GLOBAL: US set to be world's largest wine market by 2010 - research
The US is on course to be the world's biggest wine consumer by 2010, as consumption continues to grow ahead of the global average, according to new research.
Americans consumed 3.2% more wine in 2007 than in 2006, drinking 292m nine-litre cases, according to the Beverage Information Group's 2008 Wine Handbook. Value sales also hit a record US$27.9bn, it says.
Many market observers believe the US will overtake Old World countries to become the world's largest wine market, but there is disagreement over when.
"If wine continues to grow at these levels, the US will surpass both Italy and France to become both the largest wine market and biggest wine importer in the world by the end of the decade," Eric Schmidt, information services manager at BIG, said on 22 August.
Wine sales growth in the US remained well ahead of the global average in 2007, despite the beginnings of an economic slowdown. Worldwide wine consumption grew at just 0.5% in volume terms last year, according to figures from US-based market research body Impact Databank, owned by the parent firm of Wine Spectator magazine.
International wine body OIV, based in Paris, estimated in June that global wine consumption in 2007 had risen by just over 1% to 241m hectolitres. Data by continent was not yet available, it said.
Among the trends in the US wine market, BIG's Wine Handbook says boxed wine is "experiencing a resurgence as it's now being used for premium and super-premium wines in addition to traditional bulk wines of lesser quality". Target's Wine Cube, produced by Trinchero Family Estates, and the super-premium Black Box Wines from Constellation Wines were cited as prime examples.
It is now more than a year and a half since Troy Christensen took the helm at Constellation Europe, the European division of the world's biggest wine company. Given the current state of the European m...
Constellation Brands posted a 30% drop in third-quarter net income this week and lowered its profit outlook, hit by the effects of the global downturn on its major markets. Michelle Russell assesses r...
The best laid plans, as they say, can go awry. However, for Chris Losh, the Australian wine industry's Direction to 2025 plan has not only been overtaken by events in the country's main markets but wa...
A Christmas surge helped E&J Gallo's UK grow its core wine portfolio by 0.4% in volume and 2.4% in value last year, but pressure is growing from tax rises and recession....
The top ten stories published on just-drinks this week....
Constellation Europe has officially opened its European bottling and warehousing hub in the UK, intended to increase efficiency and cut carbon emissions....
Cecchetti Racke has hired two sales directors to join its US sales force....
Constellation Brands is set to target "cleaning up" its portfolio going forward....
- Why did Mast-Jägermeister buy Sidney Frank?
- Why consumers don't care about vodka's provenance
- Pernod Ricard's FY Performance by Region, Brand
- Japan follows in Scotch whisky's footsteps
- Brown-Forman's Q1 Performance by Region, Brand
- Diageo launches glass Bulleit & Cola bottles
- Pernod Ricard "in line" after full-year results
- Pernod Ricard releases social medial guide
- Bruno Mars rum rolls out across US
- Brown-Forman CEO unfazed by FX headwinds
- Global gin insights - market data, product innovation and consumer trends research
- Future growth opportunities for global spirits
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research