A recent report by Research and Markets suggests significant shifts in wine consumption trends over the next five years.
The comprehensive study consolidates data from 107 countries to provide a detailed overview of the global wine sector. It reveals that the global wine market, valued at USD 346.8 billion in 2022, is poised to grow at a compound annual growth rate (CAGR) of 8.8% from 2022 to 2027, reaching USD 528.2 billion. Volume-wise, global wine consumption is expected to rise to 26.7 billion liters by 2027, up from 24 billion liters in 2022. Western Europe leads with a 49.5% market share, followed by the US at 21.6%.
The report also delves into consumption shifts between 2017 and 2027 globally and regionally, identifying countries with high potential for wine consumption. It employs a comprehensive analysis framework encompassing market assessment, economic development, governance indicators, socio-demographic factors, and technological infrastructure. Detailed country-specific insights cover key challenges, competitive landscapes, and demographic trends, aiding companies in navigating nuanced market dynamics.
Highlighting consumer-driven trends and future opportunities, the report underscores strategies for sector growth and revenue enhancement. It notes recent challenges in France, where declining domestic wine consumption among younger generations has impacted market dynamics, signaling broader shifts amidst global expansion and emerging markets in the wine industry.
Source: The Drinks Business