Wine consumption in the world in 2024 decreased by 12% compared to the peak level of 2007, according to a report by Knight Frank.
At the same time, “some of the world’s key wine regions were not affected by this decline.”
The vineyards of New Zealand suffered the most. For example, in the Marlborough region, their value fell by 33% last year from a historic high in 2023, said Kurt Lindsay of Bayleys, Knight Frank’s partner company in the local market.
The value of vineyards in the Los Carneros region in California’s Napa Valley fell by 15% in 2024 compared to the previous year, in Australia’s Barossa Valley and France’s Côte du Rhône region – by 10%.
Wine production has decreased by about 20% over the past 20 years, according to Knight Frank. At the same time, many winemakers still have excess stocks, the Financial Times reports.
According to Lindsay, excess stocks in Marlborough, New Zealand, have led to a decrease in the cost of bulk wine (shipped in large containers and bottled at the destination) from 7 New Zealand dollars ($3.9) to 3 dollars per liter.
In Chile, the price of Pais grapes for balloon wine fell to $0.09 per kg last year, which is about half the cost, says Miguel Torres chief winemaker Eduardo Jordan.
At the same time, premium grape-growing areas, including French Champagne, have retained their value, the FT writes.
In the British Essex, the value of vineyards jumped by 20% in 2024, according to Knight Frank.
