The consumption of wine has decreased significantly due to a rise in consumer prices, according to the International Wine and Vine Office. Last year, global wine consumption hit a 27-year low due to rapid inflation. The OIV estimates that 221 million hectoliters of wine were consumed worldwide, which is approximately equivalent to 133 bottles of wine.
Research from the International Wine and Vine Office shows that wine consumption dropped by 2.6 percent last year compared to 2022, which was already at a low level. This decline was primarily attributed to the increased consumer price of wine, driven by rising production and distribution costs. Geopolitical tensions, the energy crisis, disruptions in the global economy’s supply chains, all contributed to the price hike.
China saw a significant 25 percent decrease in wine consumption last year. The country’s wine consumption had initially surged at the beginning of the millennium but has been on a downward trend over the past five years due to factors such as the COVID-19 pandemic and rising wine prices.
The wine association reported that global wine production also fell to its lowest level in over 60 years. Last year, an estimated 237 million hectoliters of wine were produced, a ten percent decrease from 2022. Poor weather conditions like early frosts, heavy rains, drought, and widespread fungal diseases in both the northern and southern hemispheres were cited as contributing factors.
Italy, a major wine-producing country, saw its wine production drop to the lowest level since 1950. The country produced 38.3 million hectoliters of wine last year, a 23 percent decrease from the previous year. France took the lead as the largest wine producer, surpassing Italy in production volume.
The OIV, a multinational organization with headquarters in Paris, consists of fifty member states. Finland withdrew from the organization in 2015.