Wine market grows in volume, but drops in value

The wine market could shrink by 10% this year, to 450m euros, a level the same level as in 2007, after constant increases of 10% in recent years, according to the estimates by the National Vineyard and Wine Business Owners' Association (PNVV). "Amid the crisis, Romanians are still traditional wine consumers, with the market not seeing serious turmoil, according to the data provided by the members of the business owners' association," said Ovidiu Gheorghe, PNVV general manager. According to PNVV estimates, wine production will stand at less than 6 million hectolitres in 2009, 5-10% above recent years' average, amid the favourable weather conditions, particularly in Dobrogea area. Another factor that led to higher yields per hectare was the rising investment budget aimed at plantation conversion and restructuring.