Wine trends 2024
Three stand out — the continuing decline in demand, even more consolidation, and the Neo-Prohibitionist assault on moderate drinking
This is the second of two parts looking at wine prices and wine trends in 2024. Part II: Wine trends 2024. Part I: Wine prices 2024.
Writing this post was easy; in fact, almost anyone paying attention to the wine business could write it. Which doesn’t mean there is any good news — far from it, in fact.
In 2024, wine will revolve around three things:
• The continuing decline in demand. How bad do the numbers look? Even those who have used rose colored glasses are becoming more glum, and those who see clearly pull no punches: “I do not anticipate a return to outright growth in wine consumption anytime soon because of longer-term shifts in consumer behavior and demographics.” Throw in a larger than expected 2023 California harvest, and we have more wine chasing ever fewer wine drinkers.
• Even more consolidation, as producers big — and not quite so big — try to gain a bigger share of a pie that keeps getting smaller. One analyst told me that middle-tier companies, those who rank among the middle 50 of the 100 biggest U.S. producers, are mostly likely to make acquisitions. Currently, the 100 biggest producers account for 90 percent of the wine made in the U.S.; how much bigger will their share get?
• The Neo-Prohibitionist assault on moderate drinking. Prohibition didn’t work; nevertheless, we’re going to see repeated calls, more “scientific” studies, and all the rest. The latest? That certain traits for what’s called “problematic alcohol use” are linked to genetics. Though, of course, I wasn’t aware this was an especially new finding, and it’s also fascinating that the story in the link doesn’t define “problematic alcohol use.” Could that mean any alcohol use?