Key Market Indicators
**Portuguese Wine Revenue to Hit €2 Billion by 2028** Portugal's wine revenue is forecasted to reach approximately €2 billion by 2028, up from around €1.9 billion in 2023. This represents a compound annual growth rate (CAGR) of 1.5%. Over the past decade, the Portuguese market has grown by an average of 1.7% annually. In 2023, Portugal ranked fifth in wine revenue, with Germany surpassing it by matching Portugal's €1.9 billion mark. Italy, Spain, and Germany occupied the second, third, and fourth positions, respectively. **Steady Wine Consumption in Portugal** Portuguese wine consumption is projected to slightly increase to 436,000 metric tons by 2028, from 434,000 metric tons in 2023, with a marginal CAGR of 0.1%. Since 2019, domestic demand has seen a slight decline of 0.1% per year. In 2023, Portugal was the 11th largest consumer of wine, with South Africa narrowly ahead at 434,000 metric tons. France, the United States, and Italy were the second, third, and fourth largest consumers, respectively. **Decline in Portuguese Wine Production** Portugal's wine production is expected to decrease to 567,000 metric tons by 2028, down from 591,000 metric tons in 2023, reflecting an average annual decline of 0.6%. Since 1966, production has shown a slight increase of 0.1% per year. In 2023, Portugal ranked 10th in wine production, with South Africa taking the lead at 591,000 metric tons. France, Spain, and the United States held the second, third, and fourth positions, respectively.
