USA’s wine exports skyrocketed in 2021 as compared to the trade figures of 2020 for the US wine. The values of 2021 surpassed the lower expectations since post-COVID had lower chances of a luxury item like wine to surge in 2021 or any near time.
The USA wine industry is an industry worth more than $70 billion, as per Wine Analytics Report 2018. France, Italy, and Spain like European countries are the top exporters of wine in the year 2021. Nonetheless, the US accounts for about 4-5% of the world’s wine exports.
US Wine Exports, 2021
United States of America exported a total worth of $1.4 billion in 2021, as per the US export data. The top exporting countries for US wine exports are—Canada with a share value of 34.8%, followed by the UK and Hong Kong with 13.5% and 6.7% respectively. Japan and South Korea accounted for share values of 6.2% and 5% respectively for the year 2021.
Denmark accounted for a share value of 3.5% of the total US wine exports to other countries in 2021. France and China accounted for 2.7% and 2.5%, followed by 1.9% and 1.8% for Germany and Sweden respectively in 2021. Check the full list of exporting partners below.
US Wine Exports – Past 5 Years
US wine exports might not be among the highest exporting countries, even in the top 5. However, the US wine market has been a profitable market and 2021 was its highest growth so far. The expected growth was low, concerning the post-pandemic recovery for many industries.
As represented in the US exports below, the trends of the US wine exports feature the yearly export values. The time range is selected to show the US export trend till COVID-19 and not post it, aka post-pandemic export trend.
The shown data provides the final conclusion that the market of the US wine exports went consistently down till the COVD-19. The US wine industry has suffered huge losses in the past 4 years, other than the count for the ending year of 2021.
As per Silicon Valley Bank (SVB) report, the increasing health concerns among younger generations have led to the downfall of the US wine market is highly profitable as it was about 20 years ago. The demography of age and generational gap also played an important role.
US Wine Exports – YoY Comparison
The shown below US export data gives trade insight into the US wine exports for 2020 and 2021. The exports in 2020, as also aforementioned, went down. Following the first and second quarters, the values went further down. From the third quarter, the exports picked up the pace.
In 2021, the exports started with a quite lower start as compared to the value of 2020. However, values have continued to grow persistently each quarter till the end of the year. The final values for both years show that the US wine exports in 2021 increased by 10.34%.
As per the availability of the US export data, the US wine exports in the first quarter of 2022 amounted to $354.2 million. The shown below data provides a general overview of the total exports accounted for in each year’s first quarter.
According to the shown US export data 2022 below, the values of 2022 are surpassing 2021. It is to be noted that the values of 2021 are lower than the values of 2021. This is due to the fact that in the first quarter of 2020, the pandemic hadn’t hit the country. The difference between the export values of 2021 and 2022’s first quarter is $47 million, showing an increase of 15.34%.
California is the largest producer of wine in the whole USA. It accounts for about 80-90% of the total US wine exports. Valued at $63.69 billion in 2021, the US wine industry is expected to grow at a compound annual growth rate of 6.8% from 2022 to 2030.
In 2021, the exported values surpassed the total values of 2021. However, 2022 shows promising growth values of the US wine exports, more than in 2020 and 2021 both. This can be a big positive for the US wine industry and its suppliers from the US.
Recommendation: France Wine Exports Rebound in 2021 After 2020 Drop Due To COVID-19
GIPHY App Key not set. Please check settings