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Global Wine Consumption Hits 30-Year Low as Prices Reach Record Highs

Global wine consumption in 2023 has plunged to a 30-year low as inflation drives prices to record highs

Global wine consumption in 2023 has dropped to its lowest level since 1996 due to inflation driving prices to record highs, according to the Paris-based International Organisation of Vine and Wine (OIV). This trend has further strained consumers already grappling with reduced purchasing power.

The OIV estimated that global wine consumption reached 221 million hectolitres in 2023, a 2.6% decrease from 2022 and a 7.5% decline compared to 2018, as reported by Reuters. The report revealed a significant drop in demand in China, with consumption plummeting by 25%.

The OIV has also revised its 2022 wine production estimate down to 237 million hectolitres, the lowest since the 1960s and 10% below 2022 production levels. The reduced output is attributed to adverse weather conditions, early frost, heavy rainfall, drought, and fungal diseases affecting both the northern and southern hemispheres.

Notably, Italy’s production of 38.3 million hectolitres was the lowest since the 1950s, marking a 23% decrease from the previous year. This drop caused Italy to lose its position as the leading wine producer, ceding the title to France.

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