European countries create some of the world's most sought after wines. Nevertheless, the industry is currently experiencing some distress, facing headwinds from rising costs and changes in the drinking habits of consumers at home and abroad. The leading countries in Europe for wine are also some of the leaders in global production so their status affects the market as a whole. In 2023, the
reached nearly 75 billion U.S. dollars and is expected to remain largely flat in the coming years.
Old world is the heart of production
Italy, France and Spain topped the world’s
leading countries in wine production in 2023. These three countries also accounted for a significant share of the
global vineyard surface area. Beyond just the Mediterranean climate which is ideal for wine production, the region has deep cultural ties to winemaking, making it no surprise that they top the list. Other market leaders in wine production on the European continent include Germany and Portugal. Germany was the fourth largest
producer of wine in Europe, with eight million hectoliters of wine produced in 2022. EU wine stocks for the marketing year ended in July 2023 grew by nearly three percent compared to the previous year.
Trade slows
European countries were not only among the leading wine-producing countries worldwide, but
lead the world's wine exports as well. Nearly 12 billion euros worth of French wine was exported to the rest of the world in 2023, making France the top exporter based on value that year.
European imports of wine began declining in 2021 and dropped sharply in 2022 and even more so in 2023.
European wine exports, which had seemed comparatively stable, also saw a steep decline of 22.6 percent in 2023. Wine makers have been hard hit not only by rising prices affecting their production costs but by a reduction in demand as consumers reduce their discretionary spending, and place more consideration on the health effects of alcohol. With
stocks of wine stable but trade down, the European Commission has adopted new temporary market measures to reduce the supply of wine in the most affected markets, allowing excess wine to be distilled for non-food purposes.
Consumption declines
France had the highest
wine-consuming population among its European peers, and the second largest
wine consumption globally after the United States. The French consumed approximately 24.4 million hectoliters of wine in 2023, just ahead of Italians, whose wine consumption volume reached roughly 22 million hectoliters that year.
Wine consumption has declined, in some cases drastically, in Europe's leading wine markets. In Portugal, for instance, consumption declined by 34 percent in 2023. This may be a short term inflation trend that the industry can weather with the help of the European Commission but it may also be a signal of declining interest in wine and alcohol more generally among consumers.
Non-alcoholic replacements in all alcoholic drink segments are forecast to grow considerably in the coming years.
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