Fine Wine Market and Restaurants Projected to Hit €58 Billion in 2024
The fine wine market is estimated to reach a value of €30 billion in 2024, despite accounting for just 1.5% of the total wine market by volume.
- The fine wine market is estimated to reach a value of €30 billion in 2024, despite accounting for just 1.5% of the total wine market by volume.
- The fine dining industry is projected to grow 27% from 2022 to 2024, reaching a market worth of €28 billion.
The global luxury industry continues to thrive, thanks in part to the fine wine market and the rapid rebound of the fine dining sector. Data from the first-ever Fine Wines and Restaurants Market Monitor report, by Bain & Company and Altagamma, estimates the fine wine market to be worth €30 billion in 2024. Despite its smaller market share compared to other luxury sectors, fine wines maintain a strong presence in the high-end market, contributing significantly to the €1.48 trillion luxury market.
The fine dining industry is experiencing a swift recovery, showing an impressive 27% growth from 2022 to 2024 and is projected to reach a value of €28 billion in the same year. Europe continues to lead in this sector, hosting more than half of the world's high-end dining venues.
Claudia D'Arpizio, a partner at Bain & Company and leader of the firm's global Fashion & Luxury practice, highlighted the unique crossroads of luxury, celebration, and investment personified by fine wines. She emphasized how they serve as an essential part of daily indulgence for high-net-worth individuals, a cherished component of celebrations, and a prized investment for collectors.
However, the fine wine industry faces challenges, such as shifting consumer habits and the rise of "NoLo" (No and Low Alcohol) beverages among younger generations. The climate change issue also threatens traditional vineyards, with southern regions experiencing rising temperatures and extreme droughts, while northern areas see longer growing seasons and milder conditions.
Despite these challenges, the fine wine market is projected to grow from €30 billion in 2024 to €35-40 billion by 2030. This growth, however, could be jeopardized by intensifying trade tensions and new tariffs potentially impacting European exports to the US.
Federica Levato, a partner at Bain & Company, expressed optimism for the fine wine sector's future, highlighting its strong fundamentals and positioning as a core component of the luxury landscape for years to come.
