Global Wine Trade Hits Record-High Value But Volumes Fall: OIV

By Reuters
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Global Wine Trade Hits Record-High Value But Volumes Fall: OIV

The global wine trade reached record-high value last year, supported by a sharp rise in prices, but the amount of wine sold fell due to weaker demand and logistical problems, an industry body said.

The International Organisation for Vine and Wine (OIV) said that global wine exports in 2022 stood at €37.6 billion ($41.22 billion) as export prices rose 15% on average compared to 2021.

Global wine consumption fell 1% to 232 million hectolitres (mhl).

'The war in Ukraine and the associated energy crisis, together with the global supply chain disruptions, lead to a spike in costs in production and distribution,' the OIV said in a statement posted on its website.

Read More: Climate Change, Russia-Ukraine War Hit Global Wine Industry: OIV


Wine Exports

Wine exports in 2022 were severely impacted by high inflation and global supply chain problems that led to a significant slowdown of sea freight, it added.

In terms of output the OIV slightly lowered its estimate for 2022 wine production to 258 mhl from its initial estimate of 259.9 mhl released last October, still about 1% below the previous year's output.

Elsewhere, an analysis of the latest data from Istat by the Italian farmers association, Coldiretti, showed that Italian wine sales set a new record to reach nearly €14 billion in 2022.

French wine and spirit exports rose 11% last year to hit a new record, mainly boosted by a rise in prices, and the trend should last this year as Chinese consumers return to restaurants and resume travel, industry group FEVS said.

News by Reuters, edited by ESM – your source for the latest drinks news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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