The spike in wine prices hit consumption, boosting export values to the highest levels

26-Apr-2023 - France

The year 2022 was marked by high inflation and global supply chain disruptions. In such context, many markets saw significant increases in wine prices which lead to a slight decrease in volumes consumed worldwide. The overall value of global wine exports is the highest ever recorded.

Surface

The world vineyard surface area is estimated to be 7.3 mha in 2022, only marginally lower compared to 2021 (-0.4%). The surface area of the world vineyard seems to have stabilised since 2017. The current stabilisation, however, hides heterogeneous evolutions in the main vine growing countries

Production

World wine production in 2022 is estimated at 258 mhl, marking a slight decrease of 1% compared to 2021. This is due to higher-than-expected harvest volume in Europe, despite the drought and heat waves during spring and summer, and average production level recorded in the Southern Hemisphere

Consumption

World wine consumption in 2022 is estimated at 232 mhl, marking a decrease of 2 mhl compared to 2021. The war in Ukraine and the associated energy crisis, together with the global supply chain disruptions, lead to a spike in costs in production and distribution. This resulted in significant increases in wine prices for the consumers. In such a context, wine consumption behaviours at country level have been quite heterogenous across geographical regions

Exports

Wine exports in 2022 were severely impacted by high inflation and global supply chain disruptions that led to significant slowdown of sea freight. This combination of events resulted in an overall lower volume of wine exported at a much higher average price (+15% compared to 2021), with global wine exports value estimated at 37.6 bn EUR, the highest figure ever recorded

https://www.yumda.com/en/news/1180293/the-spike-in-wine-prices-hit-consumption-boosting-export-values-to-the-highest-levels.html