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Global Wine Trends Outlined in IWSR Report

By February 27, 2021Top News

With the downturn of on-trade damage to travel and tourism and a weakened economy driving what IWSR estimates is a -9.7% volume and -9.5% value decline for the market in 2020, global wine consumption was “severely affected” by COVID-19. Although the recovery will be fragmented, consumption is expected to bounce back in 2021, IWSR said in a news release. Globally, still wine volume is forecast to remain short of pre-COVID-19 levels by 2024, while sparkling wine is predicted to experience growth and stability, with “parity” likely to be restored by 2023. Despite the difficulties facing still wine, the total wine category is expected to experience growth between 2020 and 2024, with volume CAGR up 1.8% and value CAGR up 2.4%. Key trends stemming from the COVID-19 pandemic will shape the global wine market, presenting a number of opportunities for growth, including e-commerce and digital engagement; new and large-format packaging; a broader range of occasions for discovery of brands; health and sustainability as drivers of the organic, biodynamic and low-intervention wine; and no- and low-alcohol products.

 

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