The global wine market value has increased by 1.2% in the past year, while the value per bottle of wine is also growing, according to a new Compass report from Wine Intelligence. However, a number of wine markets have now matured, while the wine trade is under threat on multiple fronts.
“The good news from Compass 2019 is that more people are paying more money for their wine around the world than ever before,” said Luis Osorio, senior project manager and editor of Compass. “On the other hand, large numbers of wine drinkers are moderating their consumption of wine, perhaps because of health reasons, perhaps because other alcohol categories are taking [a] share.”
Overall, global wine trade is now valued at $204bn, although the total volume of wine decreased slightly. The US remains the world’s most attractive wine market, with consumers willing to trade up in price; growth has slowed, however.
In other markets, China, Australia and Russia are slowing, while Eastern European countries such as Poland, Romania, Hungary and Slovenia are in growth.
“South Korea has also seen a significant increase in attractiveness, making it into the top 10 for the first time,” according to a Wine Intelligence statement.
India’s market is also looking slightly more positive for wine exporters, as wine imports are growing, albeit from a very small base.
“The key uncertainty remains how the global trade picture changes during the next 12 months,” said Osorio. “An escalation of the Trump tariff war and the threat of a disorderly Brexit are known factors, but unquantifiable at the moment given the range of possible outcomes they represent.”
The Global Compass 2019 report can be found here.
Via press release