The United States is fast becoming the new promised land for the wine business. After a decade or more of acquisitions spanning Europe - France and Italy in the lead - the United States has been the center of m&a in the past two years, with more than 50 deals completed. Land for wine grape production in the United States enjoys higher production margins than their European counterparts. This is due to a lower average age of vines, vineyard configuration designed for mechanization, and an extensive irrigation infrastructure. According to the International Organization of Vine and Wine, global wine consumption has declined nearly 12 percent in 20 years (from 250 million hectoliters to 221); in the same period in the States it has risen 41 percent (from 24 million hectoliters to about 34). According to data from the Italian Wine Union, the average price per liter paid in the first half of 2024 for wine produced in the U.S. is 5.05 euros. In France, average sums are close to 9 euros, and in New Zealand they stand at 4.24 euros. Italy is far behind in this respect, with the product traded at an average of 3.67 euros per liter.