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Wine Industry Insights: Global Economic Impact in 2024

The anticipated global revenue from wine sales for consumption in 2024 is projected to surpass USD 353 billion according to Statista's forecasts.

However, consumption patterns remain uneven, particularly regarding still wines, where domestic sales turnover surpasses that of sales outside the home.

Forecasting long-term trends, especially in the wine industry, has become increasingly challenging. However, as of the end of 2024, recent data released by Statista, one of the leading online statistical portals, indicates that the global turnover in the wine sector is expected to reach USD 353.4bn, broken down into USD 184.3bn from home consumption and USD 169.1bn from consumption in establishments such as bars, restaurants, and wine bars.

This total consumption is estimated to amount to 25.3 billion liters. Despite the notable growth in sparkling wine consumption over recent years, still wines continue to dominate the market in terms of overall value, with an estimated turnover of USD 293.5bn by the end of the year, of which USD 137.2bn is attributed to consumption outside the home, totaling 22.7 billion liters consumed.

Specifically, red wine, although experiencing declining consumption according to several studies, is projected to generate a turnover of USD 183.8bn from 12.4 billion liters consumed, while white wine is expected to yield a turnover of USD 86.4bn from 7.8 billion liters consumed.

Rosé, sweet, and fortified wines, however, are expected to contribute marginally both in terms of volume and value. Sparkling wines, which have seen significant consumption growth over the past decade or so, are projected to generate a turnover of USD 46.2bn from 1.8 billion liters consumed, with the hospitality sector accounting for USD 24.6bn compared to domestic consumption at USD 21.7bn.

This panoramic overview provided by Statista offers a glimpse into the complexity of the wine industry, which undergoes various changes such as shifts in consumption patterns due to economic and health concerns, challenges in producing lighter and lower alcohol content wines demanded by the market but complicated by climate change, and more.

Nonetheless, it underscores the significant economic value of the sector, which in EU countries alone generates EUR 130bn in GDP according to CEEV, the committee of European winemaking companies, and serves as a source of widespread wealth and employment for 3 million people.

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