Anyone keeping up with the wine world is probably familiar with the consistent drum of negative data and hyperbolic headlines suggesting the industry is on death’s door. This panic has been primarily fueled by Silicon Valley Bank’s (SVB) 2024 report that donned a foreboding “survival of the fittest” theme for the U.S. market. The report sounded alarm bells for many in the business, driving home that consumer demand for wine is dwindling in favor of RTDs, spirits, and cannabis.
Wine professionals have long relied on SVB’s annual state of the industry report for data, but there’s a new bank in town — and it comes bearing less bleak news. On Wednesday, BMO Financial Group released their inaugural BMO Wine Market Report, which offers a surprising glimmer of hope.
