Australian wine sector sees signs of adjustment, but red stocks remain high

Published 2024년 12월 11일

Tridge summary

Australian wine sales surpassed production for the second year in a row, with total sales reaching 1.08 billion liters and production at 1.01 billion liters in the 2023-24 financial year. This is due to small vintages, seasonal factors, and economic conditions that have led to a decrease in production by 16% from the 10-year average. Despite these challenges, white wine production increased by 20%, resulting in a 51% share of total production, the first time since 2012. However, red wine sales grew by 4% due to exports to China, which resumed after tariff removal. The stock-to-sales ratio for white wine has decreased to below its 10-year average, while that for red wine remains high. The global wine market outlook is grim, with consumption expected to decline due to economic constraints and increased competition.

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

Original content

Total sales of Australian wine exceeded production for the second year in a row, following successive small vintages, according to the Australian Wine Production, Sales and Inventory Report 2024 released today by Wine Australia. Wine production was just over 1 billion litres (116 million 9-litre case equivalents), an 8 per cent increase compared with 2022–23 but still the second-smallest reported production in 17 years, and 16 per cent below the 10-year average of 1.24 billion litres. Peter Bailey, Manager, Market Insights at Wine Australia said that the below-average production from the small 2024 vintage was the result of a combination of seasonal factors and economic and market conditions. “This was another difficult season in many regions, with heavy rainfall and flooding, widespread windy conditions affecting flowering, and dry spring weather leading to cold nights and the potential for frost damage,” Mr Bailey said. “However, the result has also stemmed from deliberate ...

Source: WineAustralia