Wine demand & supply lowest in over 60 years: OIV

Global wine consumption is projected to fall to 214 million hectolitres in 2024, a 3.3 percent drop from 2023, according to the International Organisation of Vine and Wine (OIV). If confirmed, it would mark the lowest level since 1961. The decline is linked to economic uncertainty, inflation, and shifting consumer behaviour, especially in mature markets.

Despite the downturn, wine is now consumed in 195 countries, and several large-populated ones still offer untapped growth. Notably, India has shown significant vineyard expansion, with a 4.5 percent annual growth rate since 2019.

Global wine production is also expected to hit a 60-year low at 226 million hectolitres—down 5 percent year-on-year—due to extreme weather tied to climate change. Vineyard area has continued its downward trend, shrinking by 0.6 percent to 7.1 million hectares globally.

Trade volumes held steady at 99.8 million hectolitres, while export value dipped slightly by 0.3 percent to €36 billion. Prices remain elevated, averaging €3.60 per litre, 30 percent higher than pre-pandemic levels.