How much is the South African wine industry worth?

How much is the wine industry worth in South Africa?

The direct, indirect and induced impact/contribution of the wine tourism industry to South Africa’s GDP was R7. 2 billion in 2019. Utilising the same extrapolation approach as for wine tourism turnover, it is estimated that cellars that crush grapes employs 5 809 permanent employees for their tourism activities.

How much does the wine industry make in South Africa?

As South Africa’s second biggest agricultural export product, wine earns close to $500 million worth of foreign revenue each year through exports of roughly 50% of total production, with the other 50% sold locally.

How much is the wine industry worth 2020?

The global wine market size was valued at USD 417.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The rising adoption of wine among all age groups from the young generation to the old age population across the globe is the key factor for market growth.

How much is the alcohol industry worth in South Africa?

The South African liquor industry, which includes the manufacture, wholesale and retail of beer, wine, spirits and flavoured alcoholic beverages, was valued at an estimated R106. 1bn in 2016. Beer sales dominated the sector, accounting for 56.1% of the value of liquor sales and nearly 80% of the volume.

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What wine is South Africa known for?

At one time, the sweet wine of Constantia was the most prized in the world. The most important South African wine regions are around the two cities of Stellenbosch and Paarl. A range of wine styles are made, from stunning blockbuster reds to full bodied Chardonnay and crisp, refreshing Sauvignon Blanc.

Who owns wine farms in South Africa?

The fact is that foreign investors now have a stake in approximately 100 South African wine estates, which is about 16% of the total. The owners are mostly Dutch, French, British, German, American and Swiss, although countries such as Israel, Russia, Singapore, Australia and the Congo are also piling in.

Is the wine industry growing?

After being hit hard by Covid-19, global consumption of still and sparkling wine is expected to bounce back in 2021. … Despite the difficulties facing still wine, the total wine category is expected to experience growth between 2020 and 2024, with volume CAGR up 1.8% and value CAGR up 2.4%.

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