Scandinavia: Wine Market 2024

Wine Market Size in Scandinavia

The Scandinavia wine market rose notably to $X in 2021, with an increase of 7.6% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the near future.

Wine Production in Scandinavia

In value terms, wine production fell rapidly to $X in 2021 estimated in export price. Overall, production, however, recorded a significant increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 226,425% against the previous year. The level of production peaked at $X in 2020, and then contracted notably in the following year.

Wine Exports

Exports in Scandinavia

For the fourth consecutive year, Scandinavia recorded growth in shipments abroad of wine, which increased by 13% to X litres in 2021. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, wine exports skyrocketed to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +82.7% against 2016 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Denmark (X litres) represented the largest exporter of wine, generating 72% of total exports. Sweden (X litres) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Finland (12%). Norway (X litres) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to wine exports from Denmark stood at +1.6%. At the same time, Finland (+20.5%), Norway (+6.3%) and Sweden (+3.0%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +20.5% from 2012-2021. Finland (+9.2 p.p.) significantly strengthened its position in terms of the total exports, while Denmark saw its share reduced by -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X) remains the largest wine supplier in Scandinavia, comprising 84% of total exports. The second position in the ranking was held by Sweden ($X), with an 8.1% share of total exports. It was followed by Finland, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value in Denmark totaled +8.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Sweden (+1.3% per year) and Finland (+8.9% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per litre in 2021, increasing by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Denmark ($X per litre), while Finland ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+6.9%), while the other leaders experienced a decline in the export price figures.

Wine Imports

Imports in Scandinavia

In 2021, after three years of growth, there was decline in overseas purchases of wine, when their volume decreased by -2.9% to X litres. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 17%. As a result, imports attained the peak of X litres, and then dropped modestly in the following year.

In value terms, wine imports expanded significantly to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark (X litres) and Sweden (X litres) represented roughly 69% of total imports in 2021. Norway (X litres) held the next position in the ranking, followed by Finland (X litres). All these countries together took near 30% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +4.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Sweden ($X) and Norway ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 89% of total imports.

Denmark, with a CAGR of +4.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Scandinavia stood at $X per litre in 2021, rising by 15% against the previous year. Over the period under review, the import price showed slight growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Norway ($X per litre) and Denmark ($X per litre), while Finland ($X per litre) and Sweden ($X per litre) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform