The wine market size in the European Union (28) has showcased fluctuations over the past decade. The market stood at 11.79 million metric tons in 2023. Year-on-year variations were notable, with a substantial drop in 2020 and a significant recovery in the following years. The compound annual growth rate (CAGR) from 2019 to 2023 is -0.11%, indicating a slight downward trend. The 5-year forecast CAGR from 2024 to 2028 is -0.06%, suggesting a minor decline in market volume.
Future trends to watch:
- Anticipation of stable but slow decline in market volume.
- Potential influence of changing consumer preferences, such as a shift towards low-alcohol or non-alcoholic wines.
- Impact of economic factors and regulatory changes on wine production and consumption in the European market.
