World: State of the wine market in August 2024

At the Wine Industry Update 2024, Wine Australia’s Manager, Market Insights Peter Bailey provided a state of the wine market update. This market bulletin provides detail from the presentation, reviewing the major trends in the global wine market and how these are impacting Australia’s supply and demand situation. It then looks forward, examining where the opportunities for Australian wine to rebound may be in the future. Long-term decline in global wine consumption per capita The global alcoholic drinks market, including wine, has been in a downward phase over the past decade. Per capita consumption has been declining as people have been moderating their alcohol intake primarily due to health and wellness concerns and more recently in response to cost-of-living pressures as many prioritise spending on essentials over alcoholic drinks. Wine consumption has declined at a much faster rate than other alcoholic drinks in recent years. Figure 1 shows the consumption of wine (the green ...