The demand for wine in Australia has exhibited significant fluctuations over the past decade. Starting from a decline between 2014 and 2016, it saw a notable recovery in 2017 with a 37.84% increase. However, this was followed by varied performances including a sharp dip of 16.59% in 2020, a strong rebound in 2021 at 20.88%, and stable but modest growth of 0.33% and 0.5% in 2022 and 2023, respectively.
As of 2023, the recorded wine demand stood at 611 thousand metric tons, showing a positive trend with a year-on-year variation of 0.33% and a five-year compound annual growth rate (CAGR) of 0.7%. This indicates a slowly stabilizing market post significant fluctuations.
Looking ahead, the market is forecasted to continue its steady growth, reaching 624.17 thousand metric tons by 2028 with a forecasted five-year CAGR of 0.33% and an overall growth rate of 1.68%. Future trends to watch for include the impact of changing consumer preferences and potential shifts in the regulatory environment, which could influence demand dynamics over the upcoming years.
