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U.S. Wine Demand Report Forecasts Gains Through 2024

By February 24, 2020Top News

U.S. wine demand is forecasted to increase 1% yearly in volume terms through 2024, according to “Wine: United States,” a report recently released by Freedonia Focus Reports. Gains will be supported by growth in disposable personal income levels and a consumer trend in alcoholic beverages toward premium products, such as wine, and away from beer. Demographics will also play a role, in that millennials drink wine more casually than baby boomers and join wine clubs and frequent wine bars in high numbers. Increasing adoption of single-serving canned wine will reinforce casual consumption among millennials, but baby boomers will remain the prime market and their affluence will continue to drive demand for higher-value product. As baby boomers drop out of the wine market, growth in wine consumption will slow on the relatively low levels of disposable income among millennials, as well as increasing competition from distilled spirits and cocktails.

 

 

 

 

 

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