From 2013 to 2023, the UK wine market experienced fluctuations with notable drops in 2016, 2017, 2018, and 2020, significantly affected by a -17.32% decrease in 2020. Despite this, the market rebounded with a 20.81% year-on-year increase in 2021. The volume stood at 1.257 billion liters in 2023. The 5-year CAGR (Compound Annual Growth Rate) from 2019 to 2023 was 0.8%, signaling modest growth. Forecasted data from 2024 to 2028 predict a steady, albeit marginal, growth rate with a 5-year CAGR of 0.22%, reaching 1.2743 billion liters in 2028.
Future trends to watch for include:
- The potential impact of regulatory changes and consumer health trends on wine consumption.
- Innovations in wine production and distribution methods.
- Shifts in consumer preferences towards sustainable and organic products.
- The influence of economic conditions on discretionary spending on alcoholic beverages.
