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Report Highlights Future Domestic Wine Challenges

By February 27, 2022Top News

Silicon Valley Bank released its 2022 State of the Wine Industry Report, showing that while premium wine companies led the industry with the best sales growth since 2007, and nearly 30% of wineries described 2021 as their best year in history, the U.S. wine industry as a whole experienced a decline in sales volume. Premium wine sales were positively impacted by several one-time events during reopening in 2021, which will lead to another good year for premium wine in 2022, but at lower growth rates. Attracting “younger, health-conscious, multicultural consumers” to the wine industry, as well as the increased climate impacts from drought, fire, low soil moisture and record low reservoir levels, were named as challenges. The restaurant industry is predicted to continue to decline as a sales channel for wine due to pricing issues and competition from other alcoholic beverages, according to report highlights.

 

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