"...Americans are already spending more on wine than any other nation. In 2007, the U.S. invested nearly $22 billion in wine purchases..."U.S. could oust Italy as top wine drinker!
Global wine consumption, on the rise in past years, is forecast to continue to grow in the coming ones, with the United States overtaking Italy as the world's biggest consumer by 2012, according to a new report released Tuesday by the International Wine and Spirit Record.
The thirst for wine is set to deepen in emerging economies such as China and Russia, whose consumption levels are soon expected to overtake that of Spain, another nation historically associated with wine, the report said.
It predicted that the financial and economic crisis affecting many wine-consuming countries worldwide would only have "limited" consequences for the growth of the wine sector. The report forecast growth for the coming four years roughly in line with pre-crisis trends.
Global production and consumption are both expected to rise, the report said, with production expected to grow by 3.83 percent from 2008-2012 to slightly over 3 billion 2.4-gallon cases. World consumption is to grow at an even quicker pace -- 6 percent -- over 2008-2012, reaching 2.8 billion cases, the report said.
The report, commissioned by the Bordeaux, France-based Vinexpo wine body and presented at a news conference in Paris on Tuesday, predicted the United States would dethrone Italy to become the world's biggest consumer of non-sparkling wines by 2012.
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By JENNY BARCHFIELDASSOCIATED PRESS
Published: Wednesday, January 14, 2009
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