SPIRITS ON THE RISE – U.S. WINE MARKET
MISSOURI: (STLRestaurant.News) – According to a new report from Shanken News Daily, a daily email news service covering the global spirits, wine and beer business, the U.S. Wine Market is in step to increase by more than 20 million cases by the year 2020. Even in an uncertain global economy with slow growth, we Americans continue to purchase more and more wine. Since 2013, the U.S. has held the title for the world’s #1 wine-consuming nation.
Even so, for the last four years it has been sluggish because of slow economic conditions. Between 2003 and 2008, which was before the last recession, the wine market grew by an average of 3.1 percent annually. Then after solid 3.3 percent growth in 2011, annual volume gains were well under 1 percent in each of the following four years. That didn’t stop consumption though! Intake has increased by over 70 percent in the past two decades, regardless of two recessions in that time span.
According to the latest issue of the U.S. Wine Market: Shanken’s Impact Databank Review and Forecast, the long-term growth run in 2016 is expected to continue, even if it is a modest 1.1 percent projected increase. The market is expected to grow by more than 3.5 million cases this year. And future projections are that the U.S. wine market will continue increasing, reaching over 344 million cases by 2020, for a five-year growth rate of 1.3% annually.
Contributing Editor: Kara Savio