Global wine consumption in 2024 is estimated by the Organisation of Vine & Wine (OIV) to have reached 214.2 million hectolitres, down 3.3% versus 2023 and the lowest level since 1961. In its recently-published 2024 industry report, the OIV attributed the decline in consumption – which has “followed a relatively steady trajectory since 2018” – to significantly reduced Chinese demand and the post-pandemic inflation surge which, although having cooled since 2023, still restricts consumer purchasing power to this day. Elevated input costs have made it harder for wine to compete against alternative beverages able to charge a lower price per unit of alcohol. 

The OIV estimated global production in 2024 at 225.8 million hectolitres, 4.8% down versus 2023 and, again, the lowest level since 1961. This is attributable to climactic conditions but also market adjustments, as vineyards get mothballed or pulled out altogether in response to low winegrape demand. Global vineyard area has seen a gradual decline, from 7.37 million hectares in 2019 to 7.09 million in 2024. While this should help better balance supply with demand, smaller harvests tend to lead to higher grape prices and – in turn – wine prices, exacerbating wine’s struggling competitiveness in the alcohol aisle. 

According to the OIV statistics, in the past three years only Spain and South Africa of the major wine-consuming nations have seen noteworthy consumption upticks, at least partly thanks to the robust price-competitiveness of wine in those markets. Growth towards historically high levels in South Africa was powered by entry-level bag-in-box wines, although volumes did unwind slightly (-2.8%) in 2024 as cost pressures on consumers rose. The recent rise in consumption there suggests growth potential – as yet largely untapped – in Africa more broadly. 

April and early May were noticeably slow on the bulk market throughout the world, as the US import tariff announcements and resulting economic anxiety inhibited already-hesitant buying activity. The market lethargy was reminiscent of 2023, which felt like a very slow year before the cumulative impact of two years of shorter crops helped give the market more of its normal ebbs and flows in 2024. Australia has been receiving good enquiry levels following the completion of its 2025 harvest, but activity in Chile and Spain has recently been subdued, partly due to pricing levels as well as the slow-sales fundamental. 

From a buyer’s perspective, opportunities persist on a range of high-quality wines selling at softened prices, including southern French IPG varietals, pale Provencal rosés, Argentinian Malbec, Coastal Californian wines, and New Zealand Sauvignon Blanc. Around the world, generic wine inventory is being supplemented with declassified varietal wines in an attempt to move them on – more a reflection of where buyer price expectations are currently perceived to be, rather than a consumer trend towards entry-level categories. 

While making such a move can be unsustainable for the supplier longer term, it does mean that – overall – the price-quality of the global bulk wine offer is currently very advantageous to the buyer and, in turn, consumer. Don’t hesitate to reach out to the Ciatti team for the latest buying and selling opportunities; in the meantime, read on for updates from each market.

Read the full report 

Bulk Wine Grape Market