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Global Wine Consumption Falls to 30-Year Low Amid Record-High Prices

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Global wine consumption in 2023 has reached its lowest point since 1996 due to inflation driving prices to unprecedented highs, reported the Paris-based International Organisation of Vine and Wine (OIV). These rising prices have strained consumers who are already facing reduced purchasing power.

The OIV estimated that global wine consumption totaled 221 million hectolitres in 2023, a 2.6% decline from 2022 and a 7.5% drop compared to 2018. The demand drop was particularly significant in China, where consumption fell by 25%.

OIV revised its 2022 wine production estimate down to 237 million hectolitres, marking a 10% decline from 2022 levels and the lowest output since the 1960s. This decrease is attributed to adverse weather, early frost, heavy rain, drought, and fungal diseases affecting vineyards in both hemispheres.

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Italy’s wine production of 38.3 million hectolitres, the lowest since the 1950s, represented a 23% drop from the previous year, causing the country to relinquish its title as the world’s leading wine producer to France.

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