U.S. Total Wine Sales in Billions $ from 2018 – 2023

Lately, the headlines about the U.S. wine industry have been rather bleak. However, a newly released report shows that total wine dollar sales were actually up in 2023, and have continued on an upward trend since 2018. Furthermore, with 11,600 wineries operating in all 50 states, a representative survey sample revealed that more than 50% had achieved their sales goals in 2023.

“Though the volume of wine shipments were down in 2023, the actual dollar sales of all wine sold in the U.S. market was up over previous years—to $107 billion,” stated Adam Beak, Managing Director and Head of the Wine & Spirits Vertical of BMO, the firm that spearheaded the report.

Given that wine dollar sales were just over $73 billion in 2018, this is an astounding increase of 46% through 2023. Though inflation and price increases play into this, it doesn’t account for all of the market growth. Instead, this report finds that U.S. consumers are continuing to drink wine in moderation and trading up.

Other key findings were that wines priced more than $10 per 750ml bottle have remained stable and are expected to grow. Indeed, nearly 30% of consumers report they purchase wine priced at $20 or more on a monthly basis, or more often.

Titled the 2024 BMO Wine Market Report, it is the first of its kind to capture 100% of wine sold in the U.S. market. Extensive data from the Bureau of Economic Analysis (BEA), the Tax & Trade Bureau (TTB) and other reputable sources were included in the final analysis. BMO plans to publish the report on an annual basis as a complimentary service to the industry.

The 34-page report includes not only market/sales data, but consumer trends, and winery insights. It was compiled and written by four authors: 1) Adam Beak of BMO; 2) Andrew Adams with Wine Business Analytics, 3) Jon Moramarco of bw166 and Gomberg-Fredrikson, and 4) Christian Miller with Wine Market Council and Full-Glass Consulting. I was able to interview the authors via phone and email.

“We wanted to do a fact-based report that captured all of the market, because not all data sources do,” explained Jon Moramarco. “We hope it gives a clear and concise view of what’s going on. Obviously the industry has work to do, but this report shows that the sky is not falling.”

Title Page of 2024 BMO Wine Market Report

Part of the difficulty in reporting wine data stems from the unique ways it is sold and tracked. Various channels, including grocery stores, wine shops, restaurants, bars, winery direct sales, online sales, and imported bulk wines, all employ different tracking methods. As a result, the information collected by different data companies can vary.

The Wine Market Council’s consumer survey data was used to explore wine consumer behavior in this report, under the expertise of Christian Miller. The research revealed that 35% of the U.S. adult population are wine drinkers, and per capita consumption has largely remained consistent since the mid-1990s.

Percentage of U.S. Wine Drinkers by Generation from 2005 to 2023

One intriguing portion of the study reveals that 61% of U.S. wine enthusiasts belong to the Gen Z, millennial and Gen X demographics, whereas the baby boomers demographic (aged 59 and above) are gradually reducing their alcohol consumption. But analysis from Miller denotes that overall, there are more likenesses than differences among the generations.

Miller pointed out, “For example, the percentage of Gen Xers, Millennials and Gen Z who enjoy wine during their 20s have been relatively alike.” Simultaneously, he advised to be “warier about stereotyping behaviors according to generation,” because there exist other elements like life stage, income, education, and social background that impact wine consumption.

Indeed, the findings demonstrate that wine enthusiasts are wealthier compared to others, with 53% earning over $100,000 annually as compared to only 34% among non-wine drinkers. Moreover, 52% of wine drinkers are college graduates and 71% are homeowners.

Andrew Adams of Wine Business Analytics completed the winery insight section of the survey, analyzing 630 wineries out of a total of 11,000. He ensured the representative nature of the sample across various U.S. states, winery sizes, and price levels.

While some wineries, particularly those offering lower-priced products in retail, have encountered disappointing sales figures over the past years, more than half of U.S. wineries – amounting to 55% – declared that they’ve successfully met or even surpassed their sales targets as of 2023.

Moreover, a significant majority – exceeding 70% – of the surveyed sample displayed a robust optimism for the future, with anticipations of escalating sales growth. Key areas of potential expansion in the market, as identified by the report, included the individual beings of new brands, ready-to-drink wine cocktails, cost-effective wine options sold per glass, innovative packaging formats, and broadening channels for direct customer sales both at the physical winery and digitally online.

Despite acknowledging that there exist certain challenges and that the lower market spectrum is poised for stagnation or even reduction, the report affirms the U.S. wine industry’s resilience and strength beyond what was presumed in 2024.

Commenting on the report’s findings, BMO’s Adam Beak expressed his surprise, saying “I was taken aback by some of the encouraging findings in the report, considering how one often tends to believe the negative headlines swirling around.”

“We need to fight back with real fact-based data, because the negativity could become a self-fulfilling prophecy. That’s not to say there aren’t problems, and that some businesses will have a hard time, but, the news isn’t all negative. Many wineries are expecting good growth in future years,” he continued.

Beak concluded by saying that, “we hope wine businesses can use the data in the report to guide them and make better decisions. Wine is an 8,000 year old industry, and it isn’t going away, but it is evolving. And, as wine businesses, we need to evolve with it.”

Adam Beak, Managing Director and Head of the Wine & Spirits Vertical of BMO

One Community. Many Voices. Create a free account to share your thoughts. 

Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.

In order to do so, please follow the posting rules in our site’s Terms of Service. We’ve summarized some of those key rules below. Simply put, keep it civil.

Your post will be rejected if we notice that it seems to contain:

User accounts will be blocked if we notice or believe that users are engaged in:

So, how can you be a power user?

Thanks for reading our community guidelines. Please read the full list of posting rules found in our site’s Terms of Service.