Key Findings & One Bright Spot in the 2024 State of the US Wine Industry Report
“2023 will mark the third year of negative volume growth for the wine category and the first time in 45 years that the spirits market will surpass the wine market in total volume sales.” — Silicon Valley Bank State of the US Wine Industry 2024
In the ever-evolving wine industry landscape, the Silicon Valley Bank’s 2024 State of the Wine Industry Report by Rob McMillan, Executive Vice President of Silicon Valley Bank, offers an insightful view into the complexities of the market and is widely recognized as one of the most influential analyses of its kind. The comprehensive presentation not only deciphers current trends but also offers predictions that could shape the future of winemaking and wine marketing.
Among a challenging overall environment, one bright spot is for small wineries with premium brands, particularly in California.
General Industry Findings
Shifting Consumer Demographics
The Wine Market Council’s Consumer Research in 2022 reveals a shifting demographic landscape. Core wine drinkers, who enjoy wine…