The wine market in Cape Verde showed stability from 2014 to 2016, with consistent volumes at 4.0 Thousand Metric Tons. A notable increase occurred in 2017 with a 25% year-on-year growth, bringing the volume to 5.0 Thousand Metric Tons, which remained steady through 2019. In 2020, there was a slight decline of 5%, but the market quickly recovered in 2021 with a 5.26% increase. The volume stabilized again at 5.0 Thousand Metric Tons from 2021 to 2023.
Looking ahead, the forecasted period from 2024 to 2028 shows a gradual increase in wine market volume. By 2024, a slight uptick to 5.09 Thousand Metric Tons is expected, progressing to 5.31 Thousand Metric Tons by 2028. The CAGR over the forecast period (2023-2028) is projected at 0.85%, with an overall growth rate of 4.32%.
Trends to watch for:
- Consistency in market volume with incremental growth.
- Impact of external economic factors on consumer purchasing power and wine consumption.
- Potential shifts in consumer preferences and emerging market competitors.
With stable growth projections, the wine market in Cape Verde may see more competitive dynamics and innovation in the coming years.
