Global wine production and consumption reach historic low

Global wine production and consumption fell to their lowest levels in over 60 years in 2024.

The International Vine and Wine Organisation (OIV) released statistics on production, consumption and trade from all producing and consuming nations (more than 180) in 2024.

Global wine production was estimated at 226 million hectolitres (mhl), the lowest in over 60 years, down 5% compared to 2023.

This was largely due to unpredictable and extreme weather events in both Northern and Southern Hemispheres caused by climate change.

Global wine consumption was estimated at 214 mhl, a 3.3% decrease compared to 2023.

If confirmed, this would represent the lowest global consumption level since 1961.

This is due to economic and geopolitical factors generating inflation and creating uncertainty, as well as a decline in mature markets shaped by evolving lifestyle preferences, shifting social habits and generational changes in consumer behaviour.

However, across 195 countries, wine has never been so widely consumed globally.

Also, countries that combine strong overall consumption with large populations still offer growth potential.

Despite ongoing declines in both production and consumption, global market equilibrium is expected to hold, as production is unlikely to exceed demand.

The OIV said two consecutive years of low output may help stabilise the market, though stock levels are likely to remain uneven across regions.

Furthermore, export volumes held steady at 99.8 mhl.

Export value slightly declined by 0.3% to €36 billion, but remains at a historically high average export price of 3.60 €/litre.

Inflation and low supply continue to keep prices high compared to pre-pandemic years (almost 30% above).

In addition, the global vineyard surface area has been decreasing for the past four years.

A contraction of 0.6% to 7.1 million hectares in 2024 showed a slower rate of decrease.

The downward trend is driven by vineyard removals across major vine growing regions, but a few countries are showing an expansion of their vineyards.

The full report from the OIV is available here.