IWSR Vinexpo report details three years of wine growth
A new report has predicted the global consumption of still and sparkling wine will reach $207bn in value by 2022, with volumes set to hit 2.7bn nine-litre cases.
According to the IWSR Vinexpo report the total still and sparkling wine market will grow in volume by 2.15 per cent between 2017 and 2022.
The report says: “Driven by the trend to ‘drink less but better’, value outstripped volume growth across all regions. This is particularly evident in the Americas and Asia-Pacific. While volume and value advances in Europe were more moderate, the region continues to dominate global consumption and value shares at 58 per cent and 50 per cent respectively.
“The US continues to inch forward as the world’s most valuable wine market, worth $34.8bn in 2017. France is the second most valuable market at $16.7bn, followed closely by China at third place at $16.5bn.”
Research by Vinexpo and IWSR also predicts that China’s growth will continue at a pace that will see it overtake France as the world’s second most valuable wine market by 2020. The study predicts that by 2022 the value of the Chinese wine market will be more than $19.5bn.
The report also detailed which were the top five wine volume markets in 2017, and that they have remained unchanged from the previous year:
- The United States – 318m cases
- Italy – 266m cases
- France – 250m cases
- Germany 224m cases
- China 156m cases
Germany was the world’s leading import market, bringing in 126.3m cases, followed by the UK at 114m. The US was the third largest importer at 79.9m cases and China ranked fourth at 61m, with both of those markets continuing to trend positively.
The report added: “In the run-up to 2022, premium wines (priced at $10.00-$20.00) will be the biggest driver of value growth for still and sparkling wine (+15 per cent between 2017 to 2022). The US and China will be major contributors to this trend.
“While red wine dominates global consumption with a 55 per cent share, it is forecast to fall below 54 per cent by 2022. Over the same period consumption of white wine, and particular rosé, are set to rise.
“Sparkling wine is putting fizz into the global market, especially in Europe which accounts for 65 per cent of volume and 55 per cent of value. World volume of 260.2m cases was worth $28.9bn. By 2022, volume is expected to rise to 281m cases, worth $32.9bn.”
The report also highlighted that the global premiumisation trend looks set to continue, with all premium-plus categories, except vodka, forecast to grow over the next five years.