As new wine production regions emerge, Iowa might prove to be a region to watch. The economic impact of Iowa’s wine industry has increased 80% in the four years between 2008 and 2012 and points to future expansion, according to a recent study by the California-based firm Frank Rimerman & Co. Iowa’s wine and wine grape industry’s economic impact grew from $234 million in 2008 to $420 million in 2012. Iowa-produced wines have captured 6% of the state’s wine market demonstrating Iowa has the potential to lead the Midwest in wine production and sales. Ten years ago Iowa was home to 30 wineries, covering 500 acres. Today the state has 100 wineries that account for 1,200 acres and the number of tourists visiting Iowa wineries has increased from 237,000 in 2008 to 358,000 in 2012. In 2012, the retail value of Iowa wine sold was $15 million and this growth has occurred despite the state having the fourth highest wine excise tax in the country.
The Global AgInvesting Research & Insight team explores the impact of climate change and growing global consumer demand on emerging wine production markets in its Quarterly Publication, Volume 6, issued on March 25th. To learn more please visit: https://www.globalaginvesting.com/ResearchInsights/detail?contentid=4047
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