Wine Industry Struggles: Sales Plummet, Brands Fold

0:00Global wine consumption has tanked over the last seven years, dropping from 245 million hecto liters in 2017 to just two. 114.2 million in 2024. That's the lowest level since 1961, hitting markets worldwide hard. In the U.S., one of the biggest players, sales are projected to fall another 7.2 percent in volume and 6.3 percent overall by, years end, marking four straight years of declines, meanwhile, the industry splitting into halves and have nots top wineries saw 8 percent sales growth last year, while the bottom ones drop 10.2 percent. Younger drinkers are ditching wine for other drinks, baby boomers are aging out, and cost for glass, grapes, and shipping keep climbing. This combo wiped out over $1 billion in U.S. wine revenue last year alone, with production down 6 million cases. Like rim winemakers, famous for its reasonings, just filed for Chapter 11 bankruptcy in New

1:01York, listing 10 to 50 million dollars in both, assets and debts. They're not alone. Big names like vintage wine estates, alloria vineyards, and sran vineyards have done the same recently to restructure and keep. Running. Experts say this isn't just a rough patch. Smart wineries are rethinking branding and inventory to chase new consumers. The market might bottom out by 2027 or 2028, setting up modest growth after that. That wraps Durham news today, brought to you with AI, I'm Corey, with the story.