Global wine consumption back to 1961, says OIV

Global wine consumption decreased an estimated 3.3 percent in 2024 to 214 million hectolitres, according to the OIV (International Organisation of Vine and Wine).

“If confirmed, this would represent the lowest global consumption level since 1961,” the OIV says in its latest report.

“This is due to an intersection of 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 worldwide.

“It has been also recalled that a number of countries that combine strong overall consumption with very large populations still offer significant growth potential.”

The global vineyard surface area has been decreasing for the past four years.

A contraction of 0.6 percent 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 a dynamic of expansion of their vineyards,” the OIV says.

Global wine production in 2024 was estimated at 226 million hectolitres, the lowest in over 60 years – down five percent compared to 2023.

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

“Despite ongoing declines in both production and consumption, global market equilibrium is expected to hold in 2024, as production is unlikely to exceed demand – continuing the trend seen with the small 2023 harvest.

“Two consecutive years of low output may help stabilise the market, though stock levels are likely to remain uneven across regions.”

The OIV says export volumes held steady at 99.8 million hectolitres.

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

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