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BMO 2024 Wine Market Report Overview
Explore the key insights from the 2024 BMO Wine Market Report, offering an in-depth analysis of the US wine industry's current trends and opportunities. Compiled with insights from BMO Wine & Spirits Group, WineBusiness Analytics, and the Wine Market Council, the report uncovers vital shifts in consumer behavior and market dynamics.
Key Highlights:
- Market Adjustment: 10% decline in wine market volume from 2022 to 2023, driven by destocking post-pandemic.
- Premiumization: Consumer spending remains stable, with a shift toward higher-priced wines (above $10 per bottle).
- Value Segment Decline: Wines priced below $10 face competition from other alcoholic beverages.
- Innovation Needed: Emphasized importance of innovation to attract new consumers.
- DTC Growth: Direct-to-consumer sales are a growing focus for smaller wineries.
