Brazil wine market 2026: what Concha y Toro’s six years of quarterly data actually tells you about where the growth is coming from

The global wine market is not having a good few years. OIV data confirmed that worldwide wine consumption hit its lowest level since 1961 in 2024. The UK is the scene of a sustained price war in the sub-£10 tier. The US has been dealing with tariff uncertainty, a distribution crisis, and a consumer who spent 2024 and 2025 cutting back on discretionary spending. Japan, South Korea, and the Netherlands are all in negative territory. When Concha y Toro maps its major markets quarter by quarter across its results presentations, red is the dominant colour in most of the table.

Brazil keeps coming up green. It has been doing so for several years now, and the consistency of the performance – not just the occasional good quarter – is what makes it worth examining properly. Concha y Toro’s Q2 2026 results confirmed double-digit sales growth in Brazil again. That was the follow-on from full year 2025 Brazil growth of 15.2%, which was itself the accumulation of 28.1% in Q3 2025, 33.4% in Q4 2025, and 10.5% in Q2 2025. There was one negative quarter in the run – Q1 2025, at –9.1% – which turned out to be a temporary dip driven by currency effects and timing rather than a shift in consumer demand. The underlying story has been consistent: Brazilians are buying significantly more imported wine, and Concha y Toro is capturing a disproportionate share of that growth.

The structural case – why Brazil’s wine numbers look different from every other developing market

Brazil’s per capita wine consumption sits at 2.1 litres per adult annually, according to IWSR data cited in Concha y Toro’s 9M25 presentation. Put that next to the UK at 16.0 litres per adult, Sweden at 21.5, or even Mexico at 0.8, and a picture emerges: Brazil is a market with a large, urbanised population that has almost no wine-drinking habit embedded in its culture, but where that habit is growing. That combination – low base, high population, rising disposable income in urban centres – is what the investment case for emerging wine markets is built on, and Brazil is the most commercially advanced of the group currently delivering against that thesis.