The highly anticipated and respected report on the state of the U.S. wine industry has been released by Silicon Valley Bank. In the report, the bank forecasts that while full-category wine sales by volume will be down for a third consecutive year,

2023 year-end premium wine sales will likely end with another year of positive value growth.
Tasting room visitation was lower in the premium segment in 2023, but improvement is expected in 2024.
Direct-to-consumer sales will grow again modestly in 2024.
Conditions for overproduction in the total wine category are present, but inventory supply is more balanced in the premium segment.