Glass Half Full or Half Empty? Despite Headwinds, a Majority of U.S. Wine Businesses See a Recovery Ahead
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After a challenging 2023, much of the U.S. wine industry is expecting a rise in revenue this year, hoping that a rocky period of destocking will give way to a recovery, according to the 2024 BMO Wine Market Report. But wine businesses, focused on wealthy consumers for growth, will increasingly need to cater to the preferences of younger customers. As part of their growth strategies, wineries may need to take proactive steps to protect their business.
Based on a comprehensive survey of wineries and an analysis of consumer data, the inaugural report is the result of the U.S. Wine Industry Partnership, a leading collaboration between BMO, bw166 and Gomberg, Fredrikson & Associates, WineBusiness Analytics, and Full Glass Research.
For more insights on the B2B U.S. wine market, read the 2024 BMO Wine Market Report.
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Adam Beak
Managing Director and Head, Wine and Spirits
Adam Beak is one of the most accomplished commercial bankers in the U.S. wine industry today. As Managing Director and Head of BMO’s Wine & Spirits Group,…(..)
View Full Profile >After a challenging 2023, much of the U.S. wine industry is expecting a rise in revenue this year, hoping that a rocky period of destocking will give way to a recovery, according to the 2024 BMO Wine Market Report. But wine businesses, focused on wealthy consumers for growth, will increasingly need to cater to the preferences of younger customers. As part of their growth strategies, wineries may need to take proactive steps to protect their business.
Based on a comprehensive survey of wineries and an analysis of consumer data, the inaugural report is the result of the U.S. Wine Industry Partnership, a leading collaboration between BMO, bw166 and Gomberg, Fredrikson & Associates, WineBusiness Analytics, and Full Glass Research.
For more insights on the B2B U.S. wine market, read the 2024 BMO Wine Market Report.
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