The Australian wine market is set to surge again, data analysis group GlobalData has predicted.
Consumers have started dining out and socialising more often, and the market is witnessing a resurgence in tourism activity, GlobalData says.
Pandemic-induced habits will, however, continue to influence the product choices of Australian wine consumers.
GlobalData predicts the Australian wine market will grow from $9.8 billion in 2021 to $12.2 billion by 2026, registering a compound annual growth rate of 4.6%.
GlobalData’s report, Australia Wine - Market Assessment and Forecasts to 2026, reveals that the market growth will be primarily driven by the fortified wine category, which is set to register the fastest value CAGR of 5.7% between 2021-2026, which comes as a major surprise.
The category will be followed by still wine with 4.6% CAGR, and sparkling wine with 3.9% CAGR over the forecast period.
Bobby Verghese, consumer analyst at GlobalData, said: “The Covid-19 outbreak accentuated health and wellness, and experimentation trends among Australian wine drinkers.
"Health-conscious millennials and Gen Z consumers are drinking less wine or less often to curb their alcohol intake.
"Wine drinkers are opting for quality over quantity, purchasing premium wines to indulge themselves on special occasions instead of buying cheap wines for everyday drinking.
Young consumers are also less loyal to popular labels and are exploring new wine varieties that focus on novelty and personalization in the recipe or packaging.
“As the pandemic is brought under control, and economic and social activities normalise, consumer spending on wine will increase. The Australian wine market landscape will evolve as wine producers adapt to the changing consumer choices in the post-pandemic years.”
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