Key Market Indicators
**Cypriot Wine Market: Modest Growth in Revenue, Consumption, and Decline in Production Forecasted by 2028** The Cypriot wine industry is projected to see a modest increase in revenue, reaching approximately €37 million by 2028, up from €33 million in 2023. This marks an average annual growth rate of 1.6%. Over the past decade, the market has experienced a steady rise of 6.1% year on year. As of 2023, Cyprus was ranked 15th in the global market, with Serbia overtaking it at €33 million. Leading the rankings are Italy, Spain, and Germany, occupying the second, third, and fourth positions respectively. In terms of consumption, Cypriot wine intake is expected to grow slightly, with forecasts indicating a rise to 19,300 metric tons by 2028 from 19,000 metric tons in 2023. This represents a modest annual growth rate of 0.3%. Since 2019, demand in Cyprus has remained relatively stable. In 2023, Cyprus ranked 55th globally, with Cuba just ahead at 19,000 metric tons. The top consumers are France, the United States, and Italy, ranked second, third, and fourth respectively. However, the outlook for Cypriot wine production is less optimistic. Production is anticipated to drop significantly to 5,500 metric tons by 2028 from 8,680 metric tons in 2023, reflecting a compound annual growth rate (CAGR) decline of 7.2%. Since 1966, the supply has decreased by 9.4% annually. In 2023, Cyprus was ranked 47th, with Armenia surpassing it at 8,680 metric tons. France, Spain, and the United States held the second, third, and fourth positions in production. This mixed outlook suggests that while revenue and consumption exhibit steady growth, production is facing a significant decrease, posing challenges for the Cypriot wine industry in the coming years.
