25 Best Red Wines of 2023 For Casual Drinking

In This Article:

In this article, we are going to discuss the 25 best red wines of 2023 for casual drinking. You can skip our detailed analysis of the global wine market, the trends of global wine consumption, and the recent acquisition in the wine industry, and go directly to 10 Best Red Wines of 2023 For Casual Drinking

In ancient times, due to the scarcity of water, wine had become an essential need rather than a luxury, so it came to symbolize sustenance and life. The drink has had such a tremendous cultural impact on human society that it even played an important role in several religions and rituals around the world. The Egyptians had Hathor, the goddess of wine, while the Greeks had Dionysus as their patron of wine and pleasure. For Romans, it was a gift from Jupiter. In the East, wine has its place on Japanese shrines, as well as the ceremonial altars of China. Perhaps it truly is a gift from the gods. 

Global Wine Market:

Wine is one of the Most Consumed Alcohols in the World. As we mentioned in our article – Top 20 Wine Producing Countries in the World –  the global wine market size was valued at $441.6 billion in 2022 and is projected to reach a value of $698.54 billion by 2030, with a CAGR of 5.9% over the forecast period. 

Wine is gaining huge popularity among millennials and youngsters, owing to its refreshing appeal and low ABV offerings. The rising demand for premium and luxury wines, increasing consumer awareness about the health benefits of wine, and growing popularity of wine tourism are some of the key factors driving the growth of the wine market.

The United States was the world leader in the wine market in 2022 in terms of revenue, with $52.7 billion. Here are the U.S. States that Drink the Most Wine.

Trends of Global Wine Consumption:

The global wine consumption in 2022 was estimated to be at 232 million hectoliters, marking a decrease of 1% compared to the previous year. Since 2018, wine consumption around the world has decreased at a regular rate. This negative trend can be mainly attributed to the decline in China’s consumption, which has lost an average 2 million hectoliters per year since 2018. The drop was further accentuated in 2020 by the Covid-19 pandemic, which negatively affected many large wine markets. 

In 2022, the war in Ukraine and the associated energy crisis, together with the global supply chain disruptions, led to a spike in costs in production and distribution. This has resulted in a significant increase in wine prices for the consumers. 

Recent Acquisition in the Wine Industry: 

It was announced in November that The Duckhorn Portfolio, Inc. (NYSE:NAPA), a California-based luxury wine company, has reached an agreement with the Brown-Forman Corporation (NYSE:BF-B) for the acquisition of Sonoma‑Cutrer Vineyards, in a deal worth around $400 million. The Brown-Forman Corporation (NYSE:BF-B) will receive an ownership percentage of approximately 21.5% in The Duckhorn Portfolio, Inc. (NYSE:NAPA) and $50 million in cash.