In this article, we are going to discuss the best wine-producing region in the world. If you’re up for the challenge, check out the other top regions in our list of the 15 Best Wine Producing Regions in the World.
Global Wine Market:
Wine is one of the Most Consumed Alcohols in the World. As we mentioned in our article – Top 20 Wine Exporting Countries in the World – the global wine market size was valued at $441.6 billion in 2022 and is projected to reach a value of $698.54 billion by 2030, with a CAGR of 5.9% over the forecast period.
Wine is gaining huge popularity among millennials and youngsters, owing to its refreshing appeal and low ABV offerings. The rising demand for premium and luxury wines, increasing consumer awareness about the health benefits of wine, and the growing popularity of wine tourism are some of the key factors driving the growth of the wine market.
The United States was the world leader in the wine market in 2022 in terms of revenue, with $52.7 billion. Here are the U.S. States that Drink the Most Wine.
Trends of Global Wine Production:
The global wine production in 2022, excluding juices and musts, was estimated at 258 million hectoliters, marking a decrease of only 3 mhl compared to 2021. This is due to the higher-than-expected harvest volume in Europe and the U.S., (despite the drought and heat waves during spring and summer) and average production level recorded in the Southern Hemisphere.
Overall in 2022, the dry and hot conditions observed across different regions around the world have led to early harvests and average volumes. The global wine production is stable around 260 million hectoliters for the fourth consecutive year, only slightly below its 20-year average.
Wine Tourism in the United States:
People travel around the world for different reasons. Some travel to explore new cultures, learn new languages, admire unique locations, and some to drink wine. Among several types of modern tourism, wine tourism is a new concept with a focus on exploring wine cultures around the world.
The U.S. wine industry is a major magnet for tourists and tourism-driven expenses. According to WineAmerica, the country’s ‘wine country’ regions generated 49.18 million tourist visits and $16.69 billion in tourism expenditures in 2022, benefiting local economies and tax bases.
Based in California, The Duckhorn Portfolio, Inc. (NYSE:NAPA) makes wines and calls itself a manufacturing company, agricultural company, and marketing company all rolled into one. In addition to its wineries or brands, the company owns approximately 1,100 vineyard acres (15+ unique sites ranging in size from 5-acre parcels up to 75 acres) with a total annual production of over 900,000 cases. For those who love great Merlot, Cabernet Sauvignon, Sauvignon Blanc, and Chardonnay, a trip to Duckhorn Vineyards has long been recognized as one of the preeminent Napa Valley tasting experiences. With its vibrant gardens and sophisticated tableside wine service, The Duckhorn Portfolio, Inc. (NYSE:NAPA)’s classically beautiful Estate House sets the standard for attentiveness and refinement.
With a portfolio of several high-quality wine brands, The Duckhorn Portfolio, Inc. (NYSE:NAPA) ranks 5th among the Best Wine Stocks to Buy Now.
Methodology:
To collect data for this article, we have referred to sources such as Food & Wine, Lonely Planet, Condé Nast Traveler, and Reddit etc., looking for the Top Wine Regions. To make sure we give you only the best, we picked regions that appeared multiple times in the aforementioned sources, assigned them a score of 1 each time they were recommended on these websites, and then summed up the scores and ranked our list accordingly. When two or more regions had the same score, we ranked them by the volume of wine their respective countries produced in 2022.
1. Bordeaux
Insider Monkey Score: 20
Renowned for its highly coveted aged wines, Bordeaux is the undisputed wine capital of the world. On average, Bordeaux produces around 59 million cases of wine per vintage, 85% of which are reds made with Merlot and Cabernet Sauvignon.
France is a country synonymous with fine wine and as any map of French wine regions will show, there are vineyards scattered throughout the country, responsible for producing 7-8 billion bottles of wine a year. Bordeaux tops our list of the Best Wine Regions in the World.
If you’re also curious about which other regions made the cut in our free list, please click here.
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Disclosure: None. This article is originally published on Insider Monkey.