Wine Market

The article discusses the current trends and future projections of the global wine market. It covers the growth in market volume and value, consumption patterns, production trends, imports, and exports. The analysis includes detailed statistics on major consuming and producing countries, market sizes, growth rates, and price trends. Overall, the outlook for the wine market is positive, with an anticipated increase in both consumption and value over the next decade.

Market Forecast

Driven by increasing demand for wine worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 29B litres by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $240.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Wine

Global wine consumption reached 27B litres in 2022, approximately mirroring the year before. The total consumption volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, global consumption hit record highs at 27B litres in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global wine market value shrank modestly to $180.3B in 2022, remaining relatively unchanged against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the global market attained the maximum level at $201.4B in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (3.2B litres), Spain (2.9B litres) and Italy (2.8B litres), with a combined 34% share of global consumption. France, China, Germany, the UK, Argentina, Australia, Russia, South Africa, Brazil and Romania lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +7.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($53B), the United States ($30.2B) and France ($10.6B) appeared to be the countries with the highest levels of market value in 2022, with a combined 52% share of the global market. Italy, the UK, Spain, Germany, Argentina, Australia, Russia, South Africa, Brazil and Romania lagged somewhat behind, together comprising a further 15%.

In terms of the main consuming countries, Australia, with a CAGR of +9.2%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of wine per capita consumption in 2022 were Spain (62 litres per person), Italy (47 litres per person) and France (38 litres per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +6.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Wine

In 2022, global wine production contracted to 27B litres, approximately reflecting 2021 figures. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 6.6% against the previous year. Over the period under review, global production attained the maximum volume at 27B litres in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, wine production contracted slightly to $149.8B in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 31% against the previous year. Over the period under review, global production hit record highs at $244.3B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Spain (5B litres), Italy (4.7B litres) and France (3.4B litres), with a combined 49% share of global production. The United States, China, Australia, Chile, Argentina, South Africa, Germany and Russia lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +8.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Wine

Global wine imports reached 11B litres in 2022, therefore, remained relatively stable against the year before. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 15% against the previous year. As a result, imports reached the peak of 12B litres. From 2014 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, wine imports reduced to $40.6B in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when imports increased by 18%. As a result, imports attained the peak of $40.7B, leveling off in the following year.

Imports By Country

The countries with the highest levels of wine imports in 2022 were the United States (1.4B litres), Germany (1.4B litres) and the UK (1.2B litres), together resulting at 38% of total import. It was distantly followed by France (611M litres), generating a 5.8% share of total imports. The Netherlands (442M litres), Canada (418M litres), Belgium (340M litres), China (339M litres), Russia (320M litres), Portugal (290M litres), Japan (266M litres), Sweden (213M litres) and Italy (190M litres) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Portugal (with a CAGR of +8.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.3B), the UK ($5B) and Germany ($2.9B) appeared to be the countries with the highest levels of imports in 2022, together comprising 38% of global imports. Canada, Japan, the Netherlands, China, Belgium, France, Russia, Sweden, Italy and Portugal lagged somewhat behind, together accounting for a further 30%.

Among the main importing countries, Portugal, with a CAGR of +6.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Wine of fresh grapes (except sparkling wine) was the key imported product with an import of around 9.4B litres, which reached 89% of total imports. It was distantly followed by sparkling wine (1.1B litres), creating an 11% share of total imports.

Wine of fresh grapes (except sparkling wine) experienced a relatively flat trend pattern with regard to volume of imports. At the same time, sparkling wine (+5.3%) displayed positive paces of growth. Moreover, sparkling wine emerged as the fastest-growing type imported in the world, with a CAGR of +5.3% from 2012-2022. Sparkling wine (+4 p.p.) significantly strengthened its position in terms of the global imports, while wine of fresh grapes (except sparkling wine) saw its share reduced by -4% from 2012 to 2022, respectively.

In value terms, wine of fresh grapes (except sparkling wine) ($31.3B) constitutes the largest type of wine imported worldwide, comprising 77% of global imports. The second position in the ranking was held by sparkling wine ($9.3B), with a 23% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of wine of fresh grapes (except sparkling wine) imports totaled +1.2%.

Import Prices By Type

The average wine import price stood at $3.9 per litre in 2022, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 an increase of 16%. As a result, import price reached the peak level of $3.9 per litre, leveling off in the following year.

Prices varied noticeably by the product type; the product with the highest price was sparkling wine ($8.2 per litre), while the price for wine of fresh grapes (except sparkling wine) totaled $3.3 per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wine of fresh grapes (+1.1%).

Import Prices By Country

In 2022, the average wine import price amounted to $3.9 per litre, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 16% against the previous year. As a result, import price reached the peak level of $3.9 per litre, leveling off in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($7 per litre), while Portugal ($0.7 per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Wine

Global wine exports declined slightly to 11B litres in 2022, reducing by -3.2% compared with the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 5%. The global exports peaked at 12B litres in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, wine exports contracted slightly to $39.7B in 2022. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 19% against the previous year. As a result, the exports reached the peak of $40.8B, and then shrank slightly in the following year.

Exports By Country

Italy (2.1B litres) and Spain (2.1B litres) represented the largest exporters of wine in 2022, recording approx. 20% and 20% of total exports, respectively. France (1,398M litres) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Chile (7.8%) and Australia (6%). The following exporters - South Africa (433M litres), Germany (355M litres), Portugal (325M litres), New Zealand (296M litres), the United States (278M litres), Argentina (259M litres) and Canada (213M litres) - together made up 20% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Canada (with a CAGR of +23.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest wine supplying countries worldwide were France ($12.9B), Italy ($8.2B) and Spain ($3.2B), with a combined 61% share of global exports. Chile, the United States, Australia, New Zealand, Germany, Portugal, Argentina, South Africa and Canada lagged somewhat behind, together comprising a further 25%.

Canada, with a CAGR of +6.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Wine of fresh grapes (except sparkling wine) was the key exported product with an export of about 9.5B litres, which recorded 89% of total exports. It was distantly followed by sparkling wine (1.1B litres), generating an 11% share of total exports.

Wine of fresh grapes (except sparkling wine) experienced a relatively flat trend pattern with regard to volume of exports. At the same time, sparkling wine (+3.7%) displayed positive paces of growth. Moreover, sparkling wine emerged as the fastest-growing type exported in the world, with a CAGR of +3.7% from 2012-2022. From 2012 to 2022, the share of sparkling wine increased by +3.3 percentage points.

In value terms, wine of fresh grapes (except sparkling wine) ($30.5B) remains the largest type of wine supplied worldwide, comprising 77% of global exports. The second position in the ranking was taken by sparkling wine ($9.2B), with a 23% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of wine of fresh grapes (except sparkling wine) exports stood at +1.1%.

Export Prices By Type

The average wine export price stood at $3.7 per litre in 2022, remaining stable against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2021 an increase of 13% against the previous year. The global export price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was sparkling wine ($8.2 per litre), while the average price for exports of wine of fresh grapes (except sparkling wine) totaled $3.2 per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by wine of fresh grapes (+1.6%).

Export Prices By Country

In 2022, the average wine export price amounted to $3.7 per litre, approximately mirroring the previous year. Over the last decade, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 13%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was France ($9.2 per litre), while Canada ($0.4 per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform