From 2014 to 2023, the demand for wine in Angola saw a significant decline. In 2014, the volume stood at 69.0 thousand metric tons, declining to 38.0 thousand metric tons in 2023. This represents a substantial drop, primarily attributed to various economic factors and fluctuating consumer preferences.
Year-on-year variations reveal notable fluctuations, with a substantial dip of 15.94% in 2015 and an even more significant drop of 20.69% in 2016. There was a slight recovery in demand in 2018 with a 9.09% increase. However, the following years continued to show a downward trend, punctuated by a 20.69% drop in 2020. By 2023, the demand had decreased by 5% compared to the previous year.
The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) stands at -4.56%, illustrating consistent decline. The future outlook to 2028 forecasts a further reduction, highlighting a projected CAGR of -3.97% and an overall decline of 18.32%.
Future trends to watch for include potential economic recovery, shifts in consumer behavior towards other alcoholic beverages, and the impact of government policies on alcohol consumption. The wine market's revival could hinge on these factors, along with potential new marketing strategies and product innovations.
