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Soaring wine prices hit consumption

OIV: Global wine exports make record at €37.6 billion but consumption drops 1 percent

World wine trade reached a record high last year, supported by a sharp increase in prices. The good news is balanced by less good news, namely that the amount of wine sold declined due to weakening demand and logistical problems. This was stated by The International organization for vine and wine (Oiv), according to which world wine production in 2022 is estimated at 258 million hectoliters, a slight decrease of 1 percent from 2021. This is due, experts say, "to a higher -than-expected harvest volume in Europe, despite drought and heat waves in the spring and summer, and the average level of production recorded in the southern hemisphere". However, the figure remains lower than the OIV's own initial estimate last October of 259.9 million hectoliters.

Global exports in 2022 stood at 37.6 billion euros, with an average export price increase of 15 percent compared to 2021. Global wine consumption also fell 1 percent to 232 million hectoliters with a drop of 2 million hectoliters, according to the OIV. "The war in Ukraine and the associated energy crisis, together with disruptions in the global supply chain, have caused a surge in production and distribution costs: this has led to a significant increase in wine prices," the OIV also said in a statement.

Wine exports were severely impacted last year by high inflation and global supply chain problems that led to a significant slowdown in sea transport, the OIV added.

The world vineyard area is estimated at 7.3 million hectares in 2022, only marginally lower than in 2021 (-0.4 percent). The global vineyard area seems to have stabilized since 2017, a stabilization that, however, the OIV argues, "hides heterogeneous evolutions in the main vine-producing countries".

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EFA News - European Food Agency