World Wine Consumption Slump

World wine consumption dropped to a 27-year low, according to International Organisation of Vine and Wine. In 2023 inflation pushed up prices and eroded household budgets, prompting consumers to buy fewer bottles. Total consumption was down 2.6%. That’s equivalent to an estimated 800 million fewer bottles being uncorked globally, led by the US, France and China.

Meanwhile, global wine production fell 9.6% in 2023. The vintage is the smallest since 1961 after ‘extreme’ weather slashed grape harvests around the planet.

Sparkling wines such as Champagne and Prosecco were the bright spot in 2023 and have seen ‘incredible growth’, with production and consumption tripling since 2002. 

First estimates for Southern Hemisphere wine production in 2024, indicate that it may rise around 5%, based on early data. Favourable growing conditions have been reported in Australia and Argentina. 

Let's hope our growing season shows similar promise.