The wine market in South Africa has shown a steady growth in terms of volume, reaching 439.0 thousand metric tons in 2023, marking a modest year-on-year increase of 0.46%. Over the past five years, the Compound Annual Growth Rate (CAGR) was 0.091%, indicating gradual growth. The significant dip in 2020, attributed to the COVID-19 pandemic, was followed by a strong recovery in 2021 with a 20.76% increase. Though growth rates have been fluctuating, the overall long-term trend shows resilience and slow positive movement.
Future trends to watch for:
- Continued gradual growth is expected with forecasted volumes reaching 444.77 thousand metric tons by 2028.
- Emerging consumer preferences for premium and organic wine options could drive market dynamics.
- External factors such as climate change and regulatory changes impacting production may introduce variability.