highlighting future opportunities for Australian wine exporters.
FOLLOW US FOR THE LATEST NEWS!
Sorry, the comment form is closed at this time.