Wine Consumption Decreases Amidst Rising Prices and Shifts in Global Market Trends

Due to rising consumer prices, wine consumption has decreased significantly. This decline in global wine consumption was reported by the International Wine and Vine Office (OIV), which estimates that 221 million hectoliters of wine were consumed worldwide last year, equivalent to 133 bottles of wine.

According to the OIV, wine consumption dropped by 2.6% last year compared to 2022, primarily attributed to increased consumer prices driven by rising production and distribution costs. Geopolitical tensions, energy crises, disruptions in global supply chains all contributed to the price increase.

China saw a significant decrease in wine consumption last year due to factors such as COVID-19 pandemic and rising wine prices. The country’s wine consumption had initially surged at the beginning of the millennium but has been on a downward trend over the past five years.

Last year, global wine production fell to its lowest level in over 60 years due to poor weather conditions like early frosts, heavy rains, drought and widespread fungal diseases in both hemispheres. Italy produced 38.3 million hectoliters of wine last year, a decrease of 23% from the previous year despite being a major wine-producing country. France took the lead as the largest wine producer last year.

The OIV is a multinational organization with headquarters in Paris consisting of fifty member states except for Finland which withdrew from it in 2015