The year of resilience for the world wine sector

Published 2021년 5월 21일

Tridge summary

The 2020 wine industry faced significant challenges due to the pandemic, with a 3% drop in wine consumption and production nearly reaching the average of the previous year. The International Organization of Vine and Wine (OIV) reported a decrease in consumption to about 234 million hectoliters, compared to production of 260 million hectoliters. The decline in consumption in 2020 was similar to that observed during the 2008-2009 global economic-financial crisis, but the recovery is expected to be faster. China has become the main driver of the reduction in consumption levels, revising its estimated wine consumption. Despite the uncertain 2020, the wine sector's performance was not disappointing compared to other basic products.

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

Original content

The year 2020 will go down in history in the world of wine as the year of resilience and was so aptly described by the International Organization of Vine and Wine (OIV). Endure, resist, endure ... is what the wine sector did and continues to do in our country in the face of the limiting and restrictive measures adopted to stop the expansion of Covid-19 in the Hospitality and Restoration (Horeca) channel, which represents at least in our country around 60% of all consumer demand, and in international travel and tourism, when Spain is one of the main destinations in the world (in 2019 83.7 million people arrived here, a record, and 92,337 million euros were spent, in 2020 they fell by 77.3%, to just 19 million, with an expenditure of 19,740 million euros, 78.5% less, according to the INE and Mincotur). It was and continues to be in 2021 one of the productive sectors most affected by the pandemic, as consumer demand declines due to restrictions, and the European Commission denies ...

Source: Qcom.es