The African wine market has experienced fluctuations in demand over the past decade, starting from 1000 thousand metric tons in 2014 and gradually declining to 954 thousand metric tons by 2023. The demand saw significant drops in certain years, such as in 2015 and 2016, with slight recoveries and further declines observed in subsequent years. Notably, there was an increase in demand by 8.08% in 2017, and a modest rise in 2018. However, the overall trend from 2019 to 2023 shows a declining pattern with a CAGR of -0.48%.
For future trends:
- The forecasted CAGR for the next five years (2024-2028) is -0.13%, indicating a slight but ongoing decline in demand.
- Factors to watch for include economic conditions, changes in consumer preferences, and potential increases in local production which may influence the demand dynamics.
- Monitoring potential growth in tourism and upscale wine tourism may offer opportunities in niche markets despite the overall declining trend.
