Experts predict a difficult outlook this year for the global wine industry

Published 2024년 2월 19일

Tridge summary

The wine industry saw a significant decline in 2023, with a 31.9% drop in export value compared to 2022, and a 21% decrease in both value and volume. This is largely due to a global decrease in wine consumption, especially among younger consumers who are opting for lower alcohol or non-alcoholic beverages. The most affected markets include China and Brazil. To mitigate this, the industry is advised to better understand consumer preferences and promote products like non-alcoholic wines.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The wine industry closed a difficult year with a 31.9% drop in the value of exports in 2023 compared to 2022. The co-founder and general manager of Ewine, Andrés Dougnac, estimates that this year will not have a substantial improvement, and warns of a complex scenario for 2024. “The truth is that 2024 looks difficult too. The global wine market is complicated. Its consumption has decreased globally, especially due to new trends, especially among younger people, to opt for products with lower alcohol content or without alcohol. This has hit hard, not only the wine industry, but also the higher alcohol content,” he said. According to data from the Wines of Chile union, the industry faced a 21% drop in both value and volume in 2023. Dougnac explains that the fall was mainly driven by the drop in denomination of origin wines, which fell by 20.9%. While bulk wines fell by 15% and sparkling wines by 5.9%. This has to do with the post-pandemic outlook, which is characterized by lower ...

Source: Portaldelcampo