The International Organisation of Vine and Wine (OIV) revealed that the global trade in wine hit an all-time high in value last year. However, this increase was accompanied by a notable decrease in volumes due to substantial price hikes in the industry.
According to data released by the OIV on April 20th, global wine exports in 2022 were estimated to be worth €37.6bn ($41.24bn), representing a 9% increase from the previous year. The rise in export value was attributed to a 15% increase in average prices, as reported by the organisation.
Despite the surge in wine export value, inflation and a notable deceleration in sea freight had a negative impact on shipments, resulting in a 5% decline in volumes year on year to 107m hectolitres.
The OIV reported that global wine production was estimated to be 258m hectolitres in 2022, indicating a 1% decrease from the previous year. The EU’s wine production, on the other hand, reached 161.1m hectolitres, which is a 4% increase from 2021 and consistent with the average production of the last five years, as stated by the OIV.
The US saw a 7% decrease in production, with an output of 22.4m hectolitres. In addition, Argentina, Chile, and South Africa experienced drops in production of 8%, 7%, and 6%, respectively.
Australia’s wine production witnessed a 14% decline, but this figure was in line with the five-year average, according to the organisation. On the other hand, New Zealand’s wine production soared by 44%, reaching a record high of 3.8m hectolitres, as reported by the organisation.
In contrast, global wine consumption was estimated to be around 232m hectolitres, which is 2m hectolitres less than the previous year, primarily due to increasing prices.
“In such a context, wine consumption behaviours at the national level have been quite diverse across geographical regions,” the OIV said.
According to estimates, the total surface area of vineyards worldwide was approximately 7.3m hectares in 2022, indicating a slight decrease of 0.4% from 2021.
“The surface area of the world vineyard seems to have stabilised since 2017,” the organisation noted.
In the past few weeks, various countries have released their national export figures. An analysis of data from Istat by the Italian farmers’ organisation Coldiretti revealed earlier this month that wine exports from Italy increased by 10% in 2022, primarily driven by demand for sparkling wines.
According to the country’s industry association, although the volume of wine exports fell year on year, Austria’s wine industry experienced a record in export revenues in 2022.
