Value of Wine to top $207 billion by 2022

Ambrosia|January 2020

Value of Wine to top $207 billion by 2022
Global consumption of still and sparkling wine is forecast to reach $207bn by 2022, for a total volume of 2.7bn nine-litre cases, reveals the latest IWSR Vinexpo report.

The total still and sparkling wine market will grow in volume by 2.15% between 2017 and 2022. Driven by the trend to ‘drink less but better’, value outstripped volume growth across all regions. This is particularly evident in the Americas and Asia-Pacific. While volume and value advances in Europe were more moderate, the region continues to dominate global consumption and value shares at 58% and 50% respectively.

The US continues to inch forward as the world’s most valuable wine market, worth $34.8bn in 2017. France is the second most valuable market at $16.7bn, followed closely by China at third place at $16.5bn.

The Vinexpo/IWSR research predicts that China will overtake France by 2020 as the second most valuable market in the world. By 2022, the Vinexpo/IWSR study predicts that the value of the Chinese market is forecast to hit more than $19.5bn.

The ranking of the top five volume markets remained unchanged in 2017. The US was in the lead at 318m cases, followed by Italy (266m) France (250m), Germany (224m) and China (156m). The world’s leading import markets are Germany, number one at 126.3m cases, followed by the UK at 114m cases. By contrast, the US (79.9m) and China (61m) ranked third and fourth continue to trend positively.

In the run-up to 2022, premium wines (priced at $10.00-$20.00) will be the biggest driver of value growth for still and sparkling wine (+15% between 2017 to 2022). The US and China will be major contributors to this trend.

While red wine dominates global consumption with a 55% share, it is forecast to fall below 54% by 2022. Over the same period consumption of white wine, and particular rosé, are set to rise. Sparkling wine is putting fizz into the global market, especially in Europe which accounts for 65% of volume and 55% of value. World volume of 260.2m cases was worth $28.9bn. By 2022, volume is expected to rise to 281m cases, worth $32.9bn.

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January 2020